JMAC has updated its Notice of Credit Denial (Statement of Adverse Action) policy for all non-government correspondent loans. As of July 26, 2016 JMAC will no longer issue Notice of Credit Denials to borrowers for all non-government correspondent loans. JMAC will provide the Correspondent Lender with a credit decision electronically which outlines the basis for a credit denial or cancellation of a correspondent loan. Please review your internal credit denial process to ensure your Notice of Credit Denial policy is compliant and borrowers are apprised of any adverse action you take with regard to their credit application.
This policy will not affect VA or FHA correspondent loans submitted to JMAC. We will continue to issue Notices of Credit Denial on denied or cancelled VA or FHA correspondent loans.