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Important Information on Closing Disclosures

As the industry is acutely aware, there has been a great deal of uncertainty and differing legal interpretations related to the permissibility of re-disclosing increases in closing costs on a Closing Disclosure for the purposes of determining good faith in the event that the initial Closing Disclosure was issued more than three (3) Business Days prior to Consummation (“black hole”).

Effective for Non-Conforming Loans issued by JMAC Lending, Inc. (JMAC) on or after February 13, 2018: In the event that the initial Closing Disclosure is issued more than three (3) Business Days prior to Consummation, JMAC will not permit closing costs to increase on a Closing Disclosure for the purposes of determining good faith.

Tolerance cures are required to be issued for any such fees in order for the loan to be closed by JMAC. Due to this fact, JMAC will require a Clear to Close prior to issuing a Closing Disclosure  to reduce the amount of tolerance cures that may be required.