Effective 03/01/2021,

NEW Minimum FICO for FHA is lowered to 620

LLPA for FICO 660-679will be lowered to 0.75 from 1.25

This changes will be effective for all loans with lock date on or after 03/01/2021.

Please see below for details. 

Property type of Manufactured Home will be available starting 03/01/2021.

The manufactured home is legally classified as real property;

• There is no accessory dwelling unit (ADU);
• Subject is located on an individual lot or in a Fannie Mae-Approved Project;
• Have a manufactured date of 10 years or less as of the effective date of the appraisal
• The manufactured home is at least 12 feet wide and has a minimum of 400 square feet of gross living area.
• Fee Simple. (no leasehold)
• No UCC filed.

EFFECTIVE IMMEDIATELY

MK Lending is aligning with FHA INFO #21-04 which announces that individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service (USCIS) and are legally permitted to work in the U.S. are eligible to apply for mortgages backed by the FHA.

Other FHA requirements remain in effect for all potential borrowers including DACA status recipients.

Please note MK Lending requires all borrowers to have a valid Social Security Number.

See below for details

Should you have any question, feel free to contact Broker Relations or your Account Executives.

MK Lending is constantly looking for ways to improve the client experience and make it easier to do business with us.

Thank you.

Effective immediately,

Our VOE & SI program rate option has been updated.

This changes will be effective for all loans with lock date on or after 01/18/2021.

Please see below for details.

VOE

 SI

Should you have any question, feel free to contact Broker Relations or your Account Executives.

MK Lending is constantly looking for ways to improve the client experience and make it easier to do business with us.

Thank you.

Effective immediately,

Our FHA and Jumbo LLPA is updated.

This changes will be effective for all loans with lock date on or after 01/18/2021.

Please see below for details.

FHA LLPA

JUMBO LLPA

Should you have any question, feel free to contact Broker Relations or your Account Executives.

MK Lending is constantly looking for ways to improve the client experience and make it easier to do business with us.

Thank you.

Redesigned Uniform Residential Loan Application (URLA)

MK Lending Corp will begin accepting the redesigned Uniform Residential Loan Application (URLA) starting February 1, 2021.

All brokers must submit loans with new redesigned URLA for loans with applications on or after March 1, 2021 as announced by Fannie Mae and Freddie Mac.

MK Lending Corp will continue to accept loans delivered using the legacy URLA with applications prior to March 1, 2021.

However, we highly recommend using new redesigned URLA starting February 1, 2021.

 Resources:

Fannie Mae Lender Letter (LL-2020-10)

Freddie Mac Bulletin 2020-26

Fannie Mae Uniform Residential Loan Application Webpage

Freddie Mac Uniform Residential Loan Application & Uniform Loan Application Dataset Webpage

Thank you.