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 03/01/2021,
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;
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.
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.
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.
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.
Below is MK Lending’s Holiday Schedule for the year 2021.
MK Lending will be closed on the following dates in observance of each holiday.
| 2021 Holiday Schedule | ||
|---|---|---|
| 1/1/2021 | Friday | New Year |
| 2/15/2021 | Monday | Presidents' Day |
| 5/31/2021 | Monday | Memorial Day |
| 7/5/2021 | Monday | Independence Day Observed |
| 9/6/2021 | Monday | Labor Day |
| 11/25/2021 ~ 11/26/2021 | Thursday ~ Friday | Thanksgiving |
| 12/24/2021 | Friday | Christmas Observed |
* MK Lending Corp. will be closing early on Thursday, December 31, 2020
MK Lending Corp. will be closed on Friday, January 1, 2021 in observance of New Year.
We will reopen on Monday, January 4th at 8:30 a.m.
2020 - 2021 | |
New Year’s Eve (12/31/2020) | Closing at 3 P.M. |
New Year’s Day (01/01/2021) | Closed for the Holiday |
Enjoy your holiday 
Effective: 12/17/2020
MK Lending, Corp. is excited to announce that Jumbo loans are back!
Starting tomorrow, 12/17/2020, loans can now be registered or locked under the Jumbo program.
Detailed information about Jumbo loans will be posted on our rate sheet tomorrow, and pricing can be found on page 7.
Auto Lock Is Available |
Effective: Monday, 12/14/2020
MK Lending Corp. is excited to introduce a new update in the system that will auto-accept lock requests.
Brokers will be able to request for a lock as usual through the portal; the process in which brokers request for a lock will not change. However, lock requests will be accepted and implemented upon request.
The new update will also send a lock confirmation automatically once accepted. All brokers will receive a lock confirmation directly from the system and will not have to inquire for it.
2021 Loan Limits Update |
Reference: Federal Housing Finance Agency (FHFA) News Release Maximum Conforming Loan Limits for 2021.
FHFA recently announced the 2021 Conforming Loan Limits. MK Lending is pleased to announce that beginning December 12, 2020, we will accept conventional loan registrations and rate locks within the 2021 loan limits.
2021 FHFA Loan Limits | ||||
Units | Properties in Contiguous US | Properties in Alaska & Hawaii | ||
General Limits | High-Cost Area | General Limits | High-Cost Area | |
1 | $548,250 | $822,375 | $822,375 | N/A |
2 | $702,000 | $1,053,000 | $1,053,000 | N/A |
3 | $848,500 | $1,272,750 | $1,272,750 | N/A |
4 | $1,054,500 | $1,581,750 | $1,581,750 | N/A |
2021 FHA Loan Limits | |
Low-cost Area | $356,362.00 |
High-cost Area | $822,375.00 |
Actual loan limits for certain high-costs areas, as determined by FHFA, may be lower than the maximum high-cost areas loan limits listed above. See FHFA Conforming Loan Limits for county limits.
Rate Locks:
New loan registrations and rate locks for conventional loans, on or after December 12, 2020, will be accepted under the FHFA 2021 loan limits.
Loans with an existing rate lock under a conventional conforming or high balance loan program can be increased up to the new 2021 loan limits.
Contact MK Lending Lock Desk to initiate the loan amount changes at: locks@mklending.com.
Process:
Desktop Underwriter® (DU) will be updated the weekend of December 12, 2020. Registration and rate locks on or after that date will be underwritten with the 2021 loan limits.
See Fannie Mae® Lender Letter LL-2020-14, issued November 24, 2020 for additional information.
Loan Product Advisor® will be updated by December 13, 2020. Registration and rate locks on or after that date will be underwritten with the 2021 loan limits.
See Freddie Mac® Single-Family News Center article, ‘Loan Limits are Increasing by 7.42% in 2021’ published November 24, 2020 for additional information.
On December 2, 2020, HUD announced that mortgage limits are increasing for 2021.
In general, the nationwide FHA low-cost area limit (FHA floor) for calendar year 2021 is increasing to $356,362 from $331,760 and high-cost area limit (FHA ceiling) is increasing to $822,375 from $765,600 for a one-unit property,
FHA Loan Eligibility and Insuring: 2021 limits apply to FHA case number assignments on or after January 1, 2021.
Effective 12/08/2020,
Our MK VOE program has been updated.
This changes will be effective for all loans with lock date on or after 12/08/2020.
Please see below for details.
| OLD | NEW | ||||||
| 7/1 ARM | 30 days | 7/1 ARM | 30 days | ||||
| 5.00% | 0.25 | -> | 4.75% | 0 | |||
| 5.25% | 0 | 5.00% | -0.25 | ||||
| 5.50% | -0.25 | ||||||
| OLD | NEW | |||||||
| Primary | Primary | |||||||
| Units | Max Loan Amt | Max LTV/CLTV | Min Fico | Units | Max Loan Amt | Max LTV/CLTV | Min Fico | |
| 1 units & PUD | Up to $1,000,000 | 70%/70% | 680 | 1 units & PUD | Up to $1,000,000 | 70%/70% | 680 | |
| Condo | Up to $1,000,000 | 65%/65% | 680 | -> | Condo | Up to $1,000,000 | 70%/70% | 680 |
| 2-4 units | Up to $1,000,000 | 60%/60% | 700 | 2-4 units | Up to $1,000,000 | 60%/60% | 700 | |
| Foreign Nationals | Up to $1,000,000 | 60%/60% | N/A | Foreign Nationals | Up to $1,000,000 | 60%/60% | N/A | |
MK Lending is constantly looking for ways to improve the client experience and make it easier to do business with us.
Should you have any question, feel free to contact Broker Relations or your Account Executives.
Thank you.
| “December Holiday Schedule” |
December 2020 | |
Christmas Eve (12/24/2020) | Closing at 3 P.M. |
Christmas Day (12/25/2020) | Closed for the Holiday |
Programs: Fannie Mae, Freddie Mac, FHA
Reference: Federal Housing Finance Agency (FHFA) News Release Maximum Conforming Loan Limits for 2021.
FHFA recently announced the 2021 Conforming Loan Limits. MK Lending is pleased to announce that beginning December 12, 2020, we will accept conventional loan registrations and rate locks within the 2021 loan limits.
2021 FHFA Loan Limits | ||||
Units | Properties in Contiguous US | Properties in Alaska & Hawaii | ||
General Limits | High-Cost Area | General Limits | High-Cost Area | |
1 | $548,250 | $822,375 | $822,375 | N/A |
2 | $702,000 | $1,053,000 | $1,053,000 | N/A |
3 | $848,500 | $1,272,750 | $1,272,750 | N/A |
4 | $1,054,500 | $1,581,750 | $1,581,750 | N/A |
Actual loan limits for certain high-costs areas, as determined by FHFA, may be lower than the maximum high-cost areas loan limits listed above. See FHFA Conforming Loan Limits for county limits.
Loan Registration/ Rate Locks:
New loan registrations and rate locks for conventional loans will be accepted under the FHFA 2021 loan limits, starting December 12, 2020 and onwards. Loans with an existing rate lock under a conventional conforming or high balance loan program can be increased up to the new 2021 loan limits. Contact MK Lending Lock Desk to initiate the loan amount changes at: locks@mklending.com.
Process:
Desktop Underwriter® (DU) will be updated the weekend of December 12, 2020. Registration and rate locks on or after that date will be underwritten with the 2021 loan limits. See Fannie Mae® Lender Letter LL-2020-14, issued November 24, 2020 for additional information.
Loan Product Advisor® will be updated by December 13, 2020. Registration and rate locks on or after that date will be underwritten with the 2021 loan limits. See Freddie Mac® Single-Family News Center article, ‘Loan Limits are Increasing by 7.42% in 2021’ published November 24, 2020 for additional information.
FHA has not issued a Mortgagee Letter regarding 2021 loan limits. MK Lending anticipates that 2021 FHA loan limits will be applicable on case numbers assigned on or after January 1, 2021. MK Lending will provide rate lock guidance shortly after FHA publishes the 2021 Loan Limits.
Effective 11/16/2020,
Our cash out LLPA for conventional loans will be updated, and self-employed adjustment for both conventional and FHA loans will be removed.
This changes will be effective for all loans with lock date on or after 11/16/2020.
Please see below for details.
| OLD CASH OUT ADJUSTMENT | NEW CASH OUT ADJUSTMENT | |||||||||
| FICO | <=60 | 60.01-70 | 70.01-75 | 75.01-80 | FICO | <=60 | 60.01-70 | 70.01-75 | 75.01-80 | |
| 740+ | 0.375 | 0.625 | 0.875 | 1.375 | 740+ | 0.375 | 0.625 | 0.625 | 0.875 | |
| 720-739 | 0.375 | 1.000 | 1.250 | 1.625 | 720-739 | 0.375 | 1.000 | 1.000 | 1.125 | |
| 700-719 | 0.375 | 1.000 | 1.250 | 1.625 | -> | 700-719 | 0.375 | 1.000 | 1.000 | 1.125 |
| 680-699 | 0.375 | 1.125 | 1.500 | 3.000 | 680-699 | 0.375 | 1.125 | 1.125 | 1.750 | |
| 660-679 | 1.000 | 1.750 | 4.000 | 6.375 | 660-679 | 0.625 | 1.125 | 4.000 | 6.375 | |
| 640-659 | 1.250 | 2.875 | 4.500 | 7.125 | 640-659 | 0.625 | 1.625 | 4.500 | 7.125 | |
| 620-639 | 1.375 | 2.875 | 4.500 | 7.625 | 620-639 | 0.625 | 1.625 | 4.500 | 7.625 | |
Effective immediately,
Our guideline for Conventional loans and FHA loans has been updated.
| FHA GUIDELINE | |
|---|---|
| Minimum FICO | 660 |
| Maximum DTI | Per AUS |
| Maximum LTV/CLTV | |
| 96.5% |
| 97.75% |
| 125% |
| 80% |
| Reserve | Purchase Only: 2 months PITIA for all loans (No Gift) |
| Streamline | Paystubs no longer required. |
| Use of Rental Income | For Purchase: - 6 months of PITIA in reserves required For Refinance: - 6 months of PITIA or - 2 months of rental deposit with lease agreement |
| Conventional GUIDELINE | |
|---|---|
| * Overlays of maximum DTI and Reserves on conventional MI loans removed | |
| Maximum DTI | Per AUS |
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.
Northern California loans that were temporarily suspended due to the Wildfires may be reinstated.
All loans previously approved with a PIW AND any new loans will now require an appraisal prior to docs and 1004D prior to funding.
If an appraisal was previously in the loan file, a 1004D Completion will be required prior to funding.
AEs MUST verify that the loans are still active to reinstate the loans.
Once status is confirmed, please contact the Account Manager to reactivate the loan file.
The counties impacted are: Los Angeles, San Bernardino, San Diego, Fresno, Madera, Mendocino, Siskiyou, Trinity, Tulare, Lassen, Santa Clara, Butte, Lake, Yolo, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma, Plumas, Yuba, and Shasta
Columbus Day 2020
In observance of Columbus Day, please note the hours of operation for MK Lending Corp.
| Date | Hours of Operation |
|---|---|
| 10/12/2019 (Monday) | Normal Office Hour |
MK Lending is constantly looking for ways to improve the client experience and make it easier to do business with us.
Thank you
Broker Relations
MK LENDING CORP.
11023 McCormick St. #100
N. Hollywood CA, 91601
Tel. (213) 351-9911
Fax. (213) 351-9922
Email:broker@mklending.com
“Providing you with the essential tools and support you can depend on to gain a market edge”
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Due to ongoing active wildfires, MK Lending Corp. is temporarily suspending or properties located in the following counties listed below due to active wild fires.
Effective immediately, The counties under temporarily suspensions are:
Lake, Napa, San Mateo, Santa Cruz, Solano, Sonoma, Yolo, Fresno, San Bernardino, Butte, Plumas, and Yuba.
We will continue to monitor the situation and add or remove any additional areas as needed.
Should you have any question, feel free to contact Broker Relations or your Account Executives(AE).
Effective immediately,
MK Lending Corp. will resume funding on loans that were previously impacted by CA wildfires disaster policy within Monterey County (Zip code 93908)
| Conventional Loans | |||
| State | County | Zip Code | Incident End Date |
| California | Monterey | 93908 | 9/03/2020 |
Please note property inspection report will be required (dated on or after 09/03/2020).
The counties under temporarily suspensions are:
Lake, Napa, San Mateo, Santa Cruz, Solano, Sonoma, Yolo and Fresno.