Announcement

4/8/2021 12:00:00 AM [Announcement] Lock Extension Price Update (effect

4/2/2021 12:00:00 AM [Announcement] FHA LLPA, Home Ready Price Improved

4/2/2021 12:00:00 AM [ANNOUNCEMENT] CONVENTIONAL GUILDLINE RELAXATION

4/1/2021 12:00:00 AM [Announcement] Cash-out Refinance LLPA Improved

3/17/2021 12:00:00 AM [Announcement] VOE & SI maximum loan amount increa

3/8/2021 12:00:00 AM MK VOE & MK SI RATE LOWERED BY 0.5%


Effective immediately,

Our VOE & SI program rate options are lowered by 0.5%.
These changes will be effective for all loans with lock date on or after 03/09/2021.
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.

2/26/2021 12:00:00 AM NEW MINIMUM FICO FOR FHA IS LOWERED TO 620

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.

1/28/2021 12:00:00 AM [Announcement] Accepting DACA for FHA program

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.

1/18/2021 12:00:00 AM VOE & SI Rate Option Change

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.

1/18/2021 12:00:00 AM FHA and JUMBO LLPA UPDATE

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.

1/13/2021 12:00:00 AM Redesigned Uniform Residential Loan Application (U

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.

12/29/2020 12:00:00 AM 2021 Holiday Schedule

2021 Holiday Schedule

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

12/29/2020 12:00:00 AM “December Holiday Schedule”

"December Holiday Schedule"

* 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 smiley

12/16/2020 12:00:00 AM [Announcement} Jumbo Is Back!

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.


*Please note that Jumbo loans can only be locked after the file has been Cleared to Docs.

12/11/2020 12:00:00 AM [Announcement] Auto Lock Available

    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.

12/10/2020 12:00:00 AM [Announcement] 2021 Loan Limits Update

2021 Loan Limits Update

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

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:

  • Fannie Mae

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.

  • Freddie Mac

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

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.

12/8/2020 12:00:00 AM [Announcement] MK VOE Updates


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 ARM30 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

UnitsMax Loan AmtMax LTV/CLTVMin Fico
UnitsMax Loan AmtMax LTV/CLTVMin Fico
1 units & PUDUp to $1,000,00070%/70%680
1 units & PUDUp to $1,000,00070%/70%680
CondoUp to $1,000,00065%/65%680->CondoUp to $1,000,00070%/70%680
2-4 unitsUp to $1,000,00060%/60%700
2-4 unitsUp to $1,000,00060%/60%700
Foreign NationalsUp to $1,000,00060%/60%N/A
Foreign NationalsUp to $1,000,00060%/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.

12/3/2020 12:00:00 AM MK Holiday Schedule - December 2020

“December Holiday Schedule”

* MK Lending Corp. will be closing early on Thursday, December 24, 2020.

  MK Lending Corp. will be closed on Friday, December 25, 2020 in observance of Christmas.

We will reopen on Monday, December 28th at 8:30 a.m.

December 2020

Christmas Eve (12/24/2020)

Closing at 3 P.M.

Christmas Day (12/25/2020)

Closed for the Holiday

Enjoy your holiday smiley

11/25/2020 12:00:00 AM [Announcement] 2021 Conforming Loan Limits

2021 Loan Limits

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:

  • Fannie Mae

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.

  • Freddie Mac

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

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.


11/24/2020 12:00:00 AM Thanksgiving Holiday 2020

“Thanksgiving Holiday Schedule”

* MK Lending will be closed from Thursday, November 26th to Sunday, November 29th in observance of Thanksgiving.

We will reopen on Monday, November 30th at 8:30 a.m.

Happy Thanksgiving! Enjoy your holiday J


11/13/2020 12:00:00 AM [Announcement] LLPA Update

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

 

  • Conventional:
                - Self-employed 1% adjustment removed
  • FHA:
                - Self-employed 2% adjustment removed

11/13/2020 12:00:00 AM [Announcement] Guideline Update

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
  • Purchase
96.5%
  • Rate and Term
97.75%
  • Streamline
125%
  • Cash-out (Available)
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.

10/21/2020 12:00:00 AM [Announcement] CA wildfires update

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

10/6/2020 12:00:00 AM Columbus Day 2020

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
  • loans will NOT be funded on this day due to the banking holiday

 

 

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

 

 

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“Providing you with the essential tools and support you can depend on to gain a market edge”

 

 

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9/14/2020 12:00:00 AM Disaster Policy Impacted By CA Wildfires - Update2

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.

(*San Bernardino: Zip Code 92305, 92320, 92399 only) 

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).

9/10/2020 12:00:00 AM Disaster Policy Impacted By CA Wildfires - Update

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.