Announcement

2/22/2024 12:00:00 AM [2024] Disaster Policy - California

Announcement 2024

Disaster Policy Update – California

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in California listed below due to recent severe storms and flooding.

Reference: FEMA Announcement

Declaration Date: February 19, 2024

Incident Period: January 21, 2024 to January 23, 2024

Designated Counties: San Diego

If the subject property is located in one of the designated counties above and the appraisal was completed on or before January 21, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

1/1/2024 12:00:00 AM [2024] Holiday Schedule

12/28/2023 12:00:00 AM [2023-60] Wholesale Broker Credit Policy Update


Please click here for the instruction on DO sponsorship request.


12/19/2023 12:00:00 AM [2023-59] FNMA SEL-2023-09/11 Guideline Update

Announcement 2023 - 59

Fannie Mae SEL-2023-09/11 Guideline Update

MK Lending is aligning with the recent Fannie Mae announcements. The announcement is summarized below.

 
Fannie Mae
Announcement: SEL-2023-09 & SEL-2023-11


11/28/2023 12:00:00 AM [2023-58] 2024 New Loan Limits

[Announcement 2023-58]

2024 New Loan Limits

Effective immediately, MK Lending is aligning with The Federal Housing Finance Agency’s (FHFA) new 2024 conforming and high-cost area loan limits.

Agency: Federal Housing finance Agency (FHFA)

The 2024 loan limits will be applied to DU/LP loan casefiles submitted (or resubmitted) on or after the weekend of 12/2/2023. Also note that loan casefiles underwritten through DU/LP prior to 12/2/2023 that receive an ineligible recommendation due only to exceeding the 2023 loan limit may apply the 2024 loan limit. The loan casefile does not have to be resubmitted to DU/LP if the only reason for the DU/LP ineligible recommendation is due to the loan amount, and the loan amount complies with the applicable 2024 conforming loan limit value.

11/16/2023 12:00:00 AM [2023-57] FNMA 2-4 Unit Max LTV 95%

Announcement 2023 - 57

Fannie Mae – 2-4 Unit Max LTV 95%

MK Lending is aligning with the recent Fannie Mae announcements. The announcement is summarized below.

Agency: Fannie Mae

Agency Announcement: Responsibly Increasing Affordable Housing Supply & Access to Credit

2-4 Unit Max LTV/CLTV/HCLTV Increasing to 95% (Primary Residence – Purchase/Limited Cash-Out)

Effective Date: Beginning November 18, 2023

Summary: The maximum allowable LTV/CLTV/HCLTV increasing to 95% for 2-4 unit, primary residence, purchase and limited cash-out transactions.

Does not apply to the following:

  • Cash-Out Refinancing loans
  • High-Balance loans

10/20/2023 12:00:00 AM [2023-56] NonQM LTV Updates

NonQM LTV Updates

Announcement 2023 - 56

 Effective immediately, MK Lending updated following NonQM programs.