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03.22.17 Freddie Mac Income and Asset Changes

Effective Immediately for Freddie Mac Loans, MK Lending, Corp. will align with Freddie Mac’s updates to income and assets as announced in Freddie Mac Bulletins 2016-19 and 2016-23.


Brokers may submit loans under the current guidelines until 04/30/2017 and must close these loans by 05/15/2017.  Brokers must follow Freddie Mac’s new income and asset requirements for all Freddie Mac Loans submitted on or after 05/01/2017.


If there are any changes, we will post it immediately.

01.20.17 Suspension of FHA Reduced Annual MIP

FHA Mortgagee Letter 2017-01 Reduction of FHA Annual Mortgage Insurance Premium Rate Suspended Effective Immediately.  More detail look under Matrix with Government Loans.

10.06.16 Holiday Schedule


Days Closed

  • Friday January 1, 2016 - New Year Day
  • Monday May 30, 2016 - Memorial Day
  • Monday July 4, 2016 - Independence Day
  • Monday September 5, 2016 - Labor Day
  • Friday November 11, 2016 - Veteran' Day
  • Thursday November 24, 2016 - Thanksgiving Day
  • Monday December 26, 2016 - Day After Christmas


Eligibility Requirements

Limited cash-out refinance transactions must meet the following requirements:

  • The transaction is being used to pay off an existing first mortgage loan (including an existing HELOC in first-lien position) by obtaining a new first mortgage loan secured by the same property; or for single-closing construction-to-permanent loans to pay for construction costs to build the home, which may include paying off an existing lot lien.

  • Only subordinate liens used to purchase the property may be paid off and included in the new mortgage. Exceptions are allowed for paying off a Property Assessed Clean Energy (PACE) loan or other debt (secured or unsecured) that was used solely for energy improvements.

    • For a PACE loan originated prior to July 6, 2010, there is no limit on how much of the limited cash-out refinance loan amount may be used to pay off the PACE loan. See B5-3.4-01, Property Assessed Clean Energy Loans (12/01/2010), for additional information.

    • For a PACE loan originated on or after July 6, 2010, or other debt used for energy improvements, the payoff amount included in the limited cash-out refinance is limited to 15% of the appraised value of the property. See B5-3.3-01, HomeStyle Energy for Energy Improvements on Existing Properties (05/31/2016) , for additional information.

  • The subject property must not be currently listed for sale. It must be taken off the market on or before the disbursement date of the new mortgage loan, and the borrowers must confirm their intent to occupy the subject property (for principal residence transactions).

06.29.16 Independence Day Schedule




As Independence Day approaches, MK LENDING CORP., would like to extend our gratitude for your continued support and remind our clients that MK LENDING CORP., will be closed Monday, July 4. As such, there will be no wire activity or fundings. Also, we remind our clients that Monday must be excluded from the rescission period.

Thank You Kindly and have a lovely 4th of July weekend!

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