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Announcement

06.07.19 Underwriting Fee Update

Hello, MK Lending Brokers

Effective on 6/10/2019, please be advised there will be an increase of $77 in underwriting fee for conventional, FHA and jumbo loans

MK Lending Corp will start to collect flood certification fee ($14) and tax service fee ($63) due to increased costs.

* New Underwriting Fee

Agency

FHA

Streamline

Jumbo

Portfolio

2nd TD Fixed

 $ 1,140.00

 $1,340.00

 $  702.00

 $ 1,140.00

$1,495.00

$350.00

* New forms (Submission Form, Doc Request Form) also has been uploaded to MK Lending Website (https://www.mklending.com/Forms/Forms.cshtml)

MK Lending is constantly looking for ways to improve our relationships with all our clients and make it easier to do business with us.

06.03.19 MK VOE/SI Loan Program Guideline

MK VOE/SI Loan Program Guideline Update

 

 

Effective 6/3/2019, Please be noted with there are changes in loan program as below.

 

  1. New Application on and after 6/3/2019

 

  • Due to Investor and Regulator recommendations, we are retiring the LIBOR index and changing our program to the 1 Year CMT better match full doc products provided by FNMA
  • The Margin will change from 2.250% to 2.500%.
  • The payment Caps will be changed to a 5/2/5 from a 2/2/6.
  • New Program code will be provided.

 

  Current New
Index 1 Year Libor 1 Year CMT
Margin 2.250 % 2.500 %
Cap 2/2/6 5/2/5

 

 

  1. Current Loans in Pipeline

 

  • Current loans in pipeline should be closed by 6/10/2019 to be eligible MK VOE/SI program.
  • Any loans not closed by 6/10/2019 will be converted new program with new index, margin and caps as stated above.

 

 

 

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.

05.08.19 'Goodbye Letter' will be emailed from May 13, 2019

Hello,

  

MK Lending will no longer mail the “Goodbye Letter” to borrower(s) after loan get purchased by the investor.

Starting from May 13, 2019 we will email the “Goodbye Letter” to borrower(s) and broker.

  

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.

04.30.19 MK VOE/SI Loan Program Guideline Update

MK VOE/SI Loan Program Guideline Update

 

 

Effective 5/1/2019, Please be noted with there are changes in loan program (MK VOE and MK SI)

 

  • The rate will be changed for MK VOE 7/1 ARM to 5.125%and MK SI 7/1 ARM to 5.375%

 

  Current New
MK VOE 7/1 5.375% 5.125%
MK SI 7/1 5.625% 5.375%

 

  • MK VOE 5/1 ARM and MK SI 5/1 ARM programs will be suspended

 

  • Maximum Loan Amount increased to $3M.

 

  Current New
MK VOE 7/1 $2.5M $3M
MK SI 7/1 $2.5M $3M

 

  • Max LTV upon loan amount for 1 Unit SFR & PUD will be changed as below

 

  Loan Amt. LTV CLTV Min. FICO
  <= 1 Mil 70% 70% 680
SFR & PUD 1m> to <=2m 65% 65% 700
  2m> to <= 3m 60% 60% 720

 

 

 

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.

02.15.19 No More Escrow Waiver (No Impound) Fee

No More Escrow Waiver (No Impound) Fee

Please be note that MK Lending has removed escrow waiver (No Impound) Fee on Conventional loan programs of 2/14/2019.

* Conventional ARM Program (Non-CA): Escrow waiver fee is lowered from 0.250 to 0.125

* It will be applying to the loans to be locked on 2/14/2019 or after


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.

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