AC-009 Preferred Jumbo Arms – CHANGES TO SUBMISSION PROCESS
Effective with all new submissions on Wednesday, May 11th. To improve the underwriting review time on Preferred Jumbo loans, we will require that you complete the Preferred Jumbo Submission Cover Sheet and Loan Submission Checklist. These documents will be required at the time of Setup review as of May 11th. Loans “Finaled” without these documents, will be placed into File Incomplete loan status until received.
Helpful Tips:
- The Product does not allow PPP loans
- No Forbearance within 12 months
- DTI cannot exceed 33/38% (exceptions will be considered up to 41% with strong compensating factors)
- The Product does allow conforming loan limits and requires submission to DU however it does not follow Fannie Mae Guides, please be sure to review the Preferred Jumbo Guides found in the Resource Center at flcbmtg.com. This requires a login.