Pricing an Alternate Doc (Alt Doc) Program

Alt Docs include Bank Statements, P&L Only, 1099, WVOE, and Asset Utilization. 

When pricing, we recommend completing the following fields: 

• FICO: Borrower's fico score
• Citizenship: US Citizen, Permanent or Non-Permanent Resident
• Self Employment Status (Optional)
• First Time Homebuyer Status (Optional)
• Major Credit Events Seasoning under More Borrower Attributes (Optional)
• Loan Type: Conventional
• Loan Purpose: Purchase, Rate and Term or Cash-Out
• Loan Amount:  Loan amount  
• Impound: Required unless meet guideline to exclude impound
• AUS Type: Other/non-conforming
• Income Doc Type: Enter Full doc (qualify on 2 years full doc), 1 year tax return, 12 or 24 Personal or Business bank statements , 1 or 2 years 1099, VOE, and Asset Utilization
• Prepay: allowed from 0 to 3 year prepay options for investment transactions
• Compensation Type: lender paid, or borrower paid allowed

For Major Credit Events Seasoning, click on More Borrower Attributes to add more characteristics, credit history, and mortgage history. 

For income doc type, chose from one of the options below depending on the qualification type.

Full Doc – 2 years full doc qualification 1 year tax return 24 months business bank statements 24 months personal bank statements 12 months business bank statements 12 months personal bank statements DSCR 24 months CPA Prepared P&L 12 months CPA Prepared P&L 1099 24 months 1099 12 months VOE is WVOE Asset Utilization IMPORTANT: Do not chose 12- and 24-months Tax Prepared P&L options for P&L qualification.

Example of Search Criteria for 12 Months Business Bank Statements

Pricing a Standalone Closed End Second (CES) Program

JMAC offers two closed-end second products.  Below are the key differences:

When pricing, we recommend completing the following fields: 

• FICO: Borrower's fico score
• Citizenship: US Citizen, Permanent or Non-Permanent Resident
• Self Employment Status (Optional)
• First Time Homebuyer Status (Optional)
• Major Credit Events Seasoning under More Borrower Attributes (Optional)
• Loan Type: Second Lien

• Loan Purpose: Cash-Out

• Loan Amount: Closed End Second loan amount

• Total Existing Mortgage Amount:  Subject property 1^st lien balance

• Impound: Do not check on impound

• Income Doc Type: Enter Full doc (qualify on 2 years full doc), 1 year tax return, 12 or 24 Personal or Business bank statements and/or 1 or 2 years 1099

• Compensation: lender paid, or borrower paid allowed

IMPORTANT: When locking the loan, you will need to re-select the Loan Type to “Second” again.   

Example of Search Criteria Closed End Second

Pricing a Debt-Service Coverage Ratio (DSCR) Program

When pricing, we recommend completing the following fields: 

• FICO: Borrower's fico score
  • NOTE: Foreign national with no score enter the number zero “0”.
• Citizenship: US Citizen, Permanent or Non-Permanent Resident
• Self Employment Status (Optional)
• First Time Homebuyer Status (Optional)
• Major Credit Events Seasoning under More Borrower Attributes (Optional)
• Loan Type: Conventional

• Loan Purpose: Purchase, Rate and Term or Cash-Out

• Loan Amount:  Loan amount  

• Occupancy: Investment

• Impound: Required unless the borrower meet guideline to exclude impound

• AUS Type: Other/non-conforming

• Income Doc Type: DSCR

• Prepay: allowed from 0 to 5 year prepay options for investment transactions

• Compensation Type: lender paid, or borrower paid allowed (NOTE: Lender’s Credit can be used to apply to loan origination on borrower paid comp. Loan origination fee can be higher than set LPC comp.)

• DSCR Value:
  • DSCR Value = Gross rental income / PITIA or ITIA

If DSCR value is >= 1, chose DSCR 1.00 – 1.24 or DSCR >= 1.25 since it will impact the eligible pricing.

Example of Search Criteria for DSCR Qualifications

Pricing an Individual Taxpayer Identification Number (ITIN) Program

When pricing, we recommend completing the following fields: 

• FICO: For borrowers with no fico score, enter 660 to price.
• Citizenship: ITIN
• Self Employment Status (Optional)
• First Time Homebuyer Status (Optional)
• Major Credit Events Seasoning under More Borrower Attributes (Optional)
• Loan Type: Conventional

• Loan Purpose: Purchase, Rate and Term or Cash-Out

• Loan Amount:  Loan amount  

• Impound: Required so needs to be check

• Income Doc Type: Enter Full doc (qualify on 2 years full doc), 1 year tax return, 12 or 24 Personal or Business bank statements and/or 1 or 2 years 1099

• Compensation Type: lender paid, or borrower paid allowed

Example of Search Criteria for ITIN