JMAC launches non-delegated correspondent lending channel
Investor will underwrite before closing
Irvine, Calif.-based JMAC Lending, a wholesale and correspondent lender, announced it launched a non-delegated correspondent program.
According to a statement provided by the company, the non-delegated correspondent lending channel is focused on serving lenders who currently have the resources to fund their own loans but prefer the security of having those loans underwritten by the purchasing investor before the loan closes.
The lender originates closes and funds in their own name while JMAC Lending performs the underwriting, purchase review and loan purchasing activities, the statement explained.
Here are some of the program highlights:
• JMAC conducts pre-close purchase reviews to assure the loan will be purchased
• JMAC will purchase non-conforming loans in addition to FNMA and FHLMC
• JMAC provides disclosure assistance to ensure lenders are compliant
• JMAC helps create warehouse-lending relationships
• JMAC allows closing docs to be ordered as a service
• For the JMAC Direct programs, all refinancing will be referred back to the lender and no cross-selling will occur.
"Correspondent lending is the next logical expansion since it leverages our strengths in pricing, operations and compliance expertise in wholesale to assist our clients in growing volume and revenue without incurring substantial risk,” said CEO Christina Pham.