Announcement 2024

Disaster Policy Update – Florida

The Federal Emergency Management Agency (FEMA) has issued a Disaster Declaration for the State of Florida due to Hurricane Helene.

Reference: FEMA Announcement

Declaration Date: September 28, 2024

Incident Period: September 23, 2024 - and continuing

Designated Counties: Charlotte, Citrus, Columbia, Dixie, Franklin, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Leon, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee, Taylor, Wakulla

If the subject property is located in one of the designated counties above and the appraisal was completed on or before September 23, 2024, or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Georgia

The Federal Emergency Management Agency (FEMA) has issued a Disaster Declaration for the State of Georgia due to Hurricane Helene.

Reference: FEMA Announcement

Declaration Date: October 1, 2024 

Incident Period: September 24, 2024, and continuing

Designated Counties: Appling, Atkinson, Bacon, Ben Hill, Berrien, Brooks, Bulloch, Burke, Candler, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Echols, Effingham, Elbert, Emanuel, Evans, Glascock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Lowndes, McDuffie, Montgomery, Pierce, Rabun, Richmond, Screven, Tattnall, Telfair, Tift, Toombs, Treutlen, Ware, Washington, and Wheeler

If the subject property is located in one of the designated counties above and the appraisal was completed on or before September 24, 2024, or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Virginia

The Federal Emergency Management Agency (FEMA) has issued a Disaster Declaration for the State of Virginia due to Tropical Storm Helene.

Reference: FEMA Announcement

Declaration Date: October 1, 2024

Incident Period: September 25, 2024 - and continuing

Designated Counties: Bristol, Galax, Giles, Grayson, Smyth, Tazewell, Washington, Wythe

If the subject property is located in one of the designated counties above and the appraisal was completed on or before September 25, 2024, or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Georgia

The Federal Emergency Management Agency (FEMA) has issued a Disaster Declaration for the State of Georgia due to Hurricane Helene.

Reference: FEMA Announcement

Declaration Date: October 1, 2024 

Incident Period: September 24, 2024, and continuing

Designated Counties: Appling, Brooks, Coffee, Columbia, Jefferson, Liberty, Lowndes, Pierce, Richmond, Tattnall, Toombs

If the subject property is located in one of the designated counties above and the appraisal was completed on or before September 24, 2024, or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Georgia

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Georgia listed below due to Tropical Storm Debby.

Reference: FEMA Announcement

Incident Period: Aug 4, 2024 - Aug 20, 2024

Declaration Date: Sep 24, 2024

Designated Counties: Bryan, Bulloch, Chatham, Effingham, Evans, Liberty, Long, Screven

If the subject property is located in one of the designated counties above and the appraisal was completed on or before August 20, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Texas (Updated)

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Texas listed below due to recent severe Straight-line Winds, Tornadoes, and Flooding.

Reference: FEMA Announcement

Declaration Date: May 18, 2024

Incident Period: April 26, 2024 to July 9, 2024

Designated Counties: Anderson, Austin, Bell, Brazoria, Calhoun, Chambers, Cooke, Collin, Coryell, Dallas, Denton, Eastland, Ellis, Falls, Fort Bend, Galveston, Guadalupe, Hardin, Harris, Henderson, Hockley, Jackson, Jasper, Jefferson, Jones, Kaufman, Lamar, Leon, Liberty, Matagorda, Montague, Montgomery, Nacogdoches, Navarro, Newton, Orange, Panola, Polk, Rusk, Sabine, San Jacinto, Smith, Terrell, Trinity, Tyler, Walker, Wharton, Van Zandt 

If the subject property is located in one of the designated counties above and the appraisal was completed on or before April 26, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Texas (Updated)

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Texas listed below due to recent severe Straight-line Winds, Tornadoes, and Flooding.

Reference: FEMA Announcement

Declaration Date: May 18, 2024

Incident Period: April 26, 2024 and continuing

Designated Counties: Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity, Walker, Eastland, Hardin, Jasper, Jones, Lamar, and Waller, Calhoun, Guadalupe, Cooke, Collin, Denton, and Montague

If the subject property is located in one of the designated counties above and the appraisal was completed on or before April 26, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Texas (Updated)

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Texas listed below due to recent severe Straight-line Winds, Tornadoes, and Flooding.

Reference: FEMA Announcement

Declaration Date: May 18, 2024

Incident Period: April 26, 2024 and continuing

Designated Counties: Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity, Walker, Eastland, Hardin, Jasper, Jones, Lamar, and Waller, Calhoun, And Guadalupe

If the subject property is located in one of the designated counties above and the appraisal was completed on or before April 26, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Texas

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Texas listed below due to recent severe Straight-line Winds, Tornadoes, and Flooding.

Reference: FEMA Announcement

Declaration Date: May 18, 2024

Incident Period: April 26, 2024 and continuing

Designated Counties: Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity, Walker, Eastland, Hardin, Jasper, Jones, Lamar, and Waller

If the subject property is located in one of the designated counties above and the appraisal was completed on or before April 26, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – Texas

<Texas Storm, Straight-line Winds, Tornadoes, and Flooding

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in Texas listed below due to recent severe Straight-line Winds, Tornadoes, and Flooding.

Reference: FEMA Announcement

Declaration Date: May 18, 2024

Incident Period: April 26, 2024 and continuing

Designated Counties: Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity, and Walker

If the subject property is located in one of the designated counties above and the appraisal was completed on or before April 26, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2024

Disaster Policy Update – California

Federal Emergency Management Agency (FEMA) announced a Major Disaster for the counties in California listed below due to recent severe storms and flooding.

Reference: FEMA Announcement

Declaration Date: February 19, 2024

Incident Period: January 21, 2024 to January 23, 2024

Designated Counties: San Diego

If the subject property is located in one of the designated counties above and the appraisal was completed on or before January 21, 2024 or did not require an appraisal, MK Lending Corp. will require an inspection report to determine the property’s condition using one of the following:

• 1004-D
• MK Lending Attestation – Disaster Form

Announcement 2023 - 59

Fannie Mae SEL-2023-09/11 Guideline Update
We are aligning with the recent Fannie Mae announcements. The announcement is summarized below.

[Announcement 2023-58]

2024 New Loan Limits

Effective immediately, MK Lending is aligning with The Federal Housing Finance Agency’s (FHFA) new 2024 conforming and high-cost area loan limits.

Agency: Federal Housing finance Agency (FHFA)

The 2024 loan limits will be applied to DU/LP loan casefiles submitted (or resubmitted) on or after the weekend of 12/2/2023. Also note that loan casefiles underwritten through DU/LP prior to 12/2/2023 that receive an ineligible recommendation due only to exceeding the 2023 loan limit may apply the 2024 loan limit. The loan casefile does not have to be resubmitted to DU/LP if the only reason for the DU/LP ineligible recommendation is due to the loan amount, and the loan amount complies with the applicable 2024 conforming loan limit value.

Announcement 2023 - 57

We are aligning with the recent Fannie Mae announcements. The announcement is summarized below.

Agency: Fannie Mae

Agency Announcement: Responsibly Increasing Affordable Housing Supply & Access to Credit

2-4 Unit Max LTV/CLTV/HCLTV Increasing to 95% (Primary Residence – Purchase/Limited Cash-Out)

Effective Date: Beginning November 18, 2023

Summary: The maximum allowable LTV/CLTV/HCLTV increasing to 95% for 2-4 unit, primary residence, purchase and limited cash-out transactions.

Does not apply to the following:

• Cash-Out Refinancing loans
• High-Balance loans

NonQM LTV Updates

Announcement 2023 - 56

 Effective immediately, MK Lending updated following NonQM programs.