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May 2024 » thefivestar.com 25 May 2024 I N D U S T R Y U P D A T E platform for the mortgage industry, Matic partners with over 100 lenders, servicers, and banks that collectively process 20% of home loans available in the United States, including five of the top 15 mortgage servicers in the United States, a top 10 global bank, and a top 10 U.S. bank. A&D MORTGAGE UNVEILS UPDATES TO NON-QM LOAN PROGRAMS A &D Mortgage announced a se- ries of comprehensive updates to its non-QM loan programs. Aimed at simplifying the mortgage application process and expanding loan accessibility, these changes include the elimination of bank statement require- ments for certain loans, broadened eli- gibility criteria for DSCR loans, tailored prepayment penalty adjustments, and more. These strategic enhancements are designed to streamline operations for mortgage brokers and provide more flex- ible financing solutions for borrowers. Key highlights of the program updates: » Simplified Loan Documentation: For Wage Verification of Employment (WVOE) and Profit & Loss (P&L) loans with Combined Loan-to-Value (CLTV) ratios below 65%, A&D Mortgage has removed the need for bank statements, significantly easing the application process. » Expanded Eligibility for DSCR Loans: Reflecting A&D Mortgage's commitment to investors and foreign national borrowers, the company has expanded DSCR loan eligibility requirements. Borrowers now only need to have owned a property in the United States or any foreign country within the last 36 months. » Adjusted Prepayment Penalties: A&D Mortgage has adjusted prepayment penalty structures for 1- and 2-unit prop- erties in Ohio and Vermont, enhancing the competitiveness and appeal of its loan products in these states. » Updated Interest-Only Option for CEMA Loans in NY: Adhering to regulatory compliance and market demands, the interest-only option will no longer be available for CEMA loans in New York. » Revised Ownership Change Policy: Significant changes to the ownership of an LLC or Corporation used in a refinance will be treated as a Quit Claim Deed, with a cap at 65% CLTV, ensuring transparency and stability in property transactions. Max Slyusarchuk, CEO of A&D Mortgage, stated, "These program updates are a testament to our unwavering com- mitment to adapt and evolve in response to the needs of our clients and partners. By simplifying the mortgage process and enhancing our product offerings, we are not just keeping pace with the industry— we are setting new standards. Our goal is to empower more individuals and families to achieve their dream of homeownership with ease and confidence." The updates to A&D Mortgage's Non-QM loan programs are effective immediately. Mortgage brokers and borrowers are encouraged to explore the benefits and opportunities presented by these enhancements. MCS OFFERING REMODELING SERVICES TO DALLAS-AREA HOMEOWNERS A s Dallas-area homeowners face challenges finding responsive and qualified contractors to complete home remodeling projects, MCS announced it has launched home remod- eling services serving the DFW market. Residents in several Dallas/Fort Worth (DFW) regions, including neighborhoods throughout the Collin, Denton, Kaufman, Rockwall, Dallas, and Tarrant areas, can now work directly with one of the nation's leading property care companies for their own bath and kitchen remodeling, room additions and conversions, and light con- struction projects. This direct-to-consumer offering represents MCS' second market for this service, coming on the heels of an initial launch in Phoenix in September 2023. The rapid success of the MCS home "These program updates are a testament to our unwavering commitment to adapt and evolve in response to the needs of our clients and partners." —Max Slyusarchuk, CEO, A&D Mortgage