Effective for Non-Delegated Correspondent loans registered on or after today, February 1, 2024, Arc Home can lend in the state of Hawaii! This licensing expansion applies to all available Arc Home loan programs (Fannie Mae, Freddie Mac, Conventional Investment Property, FNMA/FHLMC Second Home & Investment, FHA, VA, Jumbo, Access Non-QM, Edge Non-QM, Elite QM, Foreign National). Previously, Hawaii lending was available for Delegated Correspondent only.
The updated program matrices will be available on the Arc Home website (HERE) soon.
New Jersey Prepayment Penalty
The Arc Underwriting guidelines for the Access and Edge Non-QM programs were updated as noted below, effective for loans registered on or after February 1, 2024.
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Access & Edge |
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Topic |
Previous Guideline |
New Guideline |
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New Jersey Prepayment Penalty |
A prepayment penalty in New Jersey is not allowed. |
A prepayment penalty in New Jersey is only allowed for Access and Edge Debt Service Coverage Ratio (DSCR) loans closing in the name of an entity, subject to applicable entity vesting requirements. |
The revised Arc Guideline Update Summary, which provides a side-by-side comparison of the guideline changes, will be published HERE on the website soon, and the updated Arc Underwriting Guide is available within the SPARC portal (HERE). Additionally, the state restriction table of the Correspondent Seller’s Guide Exhibit F has been modified to include the New Jersey prepayment penalty requirements.