Formerly Jumbo J - Non-QM, we are proud to add SmartChoice to our SMART series.
To better align products, New Penn Financial's Jumbo Series J - Non-QM product is being re-branded as the SmartChoice product for the Wholesale Channel. This change is effective as of today, February 8, 2018. The offering will be limited to fixed rate mortgages with terms of 20, 25 and 30 years and will also include the 30-year interest only. Jumbo Series J - Non-QM products will no longer be available.
In addition to the name change, the product has been updated in the areas identified below:
2.20 Texas 50(a)(6)
Updated to reflect changes consistent with the change in Texas law as of January 1, 2018.
5.6 Eligible Income Sources
Rental Income Updated to reflect changes consistent with investor requirements.
Refer to the New Penn Financial SmartChoice Product Profile for all specific details.