Plus an updated subordination options guide
Plus an updated subordination options guide
You're Invited:
Lender Input Session

Share your Feedback on our Homebuyer Programs
As a valued Minnesota Housing lender partner, we invite you to join us for a discussion on ways we can make our programs even better. What’s working? What needs improvement? Many of you identified needs and opportunities in last month’s lender survey, and in this session we’d like to dig deeper as we develop solutions and program adjustments.  
This year we will offer two sessions:
  • Operations Input Session - Wednesday, March 5 from 10:00 a.m.–12:00 p.m.
    Geared towards processors, underwriters, closers, shippers and operations managers, and will focus on:
    • Lender support at Minnesota Housing and U.S. Bank HFA Division
    • Minnesota Housing documents and forms
    • Regulatory Changes
    • Topics chosen by participants
  • Origination and Production Input Session - Monday, March 9 from 1:30-3:30 p.m.
    Geared towards loan officers, production managers and branch managers, and will focus on:
    • Product offerings
    • Downpayment and closing cost assistance loans
    • Lender support at Minnesota Housing and U.S. Bank HFA Division
    • Marketing opportunities
    • Topics chosen by participants
Refreshments will be served at both sessions. Validated parking is available at the Block 19 Municipal Parking Ramp (145 East 7th Street at the corner of Jackson and East 7th Streets across from the Metro Square Building). Register today!
Subordination Options Guide
We updated our subordination policy to clarify that Monthly Payment Loan (MPL), Deferred Payment Loan (DPL), and Homeownership Assistance Fund (HAF) borrowers may be eligible for a subordination when refinancing into a Step Up loan. Borrowers are not eligible for more than one Minnesota Housing downpayment assistance loan. See the Subordination Options Guide for more information.
Locking and Executing MCCs Correctly
To correctly lock an MCC, lenders must select “Mortgage Credit Certificate Program” when choosing the program in the commitment system. Locking the loan incorrectly under Start Up results in the wrong interest rate and prevents the borrower from getting the MCC.
MCC document reminders:
  • Do not use any forms from the Start Up document set, including the Mortgage Deed Amendment. Use only MCC forms.
  • Provide the MCC Notice of Potential Benefits to borrowers at application and have them sign at/before closing. 
  • Ensure that lenders sign the MCC Lender Certificate at closing.
Monthly Payment Loan Income Limit Clarification
The Monthly Payment Loan (MPL) is available for downpayment and/or closing costs for borrowers using Start Up, MCC or Step Up. Use the following steps to determine borrower eligibility for a MPL:
  • Determine first mortgage program: Start Up, Step Up or MCC
  • Review MPL income limits
  • Apply the income calculation required by the first mortgage program to confirm income limits are met:
Upcoming Training
Training is not just for loan officers! They are just as important for underwriters, processors, closers and post-closers. Register for our March Webinars today:
Questions?
Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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