Plus Agency Holiday Closings
Plus Agency Holiday Closings
Important Conventional Loan Updates

Step Up Borrowers and Desktop Underwriter (DU®) Findings
Fannie Mae's DU® update last weekend caused an issue with HFA Preferred and HFA Preferred Risk Sharing loans for non first-time homebuyers with LTVs above 95%.
Fannie Mae acknowledges DU®’s new requirement that at least one borrower be a first-time homebuyer is being incorrectly applied to HFA Preferred and Preferred Risk Sharing mortgages, and will result in an "approve/ineligible" message.
Until this edit is fixed in DU®, lenders can ignore the message and deliver the loan if the only reason for the ineligible recommendation is that the LTV is above 95% and at least one of the borrowers is not a first-time homebuyer.
U.S. Bank Home Mortgage HFA Division is aware of this issue and supports Fannie Mae’s suggested work around.
HFA Preferred™ Special Feature Code Change
Fannie Mae changed the Special Feature Code (SFC) for HFA Preferred™ loans, effective immediately. As quickly as you are able to make the change, please use SFC 741 when delivering HFA Preferred™ loans to U.S. Bank Home Mortgage HFA Division.
Minnesota Housing updated its HFA Preferred™ Product Description to reflect the new SFC, and U.S. Bank Home Mortgage HFA Division released Bulletin 2014-58 on December 15, 2014 on this issue.  The changes do not affect HFA Preferred Risk Sharing™ loans. 
Holiday Closings
Minnesota Housing will be closed on Thursday, December 25 and Thursday, January 1. You will not be able to lock new loans in our commitment system starting at 5:00 p.m. the day prior to each holiday through 10:00 a.m. on the day after the holiday. 
Upcoming Trainings
Trainings are not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Register for our January trainings today:
Questions? 
Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871, Monday-Friday from 7:30 a.m.-5:00 p.m.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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