Plus: Quality control recommendations
Plus: Quality control recommendations
Introducing Our New Fix Up Loan Program Manager
Plus Quality Control Recommendations

Introducing our new Fix Up Loan Program Manager, Claire VanderEyk!
We're pleased to introduce Claire VanderEyk as the new Fix Up Loan Program Manager. She is your resource for the Fix Up and Community Fix Up loan programs and can be reached at 651.296.3724 or claire.vandereyk@state.mn.us
Claire joins us from Minnesota Bank & Trust, where she was a Senior Mortgage Loan Processor. She is an active volunteer with the Preservation Alliance of Minnesota and Preserve Minneapolis, and recently finished a Master of Design Studies in Historic Preservation.
Claire has lots of great ideas for increasing your Fix Up business! Here's one of her recommendations:
"Right neighborhood? Right school district? Wrong house? Create a renovation dream scenario with your borrowers and show them how a Fix Up loan can turn a not-so-great house into just the right home."
Claire replaces Krissi Hoffmann, who was recently promoted to Property Preservation Programs Team Lead. Contact Krissi at 651.297.3121 or krissi.hoffmann@state.mn.us
Revised Credit Application
Page 8 of the Fix Up credit application has been revised. Please review the application and use for all new Fix Up and Community Fix Up loan applications starting immediately.
AmeriNational Address Change
The payment address for AmeriNational Community Services, Inc. has changed. All Fix Up loan payments should now be mailed to:
AmeriNational Community Services
PO Box 650402

Dallas, TX 75265-0402
Please note that ONLY the payment address has changed; all other contact information remains the same.
Recommendations from Quality Control
Make sure your loan files are complete and accurate with these recommendations from our Quality Control department.
Income 
  • Two income calculations are required:
    • Program Eligibility Income is used to determine whether the borrower is eligible for the program and may not exceed the program income limits. All income sources should be included when calculating this income. It does not need to have a pay history or be proven to continue into the future. See Section 2.08 of the Procedural Manual and the Program Eligibility Income Calculation Worksheet for more information.
    • Underwriting/Qualifying Income is used to qualify the borrower for the loan. It is gross annual income that has been verified and documented as stable and likely to continue. This income is used to determine the debt-to-income (DTI) ratio for the borrower. This income is calculated according to each lenders underwriting guidelines.
Forms
  • Always use up to date forms. Printing forms directly from our website ensures you will have the most current version.
Bids and Estimates
  • All bids and estimates must be dated.
  • Bids and estimates must have enough detail to show the proposed improvements are eligible, and that the work will result in a complete project.
Establishing Current Market Value
  • Current Market Value can be established using a variety of methods, outlined in Section 3.04 of the Procedural Manual.
  • When using a tax statement to determine the current market value, the most current estimated fair market value (not taxable value) must be used. 
Right of Rescission
  • Secured Fix Up loans should not be purchase approved in the online commitment system until the three day Right of Rescission period has expired.
  • Ensure the Right of Rescission dates are accurate and the forms are filled out completely.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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