[The latest news for Minnesota Housing homeownership lender partners]
Memorial Day Hours
Minnesota Housing will be closed on Monday, May 25 in observance of Memorial Day. Lenders will be unable to lock new loans between 5:00 p.m. on Friday, May 22 and 10:00 a.m. on Tuesday, May 26.
Reminder: Reducing Risk of Loans in Early Forbearance
Minnesota Housing Covering Conventional Early Forbearance LLPAs
Effective May 11, 2020, for conventional (Freddie Mac and Fannie Mae) purchase or rate and term refinance loans that enter into forbearance after the purchase by U.S. Bank Home Mortgage—HFA Division, Minnesota Housing will cover the Agency LLPAs of 5% (for first-time homebuyers) or 7% (for all other loans). Please see SEL-2020-039 - May 11 Temp Forbearance Update
Get Your Loans Purchased Faster!
It is vital to get loans purchased quickly because loans that go into forbearance prior to loan purchase are ineligible for purchase by U.S. Bank—HFA Division (see SEL-2020-034). To streamline the Start Up loan origination and review process, we recently removed the Property Seller Affidavit, 3 year federal income tax history requirement, and Personal Property Addendum.
Tips to get your loans purchased faster: • Deliver loans quickly! Best Practice: Deliver within 5 business days of closing • Remember the 2nd mortgage assignment and related endorsements/allonges • Remember to sign pages 1 and 4 of the 92900A •LE & CD Tip: οMake sure you understand U.S. Bank – HFA Division’s requirements for disclosing the gross and net second mortgage loan amount on the first mortgage LE and CD. Make sure your Operations Manager and all staff involved in the loan process are aware of these tips to help your organization speed up loan purchase.
Accelerated Pooling Timing
We are working with U.S. Bank to accelerate the frequency of pooling so loans can be delivered to Fannie Mae, Freddie Mac, and Ginnie Mae more quickly.
Join us monthly to review recent Minnesota Housing updates and important information to help you originate and process our loans. Click here to register for the monthly calls. When you register, you will be signed up for all sessions but can attend the sessions that work for you. All calls occur on the second Thursday of the month from 9:00-10:00 a.m. CST. Next sessions are:
Thursday, June 11
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.