The Mortgage Bankers Association (MBA) issued a statement attesting to HUD’s strong signal that they are working to address issues raised by the Office of Inspector General (OIG) audit, and affirmed FHA Commissioner Golding’s supportive stance for state housing finance agency administered downpayment assistance programs. The MBA encouraged state housing agencies to urge lenders to continue participating in their programs per “business as usual.”
Minnesota Housing’s downpayment assistance loan programs comply with FHA requirements for secondary financing provided by government agencies and we encourage lenders to continue to use our programs.
Community Seconds (Non-Minnesota Housing)
The Start Up, Step Up, and MCC programs accept non-Minnesota Housing second mortgages when loans meet Minnesota Housing, the underlying product and the insurer/guarantor guidelines. Lenders are responsible for making this determination and should review the requirements for community seconds in the programs’ procedural manuals:
Get your loans purchased faster by avoiding the two most common deficiencies we see:
Funding or Compliance Approving loans.
Assigning and endorsing first and second mortgages correctly.
Read our tip sheet for details on how to improve these areas.
Planned Website Maintenance on Aug. 20 – Commitment system still available
Lenders will be able to access commitments and commit new loans in our online commitment system; however the rest of Minnesota Housing’s website will be down on Thursday, August 20, 2015 at 6:00 p.m. through Friday, August 21, 2015 at 6:00 a.m. for routine maintenance.