Remove requirement that borrowers with a reverse mortgage must enroll in ACH
Clarification of Refinance Policy and refinancing of unsecured loans
Balloon Payment Policy: borrowers with a mortgage that has a balloon payment may obtain an unsecured Fix Up loan with a term that exceeds the balloon payment due date (if applicable)
Clarify acceptable title investigation documentation and timing
Other Document Updates
Loan Transmittal Form: This form is found in Minnesota Housing's Loan Commitment System. If you have your own commitment system, you can use the form immediately but must use the revised form for loans locked on or after October 20, 2020. Updates include clarification on document uploads to Minnesota Housing.
Credit Application Addendum: We updated color blocks so the form prints more clearly. Please start using the addendum dated October 6, 2020 as soon as possible. It must be used for loans locked on or after October 20, 2020. This form is found in the Forms Guide & Glossary.
Forms Guide & Glossary: Previously the guide included a link to the Department of Commerce's website for an Assignment of Mortgage. The link now provides the assignment with Minnesota Housing's agency name pre-populated.
Fix Up Interest Rates
As a reminder, we review and adjust Fix Up interest rates on a quarterly basis. The new rates are posted and effective as of 10 a.m. on the first business day of the quarter. The rates were last adjusted on October 1, 2020. Please visit our Loan Pricing web page to see current rates.
Questions? Contact the Partner Solutions Teamat 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.