Update: Limited Remaining Mortgage Credit Certificate Funds
The remaining funds in our Mortgage Credit Certificate (MCC) program are being committed at a faster pace than anticipated and likely will not last until December 15. To lock an MCC, please contact the Partner Solutions Team to request a manual lock on a first-come, first-served basis. You can no longer lock MCCs through our online commitment system. When funds are no longer available, we will maintain a waitlist and will contact you if additional funds become available before December 18 due to cancellation of any existing MCC commitments. To help us maximize use of the remaining MCC funds, please review your pipelines for loans with MCCs and cancel any loans that are no longer active deals.
As a reminder, if the proposed federal income tax reform legislation passes, lenders will need to close and fund approve all MCC transactions in the Minnesota Housing online commitment system by Friday, December 29 at 3 p.m. in order for borrowers to receive their MCCs. Given that the draft tax reform language may change, we will update you as the situation evolves. If the legislation does not pass, lenders will need to close all loans with MCCs by December 31, 2017.
