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April In-Person Lender Training

In the March 23, 2016 eNews:
In-Person Training | Quality Control Tips and Tricks | Questions?
Register Today for In-Person Training
Don't miss this chance to refresh your skills and learn more about Minnesota Housing programs at our upcoming training:
Wednesday April 6
8:30 a.m.-3:30 p.m.
Normandale Community College | Bloomington
Training is geared towards both home improvement and homeownership lenders. You may attend any or all sessions - below are the recommended sessions for home improvement lending partners:
  • 9:00-9:30 a.m.: Introduction to Minnesota Housing Programs
    A high-level overview training of all Minnesota Housing loan programs
  • 11:15 a.m.–12:00 p.m.: Online Commitment System Lab
    Designed for anyone using the Minnesota Housing online commitment system
  • 1:00-2:00 p.m.: Home Improvement Refresher Training
    Designed for current Home Improvement Lenders and those interested in the program
Registration is free and required for each attendee. Click on the registration link to view session descriptions and intended audiences.
Questions? Contact Emily Strong at 651.296.3631.
Register by April 4
Quality Control Tips and Tricks
Ensure your Fix Up Loan files are complete and accurate with the following guidance from Minnesota Housing’s Quality Control team:
Bids and Estimates
  • Must be dated and current (no more than 120 days before the loan closing).
  • Must be complete and have sufficient detail to show both the estimated cost and the eligibility of the improvements. 
  • If additional funds will be used to complete the project, these funds must be documented.
Calculations
  • Please note the difference between eligibility income and underwriting income:
    • Eligibility Income determines whether the borrower is eligible for the program and may not exceed income limits (where applicable). All income sources should be included in this calculation. See section 2.08 of the Procedural Manual, and the Income Calculation Worksheet for more information.
    • Underwriting Income is used to qualify the borrower for the loan. It is the 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 ratio for the borrower and is calculated according to each lender’s underwriting guidelines.
  • When calculating Combined Loan to Value (CLTV), include all mortgages and use most current documents.
Forms
  • Always use up-to-date forms. Please print forms directly from our website to ensure you have the most current versions. 
  • Be sure the Credit Application is filled out completely.
Loan Commitment System
  • Double check Loan Commitment System data for accuracy. For additional commitment system information, please visit our website.
Unsecured Loans
  • Ownership interest must be documented using the most recent property tax statement and a copy of the deed (mortgage deed, warranty deed, quit claim deed, etc.).
Questions?
Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
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Minnesota Housing
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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