HomeReady: New Underlying Product for Fannie Mae Loans

How Does the Fannie Mae HomeReady Release Affect Minnesota Housing Loans?
On December 12, 2015, Fannie Mae is replacing the MyCommunityMortgage® loan product with their HomeReady™ product. HomeReady™ will be the underlying loan product for Minnesota Housing’s HFA Preferred™ and HFA Preferred Risk Sharing™ loans.
Implementation Schedule
  • HomeReady™ will be implemented in DU® version 9.3 over the weekend of December 12, 2015.
  • Commitment and delivery of HomeReady™ mortgages will be available beginning December 21, 2015.
Change to Minnesota Housing Conventional Loans
Top Producing Loan Officer Production Deadline

Twice per year, the Top Producing Loan Officer Program recognizes loan officers with high levels of Minnesota Housing first mortgage production. The next recognition period will cover production from July 1, 2015 to December 31, 2015.  

To make sure you receive credit for all your Minnesota Housing loans committed during this time:
  1. Contact your Web Administrator to be set up as a contact in the HDS SF Web Application system if not completed already.
  2. Claim your loans with your name in the Loan Officer field. Instructions on how to claim your loans can be found on the Minnesota Housing website.
  3. Get your loans purchase approved by Minnesota Housing in the HDS SF Web Application system by December 31, 2015
You won't want to miss out on the great marketing benefits and recognition that come with being a Top Producer! We will announce the latest Top Producers by the end of February 2016.
Upcoming Webinars
Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training web page for more details and register for these upcoming Webinars:
Questions? 
Reach 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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