[ The latest news for Minnesota Housing homeownership lender partners ]
Overlays Clarification

Rumors are circulating about new U.S. Bank overlays on loans when any funds used for closing costs or downpayment are not the borrower’s own funds or gift funds. This overlay does not apply to Minnesota Housing loans because this overlay does not apply to the HFA Channel and only applies to loans delivered through U.S. Bank’s Correspondent Channel.
Tips for Succes image

Tips for Success: Cancelling Loans in the Commitment System

When a locked loan becomes inactive, you must cancel the lock in Minnesota Housing's commitment system. Examples of reasons to cancel:
  • Loan is denied
  • Borrower withdraws application
  • Income eligibility
  • Property falls through
  • Closing exceeds 90 days
The Homeownership System Guide provides guidance on how to complete the cancellation process. 
In Case You Missed It
We’ve had lots of important changes and announcements recently, so here’s a summary of our recent major news items with links to the full eNews in case you missed them:
  • Minnesota Housing and U.S. Bank are Open for Business (April 13, 2020)
  • FHA Overlays for Loans locked on or after April 6, 2020 (April 6, 2020)
  • Fannie Mae Preferred Risk SharingTM Product Suspended (April 1,2020)
  • Seller Affidavit and Personal Property Addendum No Longer Required (March 30, 2020)
  • Down Payment and Closing Cost Loan Changes (February 27,2020)
  • Step Up Purchase Price and Refinance Loan Amount Limit Changes (February 27, 2020)
  • eSignature Now Allowed on Most Documents (February 27,2020)
  • Freddie Mac Loan Pricing by Borrower Qualifying Income for new locks after March 1, 2020 (January 7, 2020)
We also hosted a Critical Lender Update on April 2 to discuss the following topics:
  • Operations Update
  • Governor's Mandates
  • Form Updates
  • COVID-19 Impacts/FAQ's
  • Fannie Mae Preferred Risk Sharing Product Suspension
  • Rate Locks
You can review the recording here. Visit our training web page to get the most up-to-date training on our programs.
Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.
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