[The latest news for Minnesota Housing homeownership lender partners]
Updated Program Eligibility Income Guidance on Federal CARES Act Unemployment Benefit
We have updated our program eligibility income guidance on the federal CARES Act $600 weekly unemployment benefit. The updated guidance is effective for all new and existing locks immediately and should be beneficial to most borrowers receiving the CARES Act unemployment benefit.
It has come to our attention that some title companies are issuing the preliminary title commitment with some verbiage related to COVID-19 (see example language below).
Example: "The Company reserves the right to raise exceptions and requirements or determine that it will not issue a title policy based upon the details of the transaction, the review of the closing documents, and changes in recording and title searching capabilities resulting from the COVID-19 virus."
In instances where this COVID-19 language may be delaying the purchase of your loan, to clear the loan deficiency U.S. Bank Home Mortgage-HFA Division will accept a signed and dated communication on company letterhead from the title company stating that the language will be removed from the final title policy.
New Trailing Documents Section
The Attachments section of the loan commitment system now contains a new “Trailing Documents” category in the dropdown menu to identify the type of document you are uploading. Please use the new “Trailing Documents" category to submit trailing documents like recorded mortgages and assignments.
Minnesota Housing will be closed on Friday, July 3rd in observance of Independence Day. Lenders will be unable to lock new loans between 5:00 p.m. on Thursday, July 3rd, and 10:00 a.m. on Monday, July 6th.
New Series of Monthly Minnesota Housing Update & Underwriter Calls
Please note that if you signed up for the last series of calls, you'll need to register again for the new series. When you register, you will be signed up for all sessions but can attend the sessions that work for you. All calls occur on the second Thursday of the month from 9:00-10:00 a.m. CST. Next sessions are:
Thursday, July 9
Thursday, August 13
Thursday, September 10
Thursday, October 8
Thursday, November 12
Thursday, December 10
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.