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TRID Sample Disclosure for Deferred Payment Loans and FHA Manual Underwriting Commitment

In the November 30, 2015 eNews:

TRID Sample Disclosure| FHA Manual Underwriting | Payoff Quotes | Satisfaction Requests | Questions?

TRID Sample Disclosure for Use With the Partial Exemption

If you plan to use the Partial Exemption to disclose on your Deferred Payment Loan:

You are also responsible for ensuring the loan meets the 1% fee cap and that no fees in excess of this were charged to the borrower. Eligible fees are recording, application, and homeownership counseling.
You are required to provide a disclosure that includes the elements required by 12 CFR Part §1026.18 (Regulation Z).

Minnesota Housing created a sample disclosure for this purpose, which you may brand with your company name.

FHA Manual Underwriting Requires a Manual Commitment

To be eligible for purchase, manually underwritten FHA loans committed on or after December 1, 2015 require a manual commitment. This requirement also applies to loans that switch to an FHA manual underwrite after December 1.

To commit or switch to an FHA manual underwrite, you must contact the Partner Solutions Team by email or at 651.296.8215/800.710.8871 to request the manual commitment form. Return the form via fax to 651.296.8292, attention “Partners Solutions Team.”

Payoff Quotes

Contact the loan servicer for payoff quotes for first and second mortgages. For additional assistance, contact the Portfolio Management Team by email or fax a request to 651.223.7017. Or call the Minnesota Housing Help Desk at 651.296.8215.

First Mortgages

For first mortgages closed:	Contact
Before 9/1/2009	U.S. Bank Home Mortgage (Plymouth, MN) at 1.800.447.2663
After 9/1/2009	U.S. Bank HFA Division (Bedford, OH) at 1.800.240.7890

Second Mortgages Serviced by U.S. Bank

The following loans are serviced by one of two divisions of U.S. Bank: Homeownership Assistance Fund (HAF), Deferred Payment Loan, Deferred Payment Loan Plus, and Monthly Payment Loan.

Any second mortgage service by U.S. Bank is indicated on the first mortgage payoff with a line item labeled:	Contact
Buydown Subsidy/Replacement Reserve	U.S. Bank Home Mortgage (Plymouth, MN) at 1.800.447.2663
Recoverable Corporate Reserve Balance	U.S. Bank HFA Division (Bedford, OH) at 1.800.240.7890

Second Mortgages Serviced by AmeriNational

Home improvement and HOME HELP loans are serviced by AmeriNational. If you don’t see either line item from the above chart, the second mortgage is serviced by AmeriNational.

Contact AmeriNational Community Services at 1.888.263.7628, ext. 1381.

Satisfaction Requests

If you need a satisfaction of an old lien, contact the Portfolio Management Team by email or fax a request to 651.223.7017. If you need additional assistance, please call the Minnesota Housing Help Desk at 651.296.8215.

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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Minnesota Housing

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