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Slide 1 - MFA - Housing New Mexico

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					Welcome

  July 1, 2011   1
        Homeownership Staff
•   Erik Nore, Director of Homeownership
•   Anita Racicot, Homeownership Specialist
•   Cynthia Marquez, Lending Specialist
•   Lisa Romero, Lending Specialist
•   Barbara Tashkandy, Lending Coordinator
•   Teri Baca, Representative
•   Eunice Duran, Representative

                    July 1, 2011              2
              MFA Mandate
• In 1975 the New Mexico state legislature created
  the New Mexico Mortgage Finance Authority
  (MFA), a public body politic and corporate,
  separate and apart from the state, constituting a
  governmental instrumentality, with the power to
  raise funds from private investors in order to
  make such private funds available to finance the
  acquisition, construction, rehabilitation and
  improvement of residential housing for persons
  and families of low or moderate income within
  the state.

                      July 1, 2011                3
         Mission Statement
• MFA      provides    innovative  policies,
  products, education, and services in
  collaboration with strategic partners to
  ensure that all New Mexicans have access
  to affordable housing. We engage in self-
  sustaining practices to strengthen the
  social and economic development of New
  Mexico’s communities and families by
  financing, developing, and preserving
  homes.
                   July 1, 2011            4
          Vision Statement

• All New Mexicans will have quality
  affordable housing opportunities




                   July 1, 2011        5
           Tax Code Criteria
(First - Time Home Buyer Program Requirements)


•   First -Time Home Buyer
•   Income Limits
•   Acquisition Cost Limits
•   Owner Occupied
•   Single Family Residence


                    July 1, 2011             6
           Tax Code Criteria
• First -Time Home Buyer

   Definition

     Borrowers are purchasing first home

     Borrowers have not owned a home as their
      primary residence for a full three (3) years.

                      July 1, 2011                7
          Tax Code Criteria
• Owner Occupied

   Borrowers must occupy the property as their
    primary residence

   Six (6) month rule for owner occupancy

    Borrowers may not rent the property within the first
     six (6) months of occupancy without the
     permission of MFA’s Board of Directors

                       July 1, 2011                     8
          Tax Code Criteria
• Owner Occupied (continued)

   Non-occupying co-signer(s) allowed
    not non- occupying co-borrower(s)

    Co-signer(s) must sign Note for first and second
     mortgages, but won’t take title to property




                       July 1, 2011                     9
          Tax Code Criteria
• Single Family Residence

   One Kitchen, no rental units

   Tax code restriction on business use of
    property less than or equal to 15% of the
    home.



                     July 1, 2011               10
            MFA Guidelines
• Minimum Credit Score of 620

   If credit report provides 3 credit scores (tri-
    merge), then the middle credit score must be
    at least 620 for each borrower

   If credit report only provides 2 credit scores,
    the lowest credit score must be at least 620
    for each borrower
                       July 1, 2011                   11
            MFA Guidelines
• Minimum Credit Score of 620

   If either borrower has no credit score, due to
    insufficient or stale credit, MFA will accept a
    manually underwritten loan. In addition, the
    loan must be underwritten to applicable
    secondary market guidelines



                      July 1, 2011                    12
            MFA Guidelines
• Minimum borrower cash contribution

   MFA requires a minimum borrower cash
    contribution of $500.00, regardless of loan
    type.

   Funds must be from the borrower and
    cannot be derived from any type of gift, grant,
    pro-rated taxes or down payment.
                      July 1, 2011                13
              MFA Guidelines
• Reasons for Sole and Separate (Changed with
  Lender Memo 10-05 dated April 14, 2010)

   Spouse is not able to enter into a contract (i.e. not of
    legal age)

   Spouse does not have a Social Security Number

  ** All household income needs to be counted toward
     income eligibility **

                          July 1, 2011                         14
                     Income Limits
          (Mortgage$aver and Mortgage Booster Programs)


                         1 or 2 Person       3 or More Person
                          Household             Household
Albuquerque MSA            $ 60,300              $ 69,345
(Bernalillo, Sandoval,
 Valencia & Torrance
      Counties)
 Santa Fe & Los            $ 66,900              $ 76,935
Alamos Counties
All other areas of         $ 52,700              $ 60,605
     the state

                            July 1, 2011                    15
                  Income Limits
                  (Targeted Areas)
       (Mortgage$aver and Mortgage Booster Programs)
                      1 or 2 Person       3 or More Person
                       Household             Household
 Bernalillo and         $ 72,360              $ 83,214
   Sandoval
   Counties

All other Census        $ 63,420              $ 72,726
      Tracts

      See county and census tracts of fact sheets
       Maps available at www.housingnm.org
                         July 1, 2011                    16
        Acquisition Cost Limits
        (Mortgage$aver and Mortgage Booster Programs)



Los Alamos County                             $ 342,585


Santa Fe County                                $384,750


San Juan County                               $ 253,125


All other areas of                            $ 243,945
     the state

                          July 1, 2011                    17
   Acquisition Cost Limits
             (Targeted Areas)
(Mortgage$aver and Mortgage Booster Programs)

 All areas of the                  $ 298,155
       state




                    July 1, 2011               18
        Overview of Programs
• Continuous Lending Pilot Program

   Funds will always be available for reservation

   MFA will periodically “re-price” the Mortgage$aver
    Program, based on market conditions

   No longer have Albuquerque/Non-Albuquerque set
    aside allocations all funds available statewide


                         July 1, 2011                    19
         Overview of Programs
• Programs may use FHA, VA, Conv, USDA [RHS],
  Section 184 Indian Housing (Section 184)
   1st Mortgage Options
       Mortgage$aver, Mortgage$aver Zero, Mortgage$aver Plus

   DPA Options
       3.5% Grant (Mortgage$aver Plus), Mortgage Booster,
        Payment$aver, SmartChoice and Helping Hand


• HERO (FNMA MyCommunity Mortgage)
   1st Mortgage and DPA (No Funds Available At This Time)



                              July 1, 2011                      20
     Mortgage$aver Programs

              Current Rates
• Mortgage$aver – 4.500% (1 + 1 – can be used
  with DPA loan)

• Mortgage$aver Zero – 4.875% (0 + 0 – can be
  used with DPA loan)

• Mortgage$aver Plus – 5.500% ( 0 + 0 –
  borrower receives 3.5% grant at time of closing)

                      July 1, 2011               21
  Second Mortgage Programs
• Mortgage Booster – 6.00%, Rate no
 longer changes with each bond issue


• Payment$aver Loan – 0.00%,

• Helping Hand Loan – 0.00%,


                 July 1, 2011          22
           Mortgage Booster
• Use with Mortgage$aver OR Mortgage$aver
  Zero with FHA, Conv, RHS, or Section 184(not
  allowed with VA)

• Maximum loan amount of $8,000 (must follow
  loan guidelines for CLTV)

• 30 year amortization, low fixed rate (i.e. 6.00%)


                       July 1, 2011                   23
         Mortgage Booster
• Lender may charge a $100 origination fee
  for the Mortgage Booster loan




                   July 1, 2011          24
    Second Mortgage RESPA
• Lender must provide a Truth in Lending
  (TIL) Statement and Good Faith Estimate
  (GFE) to the borrower for ALL Second
  Mortgage loan types

   Lender must re-disclose per RESPA
    guidelines



                    July 1, 2011            25
 Second Mortgage Allowable Fees
Origination Fee (Mortgage Booster   $100
and HERO DPA (when available))
Recording Fee (DPA Mortgages)       Actual Cost

Title Insurance Fees (not Settlement Actual Cost
Fees) for DPA loans
Daily Interest Charges               Actual Cost



                     July 1, 2011              26
 Second Mortgage Allowable Fees
• Fees must be reflected on the initial GFE and
  TIL as well as any additional disclosures that are
  required

• Fees must also appear on the final HUD-1, in
  accordance with the applicable regulations

• Variances on the allowable TIL tolerances will
  require re-disclosure and will trigger the
  mandatory MDIA “cooling off” period

                       July 1, 2011                27
 Second Mortgage Allowable Fees


• No other fees may be charged in
  conjunction with the origination,
  processing and settlement of an MFA
  second mortgage Down Payment
  Assistance loan



                 July 1, 2011           28
  Use of Down Payment Funds
• Use of funds are limited to cover the minimum down
  payment and allowable closing costs associated
  with the particular loan program


• Principal Reductions
   Case by case – MFA will allow a principal
    reduction of up to $100
   Principal Reduction MUST be applied to the first
    mortgage loan


                         July 1, 2011                  29
   Payment$aver/SmartChoice
• With Mortgage$aver or Mortgage$aver Zero

• Maximum loan amount is the lesser of 8% of the
  sales price OR $8,000

• SmartChoice Program – Borrower must be in
  possession of a Section 8 Housing Voucher.
  Loan amount is $15,000

• 0% non-amortizing loan due on sale, transfer or
  refinance

                      July 1, 2011                  30
   Payment$aver/SmartChoice
• Borrower may finance down payment, temporary
  buydowns, closing costs (excluding pre-paids)

• See fact sheets or web site for income limits
  (varies by county and household size)

• Eight hour Housing Counseling class required
  by MFA approved Housing Counseling Agency


                      July 1, 2011                31
  Payment$aver/SmartChoice
• Available Statewide
   Except in the City Limits of Albuquerque

• Forgiveness Terms
   Original principal amount of loan is from $1 to
    $8,000, the principal amount shall be reduced
    at a rate of 20% per year for 5 years
    beginning on the 6th anniversary date of the
    Note

                      July 1, 2011                32
  Payment$aver/SmartChoice
• Forgiveness Terms (continued)

   Original principal amount of loan is $15,000,
    (SmartChoice Program) the principal amount
    shall be reduced at a rate of 20% per year for
    5 years beginning on the 11th anniversary
    date of the Note



                     July 1, 2011               33
              Helping Hand
• One person in the household meets the ADA
  definition of disabled

• With Mortgage$aver or Mortgage$aver Zero

• Loan amount is $8,000, no more and no less

• 0% non-amortizing loan due on sale, transfer or
  refinance


                      July 1, 2011                  34
               Helping Hand
• Borrower may finance down payment, temporary
  buydowns, closing costs (including pre-paids)

• See fact sheets or web site for income limits
  (varies by county and household size)

• Eight hour Housing Counseling class required
  by MFA approved Housing Counseling Agency
  (Suggested agency is ILRC/Housing
  Division)

                      July 1, 2011                35
             Helping Hand
• Available Statewide
   Including in the City Limits of Albuquerque

• Forgiveness Terms

   Original principal amount of loan is $8,000,
    the principal amount shall be reduced at a
    rate of 20% per year for 5 years beginning on
    the 6th anniversary date of the Note

                     July 1, 2011                 36
        Acquisition Cost Limits
               Payment$aver and Helping Hand

Los Alamos County                              $ 380,650


Santa Fe County                                $ 427,500


San Juan County                                $281,250


All other areas of                             $ 271,050
     the state

                         July 1, 2011                      37
        What Goes With What
 DPA Options       3.5%      Mortgage         Pmt$aver      Helping

    ►             GRANT      Booster          (Low inc.)     Hand
                                                            (Low Inc.)
                   Use w/    Maximum          8% of sales
                  FHA, VA,     loan           price, max    (ADA elig)
1st Mortgage                 amount of            $8,000      $8,000
                   USDA
  Options                     $8,000         SmartChoice
                   [RHS],

    ▼              CONV       Use w/
                             FHA, RHS,
                                               (Section 8
                                                Voucher)
                                                              Use
                                                             w/FHA,
                              CONV,              $15,000      RHS,
                              Section        Use w/ FHA,     CONV,
                                184          RHS, CONV,      Section
                                             Section 184       184
Mortgage$aver
   (1+1)           No         Yes               Yes          Yes
Mortgage$aver
 Zero ( 0 + 0 )    No         Yes               Yes          Yes
Mortgage$aver
 Plus ( 0 + 0 )    Yes         No               No            No
                              July 1, 2011                               38
           HOW TO COMBINE
                                       Choose 1st       Choose 2nd
Consider income level of
  borrower                                 ▼                 ▼
                                      Mortgage$aver    Mortgage Booster,
                                          (1+1)         *Payment$aver,
                                                         SmartChoice,
                                                         Helping Hand
*Note: (Very low income
  borrowers may qualify for a         Mortgage$aver    Mortgage Booster,
  Federally-funded DPA                     Zero         *Payment$aver,
  program such as Payment                                SmartChoice,
  $aver, SmartChoice or                                  Helping Hand
  Helping Hand)                       Mortgage$aver     NO 2nd allowed
                                            Plus
                                       ( 3.5% Grant)


                            July 1, 2011                              39
                 Recapture Tax
                    (IRS Imposed)
• Only applies to First Mortgage loans funded
  from Tax-Exempt Bond proceeds (Does not apply
  to HERO)
• Will only be required if all three of the following
  events occur
    Borrower sells the home during the first nine (9) years
     of ownership
    Borrower has a net gain (net profit) on the sale of the
     home
    Borrower experiences a substantial increase in their
     income (IRS formula will define)

                          July 1, 2011                    40
         Servicing of Loans
• Master Servicer (US Bank) will service all
  First Mortgage loan products

• MFA will service all Second Mortgage loan
  products

• Borrower will receive two coupons

                    July 1, 2011               41
          Servicing of Loans
• Subordination Guidelines
   MFA will subordinate on a case by case basis
    as long as the refinance is for the benefit of
    the borrower and the borrower does not
    receive any cash back.

     Guidelines are posted on MFA’s website
     Call MFA’s Servicing Department to determine if
      borrower may be eligible.

                       July 1, 2011                     42
        Reservation Process
• Lender accesses reservation system on
  MFA secure website with password

   There is no limit to the number of passwords
    issued to the lender – each person who
    reserves loans should have their own
    password.



                     July 1, 2011                  43
         Reservation Process
• Lender enters information for both 1st and 2nd
  mortgages
• Lender will print Agreements
   MBS Agreement (First Mortgage)
   Mortgage Purchase Agreement [MPA] (Second
    Mortgage)

• Please do not hesitate to contact MFA if
  there are technical difficulties with entering
  the reservation as this will eliminate any
  problems in the future with the reservation.

                      July 1, 2011                 44
        Reservation Process
• Loans reserved under a particular
  allocation and interest rate will not be
  changed.

   Lenders must carefully consider the loan
    structure the borrower needs prior to
    reserving the loan.



                    July 1, 2011               45
        Reservation Process
• Clock starts ticking from the date of
  reservation

   45 days to submit compliance package

   75 days to submit closed loan package




                    July 1, 2011            46
        Reservation Process
• Watch Pipeline

   Extension and cancellation policy will be
    strictly enforced


   First mortgage loans must be Underwriter
    Certified and second mortgages must be
    delivered to MFA by the 45 day date

                      July 1, 2011              47
        Reservation Process
• Watch Pipeline
   Contact MFA in regards to loans that need to
    be cancelled (Lender can go on-line and
    cancel loan or call MFA)
   OR
   If the delivery dates cannot be met
     ONLY MFA can grant extensions


                      July 1, 2011                 48
       Reservation Process
• Special Pricing Option (SPO)
  – Extended Lock


   Due to the nature of the Continuous
    Lending Pilot Program, the Special Pricing
    Option is no longer available




                    July 1, 2011             49
     Compliance File Delivery
• Compliance Files must be delivered to
  MFA (2nd Mortgage) or Underwriter
  Certified with E-Housing (1st Mortgage)
  prior to the expiration date (45 days from
  the date of reservation) or Lender will
  need to contact MFA for an extension



                    July 1, 2011               50
   Compliance File Delivery
• First Mortgage must be Underwriter Certified
  through the E-Housing website prior to the
  expiration date

• 2nd mortgage package is delivered to MFA
  prior to the expiration date (45 days from the
  date of reservation prior to closing)
    2nd mortgage may be delivered to MFA without the
     Underwriter Certification; file will be reviewed and
     suspended until received

                       July 1, 2011                     51
     Compliance File Delivery
• Turn times for review – contract states
  files are to be reviewed within 3 business
  days of receipt

   Typically files are reviewed within 2 business
    days of receipt or sooner.

     Please do not call the same day the file is
      delivered or the following day as this slows down
      the process.

                        July 1, 2011                      52
     Compliance File Delivery
• Use most current check list and forms
  from MFA’s web site

• Two hole punch and Accofasten package
  (no paperclips)

• Do not need to place in file folder


                    July 1, 2011          53
     Compliance File Delivery
• Good Faith Estimate and Preliminary Truth
  in Lending (TIL) disclosure required at the
  time of Compliance (ALL Mortgages)

   Lender MUST follow RESPA Guidelines
     Re-disclose when required
     All disclosures to be sent to MFA in package



                        July 1, 2011                 54
   Compliance File Conditions
• Please send all suspense conditions at
  once – this will speed up the process.

• Loan cannot be closed without approval
  from both the Master Servicer and MFA
   Underwriter Certification from E-Housing
   Compliance Approval from MFA


                     July 1, 2011              55
        Compliance Guidelines
• Completing the FHA Loan Underwriting
  and Transmittal Summary when there is a
  second mortgage
     MFA’s EIN# must be completed
     Check the Government box
     Enter 2nd mortgage loan amount
     2nd mortgage is not a gift
     If using CHUMS ID # as ZFHA make sure DU
      Findings are attached
                     July 1, 2011            56
      Compliance Guidelines
• Three (3) years Federal Income Tax
  Returns

   ONLY required if Borrowers’ Credit Report(s)
    DO NOT reflect at least a 3 year trade history

     For ALL Borrowers on the loan



                      July 1, 2011               57
      Compliance Guidelines
• Income Calculation

   ALL Household income is considered

   Example: John Doe is purchasing home and
   is not married. John Doe qualifies for home
   on his own, however his girlfriend lives with
   him and will not be on title. The girlfriends
   income must be counted toward household
   income according to Tax Code.
                    July 1, 2011               58
      Compliance Guidelines
• Income Calculation

   Common mistake with the current pay stub

     The date that MUST be within 30 days of
     submitting the package is the pay period paid
     through date NOT the check date or the pay date.




                      July 1, 2011                  59
     Compliance Guidelines
Verification of Employment Income
Monthly gross income includes, but is not limited to:
Monthly gross pay             Interest and dividends
(wages, salary, tips, etc)
Overtime                      SSI
Part-time                     Disability income
Bonuses                       Child Support
Business income               Alimony
VA Compensation               Rental income
Other income



                         July 1, 2011                   60
       Compliance Guidelines
• Loan Break Down Form

   Preliminary Loan Break Down Form to be completed
    at the time of submitting the Compliance Package
    (This is an estimate of the down payment and closing
    costs)

   Final Loan Break Down Form to be completed at the
    time of submitting the Delivery Package (This is the
    actual down payment and closing costs that match
    the settlement statement)

                        July 1, 2011                   61
   Payment$aver & Helping Hand
               Compliance Guidelines
• Borrower is not allowed to have more than 6
  months income in the bank as cash assets at the
  time of closing
• If liquid assets exceed $5,000 an asset test is
  required to performed per the following example:
   Borrower has $20,000 in liquid assets
      $20,000 × 2% = $400.00
      $400.00 ÷ 12 (months) = 33.33

   $33.33 will be added to borrower’s monthly income

                           July 1, 2011                 62
   Payment$aver & Helping Hand
             Compliance Guidelines
• Homebuyer is required by MFA Approved
  Housing Counseling Agency (8 hour class)
• Non-Profit Agency providing the
  counseling will provide the lender with the
  following completed forms:
      Completion Certificate
      Completed Environmental Review Record
      Completed Set-up Report
      Request for Reimbursement
                      July 1, 2011              63
   Payment$aver & Helping Hand
                  Compliance Guidelines
• HQS (Housing Quality Standards) Inspection is required
  if home was built prior to 1978 (no matter what type of
  loan the first mortgage is)

• HQS inspection is required for homes built after 1978 if
  loan type is Conventional (FNMA), VA or Rural Housing.
  (Except if home is a new construction or if there is
  an FHA appraisal)

• List of HQS inspectors available from MFA
    HQS Inspector will provide
       Copy of signed inspection indicating if the property failed or passed
       Request for Reimbursement(s)

                                July 1, 2011                                64
  Payment$aver & Helping Hand
              Compliance Guidelines
• Fund Use Form

   Preliminary Fund Use Form to be completed at the
    time of submitting the Compliance Package (This is
    an estimate of the down payment and closing costs)

   Final Fund Use Form to be completed at the time of
    submitting the Delivery Package (This is the actual
    down payment and closing costs that match the
    settlement statement)

                        July 1, 2011                      65
   Payment$aver & Helping Hand
                Compliance Guidelines

• Original completed, signed and dated
  Certification of Asset Form (Form found on
  MFA’s website)


• Certification of Status Form
  (Documentation regarding disability status
  form signed by doctor) (Required for Helping
  Hand loans)


                       July 1, 2011            66
  Payment$aver & Helping Hand
              Compliance Guidelines
• Bank Statements
   Copies of full 6 months bank statements OR
   1 printout from bank showing average balance over
    the last 6 months OR
   Written statement from bank that borrower does not
    have a 6 month history but has X months history with
    them and average balance over X months OR
   If borrower does not have a bank account an original
    signed and notarized statement will be accepted



                        July 1, 2011                   67
First Mortgage Closing Documents
• Tax Code Documents

   Affidavit of Purchaser
   Affidavit of Seller
   Notice of Potential Recapture
   Tax Exempt Financing Rider attached to the first
    mortgage (FHA or Conventional loan)
   VA Rider attached to the first mortgage (VA loan only)



                        July 1, 2011                    68
   First Mortgage Purchase from
          Master Servicer
• Mortgage$aver, Mortgage$aver Zero and
  Mortgage$aver Plus

   Master Servicer will pay appropriate Service
    Release Premium

     US Bank:   Higher of 1.69% or $750



                      July 1, 2011                 69
   First Mortgage Purchase from
          Master Servicer

• Master Servicer will provide purchase
  advise for first mortgage. If there are
  questions on how the first mortgage is
  funded please contact US Bank.




                    July 1, 2011            70
     Closed Loan File Delivery

• Deliver both 1st mortgage and 2nd mortgage
  closed loan files simultaneously to Master
  Servicer and MFA.
   Deliver the First Mortgage Closed Loan Package and
    the E-Housing Compliance Package to US Bank
     • US Bank will forward the E-Housing Package to them

   Deliver the Second Mortgage Closed Loan Package
    to MFA



                           July 1, 2011                     71
    Closed Loan File Delivery

• Use most current check list and forms
  from MFA’s web site

• Place file in file folder and two hole punch
  and Accofasten



                    July 1, 2011                 72
      Closed Loan File Delivery
         Common mistakes

• Please make appropriate copies where
  asked on the checklist

   2 copies of Wire Instructions

   Original Note and 2 certified copies



                     July 1, 2011          73
      Closed Loan File Delivery
         Common mistakes

• Send originals or certified copies where
  asked on the checklist

• Loan Breakdown or HOME Fund Use form
  is missing
  • If this form is missing it causes additional
    review time when the form is eventually sent
    to clear condition.

                     July 1, 2011                  74
    Closed Loan File Delivery
• Be sure to include pre-close TIL along with
  final TIL

   Loan must comply according to RESPA rules




                    July 1, 2011                75
      Closed Loan Conditions
• Please send all suspense conditions at
  once – this will speed up the process.

• If loan is suspended for an original, please
  do not fax and then send the original; this
  slows the process down



                    July 1, 2011             76
           Closed Loan File
• Purchase Pending Conditions
   All purchase pending conditions must be
    cleared with the Master Servicer (for first
    mortgage loans and MFA (for second
    mortgage/DPA program loans) within 30
    days of the issuance of the purchase
    pending notification



                      July 1, 2011                77
           Closed Loan File
• Purchase Pending Conditions

   Files that are not cleared of all pending
    purchase conditions will be cancelled and will
    not be purchased from the Participating
    Lender. No exceptions will be given.




                     July 1, 2011                78
       Closed Loan Approval
• Once all suspense conditions have been
  cleared MFA will send a “Clear to
  Purchase” letter to the Master Servicer
  and the Lender.

   This will let the Master Servicer know to
    purchase the first mortgage



                      July 1, 2011              79
 Second Mortgage Loan Purchase
• MFA will purchase the second mortgages
  the following Tuesday or Thursday after
  receiving the electronic data from the
  Master Servicer showing that the first
  mortgage has been purchased.




                  July 1, 2011         80
 Second Mortgage Loan Purchase
• Purchase Advices and Final Document
  request letters are e-mailed to the contact
  on the Delivery Checklist by 5:00pm on
  the day the wire will be sent.

   If this information is to go to another person or
    department, please forward internally or
    inform MFA of additional staff for our
    distribution list

                      July 1, 2011                 81
     Final Document Delivery
• Final Documents for second mortgages
  are to be delivered to MFA not the Master
  Servicer

   Final Documents are due within 120 days of
    the date of purchase

   Please send the original Mortgage plus one
    (1) copy

                    July 1, 2011                 82
• Be sure to carefully follow all checklists
  and guidelines

               REMEMBER…

A complete package = a smooth transaction



                     July 1, 2011              83
• All MFA forms are available on-line

   Choose Lender/Realtor

      Program Manual/Forms




                     July 1, 2011       84
• If you are not receiving notifications from MFA
  and would like to, please go to our web site

   Choose Lender/Realtor

   Join MFA E-mail Notifications

      Choose Notifications you wish to receive

   Or you can contact your representative (Teri or
    Eunice) to make sure your information is correct
    in our data base


                            July 1, 2011               85
Questions?


   July 1, 2011   86
Thank you for your
  participation in
 MFA’s programs

       July 1, 2011   87

				
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