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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

September 13, 2012
Changes to Rate Lock Extension and USRD Policy

Manual changes are available for download at: wshfc.org/sf/downloads.html

Rate Lock Extensions

We changed the Rate Lock Extension policies. We added a 7 day rate extension as an additional option. Also, rate lock extension fees must now be collected and sent via ACH wire to the Washington State Housing Finance Commission. Please review the manual updates in Section 10 for complete wiring instructions.

For loans closed with extension fees prior to the release of the policy, the Commission will contact the lender with the amount owed.

US Rural Development Loans

Our Home Advantage rate regularly exceeds US Rural Development’s maximum rate limit since they set their maximum daily rate at Fannie Mae’s 90 day delivery rate plus .6% rounded up to the nearest ¼%. Due to their policy, we will no longer offer US Rural Development in our reservation system as an allowable loan type. If you wish to use this underlying mortgage, please contact the Commission for an exception to verify upfront the rate meets US Rural Development’s qualification on the day of reservation.

Please contact Lisa DeBrock at 206-287-4461 or lisa.debrock@wshfc.org with any questions.

       

 
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