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

July 3, 2013
Wiring Funds and HUD Requirements

Effective July 1, 2013

Lenders will resume advancing / wiring funds for the Commission’s 2nd Mortgages prior to closing. Manual updates will be posted soon. Please verify that all documents are drawn in the Commission’s name:

The TIL should read Washington State Housing Finance Commission as the Creditor.

Promissory Notes should read Washington State Housing Finance Commission as the Lender.

Deeds of Trust should read Washington State Housing Finance Commission as the Beneficiary.

The Commission will no longer be wiring funds at closing for 2nds as of July 1, 2013.

Also Effective July 1, 2013

DPA Loans Approved to Close by the Commission will now include:

An Award Letter to satisfy the requirements of HUD Handbook 4155.1 5.B.5.a will be issued to the borrower(s).

A  commitment letter sent to the originating lender in compliance with FHA’s requirements applicable to secondary financing transactions, in particular in the manner outlined in HUD ML # 2013-14, dated May 9, 2013.

   

 
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