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

July 19, 2013
Important Notice: Homebuyer Education Certificates

Effective for loans reserved on or after 07/19/2013.

Due to recent compliance issues, the following policy is being re-enforced:
All Borrower’s on the Note and DOT’s must attend homebuyer education or have taken the online MGIC homebuyer education course PRIOR to making a reservation of funds with the Commission.

If a reservation for funds is made in Mitas BEFORE the borrower(s) has attended a Commission Sponsored Homebuyer Education Seminar or taken the MGIC online homebuyer education course, the current reservation will be considered invalid, and will be subject to worse case pricing. No exceptions.

Lenders are no longer required to request an exception to use the MGIC online homebuyer education course at: http://homebuyers.mgic.com. Once the Borrower has completed the class, use the MGIC certificate number when registering a loan on Mitas. Include a copy of the MGIC certification in the Pre-Closing Compliance package.

Please see pages 6.1 and 6.5 of the Program Manual for updates.

Please feel free to contact me to answer any questions you may have regarding this Program Announcement.

Dee Taylor
Director, Homeownership Division

    

 
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