 Rehabilitation Loan Program Procedural Manual Revisions; Program & Process Changes
The Minnesota Housing Board of Directors has approved revisions to the Rehabilitation Loan Program (RLP) Procedural Manual. Revisions include program and process changes. The changes are effective for all loans locked after January 1, 2022.
Substantive changes include:
- Adding language to allow manufactured home replacement as an eligible use of funds;
- Revising language in Chapter 2: Fraud, Misuse of Funds, Conflict of interest, Suspension, and Disclosure and Reporting policies; and
- Revising Documentation and Data Requirements to align with state requirements.
Minnesota Housing Loan Commitment System changes include:
- The CLTV is no longer required. The field will no longer appear in the loan record.
- RLP loans over $27,000 no longer require an override.
Please contact the RLP/ELP team if you receive errors related to the CLTV or the loan limit.
Please review the entire revised Rehabilitation Loan Program Procedural Manual to ensure your organization is in compliance when processing RLP loans.
Rehabilitation Loan Program Lender Training Webinar
Minnesota Housing will be hosting a live training on Thursday, January 13, 2022 from 1:00 – 3:00 pm regarding the above changes. In particular, the webinar will address requirements and the process for manufactured home replacement. We will also allow time for lenders to ask questions and share information. Please click here to register for the training.
At least one person from your organization involved in processing RLP loans is required to attend the training.
Questions?
Contact the RLP/ELP Team at RLP.ELP@state.mn.us or 651.296.8844.
|
