 Monthly Fix Up Rate Changes to Start August 1
After years of no regular Fix Up rate adjustments, we moved to a quarterly rate review/adjustment in 2018. The change allowed us to better calibrate the rate to market to maintain program attractiveness and viability and increase affordability for lower income households.
With such a dynamic rate environment in recent months, we are moving to monthly Fix Up rate review/adjustments beginning August 1 and taking place on the first business day of the month thereafter. More frequent rate changes will mitigate the risk of Fix Up rates being significantly above or below the market rate in rapidly increasing or decreasing rate environments.
To support all lenders during this change, we will communicate reminders via eNews and our monthly check-in calls about the more frequent changes. Please join our monthly call tomorrow, July 20, where you can ask questions about this change.
Currently, lenders are unable to lock new Fix Up loans in Minnesota Housing's loan commitment system during the quarterly rate changes. Starting August 1, lenders will be unable to lock news loans in the commitment system before 10:00 a.m. on the date of the rate change. Please see the Fix Up Rate Lock Guide for updated information.
We will continue to review the Fix Up first lien rate on a weekly basis, and review the Community Fix Up loan base rate annually.
Fix Up Monthly Check-in Calls
Join us for monthly webinars where we focus on answering questions about Fix Up and reviewing pertinent program topics. Please email Kirsten Partenheimer with any topics or questions for the next monthly check-in. Click here to register.
When you register, you will be signed up for all sessions in the series but can attend the sessions that work for you. Most calls occur on the third Wednesday of the month at 9 a.m. CST. Calls generally last 10-30 minutes depending on topics and conversation. Once a quarter we offer the Fix Up 101 Training in lieu of the monthly check-in call.
Upcoming Sessions:
- Wednesday, July 20
- Wednesday, August 17
- Wednesday, October 19
- Wednesday, November 16
Questions?
Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.
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