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Congratulations 2023 Top Producing Loan Officers!
Minnesota Housing is pleased to name the 2023 Top Producing Loan Officers for Single Family homeownership loan programs.
Last year, our participating lenders provided close to 4,900 home mortgage loans for more than $1.15 billion statewide, which helped us reach our Go Big goal of 40% of first-time homebuyer mortgages going to Black homeowners, Indigenous homeowners and homeowners of color. The 133 loan officers we recognize are a substantial part of that achievement.
Top Producers are identified on the Lender Directory search tool and will receive a marketing kit, which includes an electronic logo and other items to use throughout their recognition period. Learn more about the Minnesota Housing Top Producing Loan Officer Program or contact your Business Relations Representative.
2023 Top Producing Loan Officers
 The Minnesota Housing Top Producing Loan Officer Program recognizes individual loan officers based solely on the number of Minnesota Housing first-time homebuyer loans produced in one of the designated regions for the program on an annual basis. Designations are not intended as a formal referral or preference for individual loan officers and no financial or other measurable benefit is intended to be granted to loan officers on a preferential basis.
Start Up Procedural Manual Update: Marital Interest as Ownership Interest
We revised the definition of ownership interest to include marital interest in real estate in section 4.05 and section 7.16 of the Start Up Procedural Manual, effective June 6, 2024.
Effective as of June 6, when determining borrower eligibility:
- For Start Up first-time homebuyer status, you need to factor in any marital interest in their primary residence within the last three years.
- For first-generation homebuyer status, you need to consider whether the potential first-generation homebuyer and their parents/guardians have ever had marital interest in a primary residence.
Document Updates
We updated several forms to align with the Start Up manual language effective June 6, 2024.
The following updated forms with version date 5.23.24 may be used for loans closed on or after June 6 and must be used for loans locked on or after June 6, 2024.
The following updated optional documents with version date 5.23.24 may be used for loans closed on or after June 6. The Forms Summary is not required but is recommended to share with borrower to help them understand the Minnesota Housing forms they will sign.
These updated forms will be available in the Forms Guide and Glossary on June 6. This will include a fillable version of the updated First-Generation Homebuyer Affidavit.
Summary of changes to the First Generation Homebuyer Affidavit
- The First-Generation Borrower will be required to check a box to certify one of the following:
- Their parents or prior legal guardians never owned a home, or owned a home but they lost it due to foreclosure
- They aged out of foster care or they became emancipated
- New section for the Parents’/Guardians’ last known address
- Updated definitions:
- Ownership means being on title to real estate that is your primary residence (in any country) or having a marital interest in a home that is your primary residence.
- Clarified that Foster parents are not considered Parents or Guardians for this program.
- Clarified a guardian is a person appointed by a court to take permanent responsibility when borrower was a child.
2024 Conventional Income Limits for Lower Cost PMI
On May 19, 2024, the Conventional 80% Area Median Income (AMI) qualifying income limits for Minnesota counties changed. Only borrowers with loan qualifying income under 80% AMI are eligible for charter rate MI. See the Fannie Mae HFA PreferredTM and Freddie Mac HFA Advantage® product descriptions for details on charter rate coverage.
Review your DU/LPA findings to determine whether your borrower is above or below 80% AMI. We have updated the Conventional Income Limits document. The applicable limit may vary depending on a number of factors, including DU/LPA create/submission date, application received date, property location, manual/automated underwriting, etc.
No impact on loan pricing: As a reminder, these conventional income limits no longer impact loan pricing.
For additional guidance on implementation specifics, see the following announcements:
Minnesota Housing Closed for Memorial Day
Minnesota Housing will be closed on Monday, May 27 for Memorial Day. Lenders will be unable to lock new loans from 5 p.m on Friday, May 24 to 10 a.m. on Tuesday, May 28.
Join Us at an Upcoming Event
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We partner with lenders and real estate professionals at community events throughout the state to provide information, resources, and unique opportunities to connect and empower Minnesotans to succeed in their housing goals.
Contact El Karnwie-Tuah to learn more about partnering with us at these or other upcoming events, or come and check out our booth!
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Monthly Training Webinars
Join Minnesota Housing for our monthly webinar series. These trainings lay out the basics of Start Up, Step Up, and our three Downpayment and Closing Cost loan options. These webinars also provide tips and best practices to help you successfully originate and close Minnesota Housing loans.
Monthly Update & Hot Topics Call
The Monthly Update & Hot Topics Call is open for everyone to attend, not just underwriters. During these calls we review recent Minnesota Housing updates and important information to help you originate and process our loans. Lenders are welcome to submit questions or topics to discuss on the call. This is a great venue to have more in-depth discussion on advance topics.
Please go here to register for the 2024 calls.
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 second Thursday of the month from 9 a.m. - 10 a.m. Central time.
2024 Schedule:
- June 13
- July 11
- August 8
- September 12
- October 10
- November 14
Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8 a.m. and 5 p.m. on business days.
About Minnesota Housing
Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.
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