SS Memo 06-04
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Date: April 19, 2006
Online Mortgage Guides Update
The attached Update Summary highlights first quarter 2006 revisions including those announced in this memorandum. Please remember to reset your bookmark to the online guides and note the following changes not previously released:
- References to Rental Refinance loans deleted throughout the Selling and Servicing guides.
- AHFC will purchase one-step construction loans when construction is complete and the amortized period begins. (1003.09 and 9001.03)
- DEC paperwork must show that a wastewater system on a newly constructed home is adequate for the number of finished bedrooms. (2001.12)
- A new section has been added clarifying down payment requirements on assumptions. (7008.03)
- Form UND-9 has been revised to correct requirements on owner occupied triplex and fourplex properties
SERVICING GUIDE REVISIONS: CONTACT SERVICING
Home Ownership Fune (HOF) and Home Ownership Assistance Fund (HOAF)
Because the HOF and HOAF programs are inactive and AHFC does not anticipate reactivation in the near future, most, but not all servicing guidelines for these programs have been deleted. Section 12001 contains procedures for obtaining HOF loan payoffs and information about excess subsidy payment. Should these programs be reintroduced, AHFC will write and distribute new servicing guidelines.
(Sections 11002, 11003, and 11004)
Servicing Guide Sections 11002 - Custodial Accounting, 11003 - Cash Remittances and 11004 Actual Loan Collection System are being revised to reflect recent changes made to the transaction reporting cutoff and due dates and the termination of Ginnie Mae and Freddie Mac pools.
FORMS GUIDE REVISIONS: CONTACT UNDERWRITING
Replacement forms are available in MSWord and PDF. Adobe Acrobat 5 is required to read and print PDF files.
Revised or Deleted Forms
ASM-1 Revised 04/06
SER-4 Revised 04/06
SER-5 Revised 04/06
SER-8 Revised 04/06
SER-13 Revised 04/06
SER-14 Revised 04/06
SER-76 Revised 04/06
UND-9 Revised 04/06
Attachments are available in PDF only.
1st Quarter Update Summary-2006