Mississippi Home Corporation Loan Reservation Process

Mississippi Home Corporation

Reserving a Loan All reservations must be made through MHC s Online Reservation Site. Lender login is found on the home page or on any Program Lender Resources links. MHC will accept a new reservation 365 days of the year Once the loan is reserved with MHC, then the lender needs to lock the loan with their bond servicer.

Reserving a Loan Rates are subject to change daily. MHC Daily Rates Daily rates are available for: 45-day locks on existing/new (less than 12 months never occupied 120-day locks on proposed construction Reservations can be extended for 30 days at the cost of $50 The fee will be paid through MHC s website and the receipt and Notification of Change form must be uploaded to the reserved MHC loan

Reserving a Loan Lender reserves only the 1st mortgage loan on MHC s system and then has 10-calendar days to upload the Reservation Pkg. documents to MHC or the loan may be canceled at MHCs discretion. Lender processes 1003, 1st & 2ND Mortgage LE/CD in lenders name. MHC is to be placed as Secondary Mortgagee on the HO Ins. Policy using the following information: Mississippi Home Corporation 735 Riverside Drive Jackson, MS 39202

Reserving and Processing Lender scans and uploads required file doc. s per the program Checklist: Reservation Package Compliance Package* Purchase Certification package, excluding original final documents which are mailed to MHC s Single-Family Department *If there are any loan conditions found during MHCs Compliance Review those must be satisfied prior to MHC approval. An email will be sent to the email address attached to the person who reserved the loan to notify them there are conditions. An additional 3-business day turnaround will apply once conditions are uploaded.

Reserving and Processing MHC will accept E-Signatures on all program documents EXCEPT: Second Mortgage Note and Deed of Trust Please be sure to provide the E-Signature Authorization Form with your document packet

Reserving and Processing After MHC Commitment approval (within 3-business days) an email will be sent to the email address attached to the person who reserved the loan to notify them the loan has been approved. Within 30-calendar days from closing the Lender scans & uploads required Purchase Certification (PC) package doc. s, following delivery guidelines found on the MRB Checklist. Lender will then print the PC after MHC has updated the loan status to Purchase Certification and provide to the MRB Servicer.

Reserving and Processing The program Checklist must be followed when uploading documents for the Reservation, Compliance & Purchase Certification Packages for MHC review. Checklist is found online when reserving the loan. Reservation package documents are due within ten calendar days from date of reservation Due within 45 days on Existing/new or 120 days for proposed construction loans

Reserving and Processing Credit report and Fraud Guard or equivalent report, will be reviewed by MHC & the Lender to determine if the IRS homebuyer compliance guidelines are met regarding no homeownership interest in the prior 3 years. The Fraud Guard must include the Ownership/Occupancy Modules. Note: The new Borrower Certification does allow MHC to ask for 3-years tax returns on ALL household occupants in the event MHC isn t satisfied with what is found on the Credit report &/or Fraud Guard reports.

How can we help? Peyton Mann Deidre Smith Vice President of Single Family Deidre.Smith@mshc.com 601-718-4629 Marketing Education and Outreach Officer Peyton.Mann@mshc.com 601-718-4755 Volanda Johnson Customer Service Representative Volanda.Johnson@mshc.com 601-718-4661

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