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Dear Participating Lenders,
Please be advised that effective Monday, April 17, 2023, all loans that have not been underwriter certified by day 60 from reservation date will automatically cancel. If the loan is underwriter certified by day 60, it will not auto-cancel. The loan will instead, extend automatically and there would be no further action required on your part.
Loans should be delivered and purchased by 60 days from reservation. However, many lenders are not complying with certifying their loans but still delivering them for purchase. Certification of the loan will auto generate the applicable program and second mortgage documents. All lenders should be pulling program closing and second mortgage documents from the eHousing reservation system to ensure they are providing the borrower the correct program and second mortgage documents.
Also, as a reminder, Lakeview will only review closed loan exceptions. Pre-close exceptions are not permitted. The Lakeview Seller Guide and Florida Product Matrices are available at https://www.lakeviewcorrespondent.com/hfa-matrices-and-resources/. Lenders are required to comply with the more restrictive of the first mortgage loan program, Lakeview’s guidelines, or the applicable Florida Housing guidelines. Please ensure that loans reserved for the Florida Housing program meet all eligibility criteria before reserving under the program.
For reference, we are including the program timeline and late fee schedule below.
LOAN PURCHASE TIMELINE
Reservation to Underwriter Certification and to Loan Purchase = 60 days
LATE FEE SCHEDULE
7 DAY EXTENSION .06250 PTS
15 DAY EXTENSION .12500 PTS
22 DAY EXTENSION .18750 PTS
30 DAY EXTENSION .25000 PTS
Thank you all for your support of our Homebuyer Loan Program.
Sandy Smith | Homebuyer Loan Programs Manager
227 N. Bronough Street, Suite 5000, Tallahassee, FL 32301 | p. 850.488.4197
Sandy.Smith@floridahousing.org | Visit our website at www.floridahousing.org
Chip White | Homebuyer Loan Programs Director
227 N. Bronough Street, Suite 5000, Tallahassee, FL 32301 | p. 850.488.4197
charles.white@floridahousing.org | Visit our website at www.floridahousing.org.
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