FAQ's for Lenders

Once required Purchase Certification documents have been received and the loan status reflects “Purchase Certification”, MHCs Accounting Dept. has 2-business days after the Single-Family (SF) Dept. prepares a wire request.  SF processes wire requests are completed the next business day after the status change to Purchase Certification.  Lenders can print Purchase Certification then a few days after the wire is sent to the lender, the wire confirmation can be printed from the Document Image screen by clicking on “Received” box next to the Wire Confirmation header.

Recording fees, Housing Counseling fee, and 2^nd Mtg. Application fees are the only fees allowable on the 2^nd Mortgage Closing Disclosure.  On the 1^st Mortgage Closing Disclosure, any allowable agency fees are allowed. MHC allows the Lender to charge the Borrower up to a 1.5% Origination fee, but no discount points can be charged to the Borrower or Seller. Other applicable fees should be verified from the Bond or Smart6 Servicer.  Standard Mortgage Fee schedule can be found on MHCs website under MRB7 and Smart6 Lender Resources links.

The lender prepares all closing documents.  MHC’s Note & DOT must be used for the Second Mortgage DPA.  Note:  MRB7 maturity date must be the same date as the closing date maturing at 10 years.  Smart6 maturity date is the same as the Lenders 30-year 1^st mtg. maturity.

• 1^st Mortgage documents are shipped to the Bond or Smart6 Servicer (Trustmark National Bank or Standard Mortgage Corporation).  Verify mailing address with your Servicer.
• 2^nd Mortgage documents are shipped to:

MS Home Corporation
Attn:  Single-Family
735 Riverside Drive
Jackson, MS  39202

Mississippi Home Corporation
735 Riverside Drive
Jackson, MS  39202

MS Home Corp. should be reflected as the Creditor.  MHC will accept the lender crossing through their company name and writing in MHC to prevent being conditioned.

On the Note, the Address must be listed on page#1 and the MHC loan# must be listed on the last page.

The Tax-Exempt Rider must be recorded with the 1^st Mortgage Deed of Trust not the 2^nd Deed of Trust.

The Post Closing Department has 5 business days to turn the closing package conditions around.

Yes

No

No

MHC should not be listed as MHC does not prepare the documents. That information should be received from the Lender’s Post Closing Department.

No, both documents must have wet signatures.

All closing documents for the SMART6 program must be satisfied before the MCC certificate will be issued.

The Note and 2^nd Mortgage Deed of Trust must reflect the address for the MHC loan and not the borrower’s current address if it is different from the home borrower is purchasing.

No. 2^nd Mortgage Deed of Trust and Scrivener’s Affidavit must be recorded and wet signed. However, we will accept an uploaded blue ink copy of both.

The Tax Rider Information or Mortgage Addendum should not be attached to the 2^nd Mortgage Deed of Trust.