Mortgage Revenue Bond Notice
February 20, 2024
This notice serves to inform you that changes will be made to the Mortgage Revenue Bond (MRB) Program and the products that provide the Second Mortgage funds in accordance with the origination agreement section 6 (b) which states that:
- Lender shall provide at the Loan closing, the Corporation’s Borrower Affidavit (Exhibit K), the Mortgage Addendum – FHA Insured Loans (Exhibit j-1) or the Mortgage Addendum – Fannie Mae/Freddie Mac (Exhibit J-3), whichever is applicable, which shall be recorded with the First Mortgage Loan Deed of trust, the Corporation’s Second Mortgage Note (Exhibit Q) and the Corporation’s Second Mortgage Deed of Trust (Exhibit R) and the Second Mortgage Closing Disclosure in the Lenders Name and Loan Number and the Second Mortgage funds, in the amount of ($7,000.00) dollars, subject to change upon notice from the Corporation, to cover the Borrowers eligible closing costs, down payment and mortgage insurance. The Corporation will reimburse the Lender upon receipt of the complete and accurate Purchase Certification Document Package.
The changes will come in the form of two new products under the MRB Program that MHC will launch in the coming weeks. MHC has developed these new products to fit the current and emerging housing market in our state. Please be on the lookout for the announcement of these products as they will replace the current MRB7 product. The current MRB7 product will be terminated 30 days after the launch of the new products—with the exception of DPA14 which is available in Coahoma, Tunica, and Washington counties. (Please see our website for further information regarding DPA14.)
Because you are a participating MRB Lender, you can utilize these new products as soon as they are announced. If you no longer wish to participate in our bond programs, please contact marketing.news@mshc.com at your earliest convenience.
Training opportunities for the new products will be forthcoming on the website.
As always, we appreciate your valued partnership to help Mississippians become homeowners.