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Information for Single-Family
Lending and
Real Estate Professionals
Program
Announcement
June 16, 2014
Elimination of Adverse Market Fee /New Rate Option Available/Online
Homebuyer Education Reminder
The Commission is pleased to announce the elimination of Fannie Mae’s Adverse Market Fee for all new Home Advantage and House Key loan reservations made on or after June 17, 2014.
On June 17, 2014, we will also begin offering a 0% origination rate option with a 2% lender SRP for Home Advantage. The borrower can still select the 1% rate option with a 1% lender SRP. Updates have been made to Section 12, page 12.3 of the manual. No additional origination or discount fees may be charged.
As a reminder, the Commission no longer accepts MGIC or Genworth homebuyer education certificates. If a borrower is unable to attend a Commission sponsored in-person class, an online option is still available but through a new vendor. Any borrower taking online homebuyer education after April 15, 2014 must use the new online course. Borrowers must use the course link provided on our website at www.wshfc.org/buyers/education.htm. The Commission will honor MGIC or Genworth MI certificates dated on or before April 15, 2014. Please review our Program Announcement dated 3/14/2014 for full details at www.wshfc.org/sf/ProgramAnnouncementArchives.html.