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Information for Single-Family
Lending and
Real Estate Professionals
Program Announcement
February 21, 2017
Current MCC Allocation has $10 Million Left
Dear MCC Program Contact:
Thank you for participating in the Mortgage Credit Certificate (MCC) program.
The current MCC Allocation has $10 million remaining and is expected to be fully reserved by the end of February or early March. Please log into MITAS to see how much is available.
The Commission will continue to strictly enforce the reservation policies from its manual. No reservation can be made or transaction placed on the “wait list”, until the borrower(s) completes a Commission sponsored homebuyer education seminar and has a fully executed purchase and sale agreement. If a loan is reserved and found in violation of Commission policy, staff will automatically cancel the reservation regardless of circumstances. If the Commission still has MCC credit available the lender can make a new reservation. If the Commission is out of MCC allocation, the borrower(s) will be placed on the “wait list” and might not receive an MCC.
Once fully reserved, the Commission will no longer accept reservations under this allocation. We will take a “wait list” for funds that may come available due to cancellations. The loan originator will need to log into MITAS, enter a new reservation and your request will be placed in “wait list” status.
As announced on December 13, 2016, we do not expect to have additional MCC credit for the remainder of 2017 and will let you know if this situation changes.
Please pass this announcement on to the staff at your lending institution involved in this program.
Please contact me at Corinna.obar@wshfc.org if you have any additional questions.