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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
January 26, 2021
Best Practices for Reserving Commission Loans
Dear Lending Partners,
Happy 2021! As we enter the new year, we would like to share best practices and tips regarding the Commission's loan reservation policies.
Please check with your corporate office before reserving for internal overlays.
Prior to reservation of funds, all borrowers on the Note and Deed of Trust must have taken a Commission sponsored homebuyer education seminar and have a fully executed purchase and sale agreement.
Reserve as late in the process as possible to avoid extension fees.
It is highly recommended your loans are approved by your underwriter before reserving.
Check the overlays to the program to make sure your borrower qualifies.
Check carefully which program you select especially due to program changes.
If your ratios or credit score change after approved by the Commission, please immediately notify us as it may change the loan servicer on that file.
As always, don't forget that once you reserve, you cannot switch from Home Advantage to House Key Opportunity.
If you have questions, contact us and let us help you! We are happy to go over scenarios with you to help you select the best program. Please see our program manuals for further information on the reservation process.
Questions: Email Corinna.Obar@wshfc.org