Effective for Mortgage Loans Committed as of August 22, 2023, the Small Mortgage Loan amount was increased from $6 million to $9 million.
Updated the following:
- Part III, Chapter 9: Small Mortgage Loans to increase the Small Mortgage Loan amount from $6 million to $9 million;
- Part IV, Chapter 2: Rate Lock and Committing to align the Minimum Good Faith Deposit and Rate Lock amounts to the increase; and
- Part V, Chapter 5: Surveillance to specify when Property inspections and quarterly operating statements are due.
Please contact Karla Borbon at [email protected] with any questions.