Mar 30, 2023 2023-05
Release of the New Reservation, Compliance and Procedure Manual All Programs Version 1.0
MFA is pleased to reveal the “Reservation, Compliance and Procedure Manual All Programs Version 1.0”. Hereinafter referred to as the “Manual”.
The updated manual combines the previous Compliance Manuals along with the VirPack and PowerLender Procedure Manuals, ultimately fulfilling the vision of creating a single resource for our participating lenders.
What you need to know and can expect:
- Due to the detailed information within the manual and for security reasons we must restrict public access. Going forward the manual will only be accessible within the PowerLender Portal. Individual log in credentials needed.
- Includes, FirstHome, FirstDown, HomeForward and HomeForward DPA Program guidelines.
- The manual is a living document. This means that MFA will routinely update the manual. It’s important that lenders always double check that they are referring to the latest version. Accessing the manual every time within the portal assures lenders are referencing the latest guidelines.
- The interactive, hypertexted Adobe PDF, expedites navigating to related sections or programs.
- We will inform lenders through a PowerLender Portal Message when major updates occur. Minor changes or points of clarification may occur without notice. However, the version will reflect that a minor change occurred. For example, if a minor correction or sentence is revised for clarification. The version would change from Version 1.0 to Version 1.1, etc.
- A summary of changes will be included with each version update. Lenders can find the Summary following the table of contents. Below is a sample of what you can expect to see.
Additionally, MFA solely determines program eligibility, whether published or unpublished in this manual and is subject to change without prior notice.
Stay tuned, an enhanced “MFA Income Calculation Guide” is coming soon!
Remember it is the Lender’s responsibility to ensure all applicable Program Policies, guidelines, rules, regulations, processes, and procedures are followed.
Should you have questions please contact a member of the homeownership department at 505.843.6880.