May 2020
Single Family Programs Newsletter
THANK YOU THDA PARTNERS
Rhonda Ronnow, Director of Single Family Loan Operations

As our industry continues to work in uncharted territory, THDA appreciates the partnership and patience of our Lenders, Realtors and HBEI providers as we continue to monitor the pandemic crisis and the effect it has on homeownership in Tennessee. It can be difficult to maneuver through different guidelines of investors or Housing Finance Agencies. Our Loan Operations team, along with the Customer Account Managers are available to answer any questions that may arise during loan origination and closing. Our servicing team at VMLS is available to assist borrowers after the loan closing. The VMLS office in Nashville remains closed to the public, however our call center hours for the month of May are Monday-Thursday 9:00am-5:30pm CST. There could be longer hold times due to safely staffing the call center, and borrowers can take advantage of electronic communication by emailing custserv@volservicing.com .

THDA will continue to keep you updated regarding COVID19 issues and questions and will post important communications on the website, Lenders page, here .
NEW PRODUCT - GC97
Some exciting news for THDA, conventional insured loans are coming back. THDA has launched a pilot Freddie Mac HFA Advantage Program, GC97. The initial training took place back in March at the Tennessee Housing Conference. The program pilot has been very successful and we look forward to rolling it out to all of our approved lenders. You can find details about the GC97 program on our website here and a lender roll-out list here. Some h ighlights of the program:

  • Mortgage Backed Security execution, 97% LTV/105% CLTV
  • First time homeowner not required
  • 80% AMI Qualifying income only, no household income requirement
  • Freddie Mac guidelines for student loans instead of HUD
  • Charter MI coverage starting at 18% coverage verses standard 35%
  • No affidavits
  • Down Payment Assistance up to $7500

Look for future training schedules published in the weekly blast provided by the Customer Account Managers. Thank you to KMBA for hosting THDA and Freddie Mac in your May meeting. Any questions about the new program may be directed to your local Customer Account Manager.

West Tennessee :       Ella Harris /  eharris@thda.org  / 901-713-1878
Middle Tennessee :   Toumie Parrot / tparrot@thda.org  / 615-708-5940
East Tennessee:        Rebekah Bicknell /  rbicknell@thda.org  / 865-296-1983

Customer Having Internet Issues?

For customers with issues accessing the internet, some businesses and organizations are providing free wi-fi and hot spots. For a link to spots in Middle Tennessee, click here. Check your local libraries and community centers to find help for your customers in other parts of Tennessee.
ATTENTION LOAN ORIGINATION STAFF

MONTHLY LENDER Q & A

WITH CAROLINE & SARAH

An informal conversation with THDA Single Family Managers where questions are answered and dialogue is encouraged!

Mark your Calendars!!
THDA’s next Monthly Lender Q&A with our Underwriting and Closing Managers is set for Tuesday, May 19, 2020 from 1:00 to 1:30 p.m. Central Time . This will be a Webex, with the log in information listed below. 

JOIN WEBEX MEETING


Meeting number (access code): 285 682 819  
Meeting password: no password

JOIN BY PHONE 1-650-479-3208

Please send questions you would like addressed on the call to SFAsk@thda.org .
 
REALTOR CORNER
UPCOMING REALTOR® TRAININGS

Learn everything you need to know to write a THDA contract. Sign-up through your area Association for one of the following scheduled four-hour CE classes on the Great Choice Home Loan program.

THDA Great Choice Mortgage Program
Course # 7571 – 4HR. TREC CE Credit*

May 21 12 - 4pm at Clarksville Association of REALTORS®
June 15 12 - 4pm at Memphis Area Association of REALTORS®
June 23 9am - 1pm at Middle Tennessee Association of REALTORS®
June 25 12 - 4pm at Upper Cumberland Association of REALTORS®
July 1 9am - 1pm at Greater Nashville REALTORS®
Aug 13 12pm - 4pm at Bristol TN/VA REALTORS®
August 19 9am - 1pm at Central West Tennessee Association of REALTORS®
August 21 12 - 4pm at Clarksville Association of REALTORS®
Sep 1 at Knoxville Area Association REALTORS®
Sept 18 9am - 1pm at Memphis Area Association of REALTORS®
Oct 9 at Great Smoky Mountains Association of REALTORS®
Nov 9 12:30pm - 4:30pm at Memphis Area Association of REALTORS®
Nov 10 9am - 1pm at Lakeway Area Association of REALTORS® *Date changed*
Dec 16 9am - 1pm at Greater Nashville Association of REALTORS®

REGISTRATION: Through Association’s regular CE class registration process.
*Please check with Association regarding any possible schedule changes.*


NEW!
THDA 101 Basics: 1HR.CE Credit

THDA is now training Realtors remotely through WebEx ! The THDA 101 Basics Class covers the Great Choice Mortgage program and the down payment assistance it provides. The class covers who THDA is, who the program can help, and how the program works. After completing the class, participants should have a basic idea of how to utilize the assistance to make their deals work and help their clients. After completing the course participants will also receive one hour of continuing education credits .

For more information on how to set up this training for a group of Realtors please contact Debbie Reeves or Josh McKinney. Let’s help support each other during these difficult times!

Questions may be addressed to:
Debbie Reeves at dreeves@thda.org
Josh McKinney at jmckinney@thda.org

TOP 10 STATEWIDE
M-T-D Rankings - April 2020
Our total application production for April is $52,374,178.

Y-T-D Rankings through April 30, 2020
Our total application production through April 30, 2020 is $204,675,965.
TOP BY REGION
EAST TN REGION
Y-T-D Rankings through April 30, 2020
MIDDLE TN REGION
Y-T-D Rankings through April 30, 2020
WEST TN REGION
Y-T-D Rankings through April 30, 2020
For mortgage related questions, please call the Single Family help desk
at 615-815-2100 or email sfASK@thda.org.