Lender Guidelines: 9.6 Replacement MCCs

Upon the satisfaction of TSAHC that an MCC has been mutilated, destroyed, lost or stolen, including the surrendering of the mutilated MCC to TSAHC, and upon receipt by TSAHC of such indemnity or security as TSAHC may require, TSAHC shall cancel the original MCC, noting in its records that such MCC was mutilated, destroyed, lost, or stolen, and issue a replacement MCC. TSAHC shall charge the [...]

Lender Guidelines: 9.5 Reissued MCCs

TSAHC shall reissue an MCC for certain refinance transactions if TSAHC receives to its satisfaction evidence that: The reissued MCC is issued to the holder of an existing MCC with respect to the same property to which the existing MCC relates;The reissued MCC entirely replaces the existing MCC (that is, the holder cannot retain the existing MCC with respect to any portion of the outstanding [...]

Lender Guidelines: 9.4 Revocations of MCC

Revocation of an MCC will occur when the residence for which the MCC was issued ceases to be the MCC holder’s principal residence.Revocation will occur upon discovery by TSAHC or a participating Lender of any material misstatement, whether negligent or intentional, made in connection with the issuance of the MCC.Revocation will occur if it is later discovered that the holder did not meet the [...]

Lender Guidelines: 9.3 Penalties for Borrower Misrepresentation

Strict penalties may be imposed on any Borrower making a material misstatement, misrepresentation, or fraudulent act on an application or other document submitted to obtain assistance from TSAHC. Further, any person making a material misstatement or misrepresentation in any affidavit or certification made in connection with the application shall be subject to all applicable fines and penalties. [...]

Lender Guidelines: 9.2 Delinquent Closing Documentation

If the TSAHC closing documents are not delivered to Lakeview within ten (10) days of loan closing, Lakeview may contact the Lender to request the status of the mortgage loan. If the Lender fails to timely provide to Lakeview the required closing documentation, the corresponding locked loan will be subject to cancellation. Such action may result in the Lender being suspended or terminated from the [...]