Lender Guidelines: 9.1 Cancellation and Commitment Expirations

The Lender is responsible for cancelling all mortgage loans if the mortgage loan will not be delivered. Please note, should the Lender cancel a locked loan, the Lender will be prohibited from locking another loan for that borrower for a period of 30 days unless otherwise authorized by TSAHC. #_msocom_1 In a case where the borrower cancels or withdraws his or her application, the locked loan [...]

Lender Guidelines: 8.5 Lender's Obligation to Notify TSAHC of Material Changes

The issuance of a commitment is based (in part) upon the Program Affidavit and the Lender’s certification that the program requirements have been met. Commitments are issued subject to the condition that all program requirements are or will be met prior to the closing of a mortgage loan. Thus, the Lender must immediately notify TSAHC of any change in the circumstances upon which the [...]

Lender Guidelines: 8.4 Change in Loan Amount

Any change to the mortgage loan amount that occurs after the commitment is issued, but before loan closing, must be reported to the Lakeview Commitment Desk at 855-Lakeview Opt. 1 or commitmentdesk@bayviewloans.com and TSAHC via email. TSAHC will revise the commitment with the new mortgage loan amount and notify the Lender when the revision is completed. For access to the full TSAHC DPA & [...]

Lender Guidelines: 8.3 Changes in Property Address

If a borrower has a pending locked loan and changes the property he or she intends to purchase, the Lender must submit a new signed property sales agreement and a notice to TSAHC stating whether or not the mortgage amount has changed. If the change occurs after TSAHC has issued the commitment, the following documents should be revised and resubmitted through the Lender Portal to reflect the new [...]

Lender Guidelines: 8.2 Change in Purchase Price

For a change in purchase price after the commitment and prior to closing which does not exceed the maximum purchase price limit, the Lender will be required to submit a corrected Program Affidavit, re-executed by the borrower, through the Lender Portal for additional review. If the purchase price of the applicable residence increases so as to exceed the maximum purchase price limit, the [...]