Based on new U.S. Department of Housing and Urban Development (HUD)-mandated regulations, the Housing Finance Authority (HFA) must provide Down Payment Assistance (DPA) funds directly to the Closing Agent. The Lender may no longer advance these funds. The requirements apply to all loans.
Click here to download the DPA Funding Request Form (DOC)
In order to expedite the delivery of the funds:
- Lender will reserve the first mortgage and any DPA assistance processed on the day it is submitted in the system.
- Lender will process the loan(s) and update the information in the system as the loan moves through the pipeline.
- Once the loan has been approved internally, the Lender’s Underwriter will execute the Underwriter’s Certification online.
- After the Underwriter Certification has been completed, and with a scheduled closing date, the Lender’s authorized representative must complete and execute the DPA Funding Request Form available in the system, under "FORMS."
- The DPA Funding Request Form must be printed, signed, and scanned as a PDF, JPG, TIFF or PNG.
- Three business days prior to funding, the Lender must email a completed, executed DPA Funds Request Form (PDF or scanned copy), to eHousingPlus at email@example.com
- Request Form Review:
a. Forms received by 2 p.m. will be verified that day and the requests forwarded to the HFA.
b. Forms received after 2 pm, will be processed by 12 noon the following day.
c. Special attention will be given to forms received on Fridays to ensure that they are sent before start of business the following Monday.
d. Any emails received over the weekend will be processed on Monday; emailed received on Holidays will be processed the next business day.
- The DPA Funds Request Form will be reviewed by eHousingPlus (eHP) for accuracy. Lenders will be contacted by eHP if the Funds Request Form cannot be verified. Verified forms are sent to (US Bank, NA) and to the Authority and/or Authority representatives by eHP. US Bank will then wire the funds to the closing agent. Funds are wired directly to the Closing Agent/Title Company and NOT the Lender or Borrower.
- Please make sure that instructions are provided to an internal Processor/Closer and to the Title Company/Closing Agent.
- If the Loan does not close on the Loan Closing Date indicated on the DPA Request Form the Lender agrees return the funds to (US Bank, NA) for the credit of the Authority’s account not later than the close of business on the business day following the Loan Closing Date.
Wiring instructions for the return of funds are as follows:
It is important that lenders receive a copy of the wire or proof of the wire delivered to the Closing Agent. Lenders retain proof, place a copy of the proof in their FHA Case Binder and must submit a copy of the proof to US Bank as an attachment to the Down Payment Assistance Funding Verification Form - USB001 – and placed in the Mortgage File as per the US Bank delivery checklist. US Bank is posting the Verification form on All Regs within the Exhibits folder.
eHousingPlus’ (eHP) goal is to facilitate this process and to provide Lenders the assistance needed to ensure the DPA Funds are available at each closing. Please make sure that eHP addresses are added to your white lists/contacts as both systems generated and other emails related to the DPA Funds Request will be sent. Should you have any questions, please contact eHP staff firstname.lastname@example.org