Recently, the Multi-Board Contract was updated to version 6.1. There are a few changes that you need to be aware of, not only for yourself, but to inform your clients as well.
Section 8 Financing Section
Additional time has been added to accommodate the new CFPB regulations.
“Intent to Proceed”
In the 6.1 Contract, there is a new mortgage deadline. The Section 8(a) “underwriting deadline” is being replaced with the “intent to proceed” deadline.
The “intent to proceed” deadline refers to a borrower’s loan application with the lender. This new mortgage deadline requires that the borrower take the next step of notifying the lender to proceed, and has paid all lender and appraisal fees. Specifically, all the lender needs is the name, income, social security number, address of the property, an estimate of the home’s value, and the amount they want to borrow.