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Updated 6.27.11 - When does the monthly verification process start?New 6.27.11 - How do we access the verification paperwork and Homeowner Education Program materials?5.26.11 - When is our monthly verification paperwork due?New 6.27.11 - What do we have to turn in each month, for verification?5.26.11 - Does the verification process consider just that month, or year-to-date income?5.26.11 - What is considered income, and must be reported with the monthly verification?5.26.11 - I understand that in order to remain eligible, our income must be below 120% of state median income? What is that amount for my household size?Updated 6.27.11 - We are self-employed. Do we have to turn in a profit and loss report every month?5.26.11 - I am part-owner of an S-Corporation, and I also receive regular W-2 wages from the same company each month. Do I need to provide a P&L or just my paystubs?5.26.11 - What happens if our household size changes while we are receiving MPA payments? Will that change our eligibility requirements?
Updated 6.27.11 - When will I have to start the Homeowner Education Program (HEP)?Updated 6.27.11 - What do we have to do for the HEP Program?
5.26.11 - When will OHSI make our mortgage payment?New 5.26.11 - I have a "pick-a-payment" mortgage that offers several payment amounts each month. Which payment will OHSI make?
5.26.11 - Will the state send us annual statements, showing the 20% that is forgiven each year after we exit the program
Updated 6.27.11 - When does the monthly verification process start? The verification timeline has changed again. Now, homeowners will start providing verification in the month following when OHSI has actually issued a first payment to your bank. Because of the timing of wire transfers, and delays with certain servicers, this will not always be the month after you sign your loan documents - it might be 2 months later. For homeowners who have already signed their loan docs, it won't necessarily be July. This means that homeowners will be on different timelines for verification (and the Homeowner Education Program). Some will start in July, some August and some September. At the beginning of each month, OHSI will send an email directly to all homeowners who need to start that month. If you do not receive notification, then you DO NOT need to begin verification. New 6.27.11 - How do we access the verification paperwork and Homeowner Education Program materials? OHSI is creating a new website, that will be a link from www.oregonhomeownerhelp.org. You will create a unique login and password, and your account will provide you with the monthly verification forms, videos, worksheets and certificates, all on the timeline that is right for you (depending on when you start the verification process. You will log in with your MPA loan number, located in the bottom corner of your loan documents. You will not be able to login to this website until you have signed your loan documents. The site will be available July 1 for everyone who has already signed. 5.26.11 - When is our monthly verification paperwork due? By the 10th of each month, for the prior month.For example, August verification paperwork is due August 10th, with income information for January through July. New 6.27.11 - What do we have to turn in each month for verification? OHSI has simplified the verification process!! Rather than turning in income documentation every month, you will simply turn in the Verification Form, attesting to your income and the other eligibility criteria. Each month, a random sample of homeowners will be selected for an 'audit' and will be asked to provide documentation of their income. OHSI will contact NEDCO with the audit list, and we will contact you to request the additional materials. We do not know what percentage will be chosen for audit each month. 5.26.11 - Does the verification process consider just that month, or year-to-date income? Year-to-date, back to January, 2011 New 5.26.11 - What is considered income, and must be reported with the monthly verification? YES - MUST BE REPORTED:
NO - NOT REPORTED:
5.26.11 - I understand that in order to remain eligible, our income must be below 120% of state median income? What is that amount for my household size?
Updated 6.27.11 - We are self-employed. Do we have to turn in a profit and loss report every month? You will have to turn in a P&L each time you are selected for an audit by OHSI. You will also need to report an accurate year-to-date net income each month on your verification form, so you will need an updated P&L each month to know that figure. What months should the P&L include? Every month, year to date. So in August, you would provide a P&L for January through July. 5.26.11 - I am part-owner of an S-Corporation, and I also receive regular W-2 wages from the same company each month. Do I need to provide a P&L or just my paystubs? We are waiting on final confirmation of this, but most likely, you will be required to provide both a P&L and your paystubs. 5.26.11 - What happens if our household size changes while we are receiving MPA payments? Will that change our eligibility requirements? Yes. You will report your household size each month with your verification. If your household size changes, the income limit for your family will change according to 120% of state median income for that household size. If your household grows, you will have a higher monthly income limit; if your household size decreases, you would have a lower monthly income limit.
Updated 6.27.11 - When will I have to start the Homeowner Education Program (HEP)? You will start HEP in the same month that you start your monthly verification, which will be the month after a payment is made on your behalf - OHSI will notify you by email when you need to start. New 6.27.11 - What do we have to do for the HEP Program? During the first month of each quarter, you will watch a short series of online videos - the whole series should take about 45 minutes. There will be a series of worksheets/forms to complete during the second and third months of the quarter, related to the videos. You will turn in that packet, with your monthly verification paperwork, in the month after the quarter. For example: if you begin verification in July, you will also watch the first HEP videos in July; complete the worksheets during August and September; and turn in the packet by October 10th, with your October verification paperwork. Then, also in October, you'll watch the next quarterly HEP videos.
5.26.11 - When will OHSI make our mortgage payment? This is a tricky question for the first payment. If you signed your loan in April, or in the first 2-3 weeks of May, your first payment will be made May 25th. OHSI will probably issue the next payment in late June, for all homeowners who signed loans between now and then. However, please note: even though OHSI only issues payments once per month (at the request of the banks), they notify your servicer that your loan documents have been approved the same weekthat you sign and return them; this notification freezes all late fees and collections even though a payment has not yet been made on your behalf. After your initial payment, all future payments should be made before the first of the month. For example, your October payment would be made by OHSI in the last week of September. 5.26.11 - I have a "pick-a-payment" mortgage that offers several payment amounts each month. Which payment will OHSI make? Your servicer reports a payment amount each month to OHSI. With variable option, it will typically be the payment that includes both principal and interest (as opposed to an interest-only payment) or the payment associated with the term in your Note (for example, if you have a choice between a 15-year payment or a 30-year payment, and your Note indicates a 30 year mortgage, it would be the 30-year payment).
5.26.11 - Will the state send us annual statements, showing the 20% that is forgiven each year after we exit the program? This has not yet been decided. We hope so!
Lane County:e-mail: mpalane@nedcocdc.org phone: 541-345.7106 fax: 541.345.9584 (attn: MPA) mail: 212 Main St., Springfield, OR 97477 (attn: MPA) Marion County & Clackamas County:e-mail: mpamarion@nedcocdc.org (Marion County) mpaclackamas@nedcocdc.org (Clackamas County) phone: 503.779.2680 877.320.1479 (Woodburn area) fax: 503.779.2682 (attn: MPA) mail: 2700 Market St NE Suite 110, Salem, OR 97301 (attn: MPA) OHSI (Oregon Homeowner Stabilization Initiative):website: www.oregonhomeownerhelp.org
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