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RFA and Change Notifications

What is an RFA and when do I need to complete one?

Our Request for Action (RFA) process is used for many different servicing requests including assumptions, ownership/management company changes, subordinations, and payoffs. You must complete an RFA for all servicing requests.

Require Closing By Year End?

For RFA requests with transactions that require closing by the end of the year, you must submit them by October 1st, 2023. Requests submitted after October 1st will not be reviewed in time for closing by the end of the year.

Request for Action

Request for Action

How do I complete an RFA?

  1. Complete and submit an RFA request form. Note: If you are requesting payoff, please also submit a completed Payoff Worksheet Attachment.

  2. Upon receipt of your complete RFA request form, we will send you:
    1. A letter acknowledging your request to be signed by the Owner
    2. A list of required due diligence items
    3. An invoice for the applicable nonrefundable RFA processing fee (effective February 1, 2016)
  3. Return the processing fee and due diligence items to Minnesota Housing.

  4. Our RFA staff will review your materials and present them to the appropriate committees for decision. You may be involved in negotiations about credit review and deal structuring during this time. Neither Minnesota Housing or its employees or agents can provide any guarantee that your RFA will be approved or that the approval will not have modifications to your original request. Because deferred funds are scarce resources, Minnesota Housing will review requests related to financial transactions to determine whether deferred debt can be paid or partially paid at closing.

  5. We will notify you in writing of the final decision and provide you with next steps. If your request is approved, it is then transferred to our legal team where a timeline for closing will be determined. Additional documentation is often required.

How long does the RFA process take?

The average timeline for a decision is 30-90 days from our receipt of all required documentation. This timeline may be extended depending on the nature of the request or the completeness of the documentation. If the RFA is approved, the average timeline for closing is 30-45 days after the approval date. Please note: the average closing timeline for more complex transactions, such as assumptions and loan modifications, is 45-90 days.

Other Change Notifications and Casualty Loss Forms

Other Change Notifications and Casualty of Loss Forms

Single Family Payoff, Subordination or Satisfaction Requests Contact Information

Contact or Send Submittals

The contact information below is for multifamily servicing requests only.

400 Wabasha St. N., Suite 400
St. Paul, MN 55102