Servicing Requests

Request for Action (RFA)

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.

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 business 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.

Helpful Links and Documents

Contact or Send Submittals

The contact information below is for multifamily servicing requests only.

400 Wabasha Street North, Suite 400
Saint Paul, MN  55102