F-1-09: Processing Real Estate Loan Re Re Payments and Payoffs (10/19/2016)

FHA loans which can be being refinanced as “new”

as much as, although not including, your day the payoff funds had been gotten.

All the other FHA home loans (whatever the date these were endorsed for MI)

HUD-guaranteed Section 184 loans

as much as the date of payoff, for payoff funds received for an installment due date; or

through the finish for the thirty days, for payoff funds received after an installment deadline.

Note: if the installment deadline falls for a non-business day, the receipt of this payoff funds will probably be considered received regarding the installment deadline supplied these are generally gotten in the business day that is next.

Gathering a Prepayment Premium

According to C-1.2-03, Processing Payments in Full, the servicer cannot impose or gather a prepayment premium on many home mortgages. But, the servicer may collect a prepayment premium if every one of the conditions established into the following table are pleased plus the home loan just isn’t a Texas area 50(a)(6) loan.

Have negotiated contract that particularly offers up the enforcement of the prepayment premium.

Meet with the directions lay out when you look at the Selling Guide, B8–3–02, Special Note Provisions and Language demands.

Advise Fannie Mae for the collection of the premium with regards to next reports a Transaction Type 96 (LAR), no matter whether Fannie Mae allows the servicer to hold the prepayment premium or requires it to remit the premium to Fannie Mae.

Applying Funds Remaining After Payoff in mortgage loan Buydown Arrange Account

When determining the quantity to be gathered for payoff for the home mortgage, any funds must be considered by the servicer staying in a pursuit buydown plan account. The table that is following additional guidance relative to Using Funds staying in mortgage loan Buydown Arrange Account in C-1.2-03, Processing Payments in Comprehensive.

Reduce steadily the payoff quantity by the quantity of any staying buydown funds.

Maybe perhaps Not subtract the buydown funds from the home loan stability because an interest that is incorrect would result.

Satisfying the home mortgage and Releasing the Lien

After confirming the quantity necessary to spend payday loans in Hawaii the real estate loan in complete was gotten, the servicer must perform most of the tasks specified within the table that is following conformity with C-1.2-04, Satisfying the home mortgage and Releasing the Lien.

Note: The servicer should never pass to the borrower or even Fannie Mae any penalty charge it’s to pay for as it did not process the satisfaction and release papers inside the needed time period.

Eliminate Fannie Mae’s interest (or compared to the mortgagee of record) from all property that is applicable policies.

Alert the taxing authorities that future income tax bills should always be provided for the debtor (or even to the servicer for the lien that is first loan if perhaps an additional lien home mortgage is paid down).

Prepare and perform the release that is appropriate satisfaction papers identified because of the Fannie Mae loan quantity and, if relevant, the MERS MIN.

Forward the satisfaction or launch papers, and a ask for the project associated with custody papers, into the address that is following

Appropriate Document Execution

13150 Worldgate Drive

Herndon, VA 22070

Note: Fannie Mae will get back the performed papers quickly towards the servicer.

Inform the home loan insurer or guarantor for the payoff.

In the event that real estate loan is definitely an eMortgage, upgrade the MERS eRegistry with information for the payoff, charge-off, or presumption.

Advise MERS to deactivate the MERS registration for the real estate loan, if applicable.

In the event that eMortgage is secured by home in a situation that will require the return of the paper Note upon loan payoff, give you the debtor of a eMortgage a paper copy for the eNote marked “Copy” and “Paid-In-Full” you need to include:

A letter to the borrower explaining that a paper is being received by the borrower content associated with eNote that was initially registered into the MERS eRegistry, and that the servicer has triggered the eNote to be deactivated regarding the MERS eRegistry as a result of re re payment in full, and

other papers and information needed by relevant legislation.

Remit Fannie Mae’s share regarding the payoff proceeds in conformity utilizing the remittance routine founded for the remittance kind under that your home loan is reported.

Code the payoff as Action Code 60 with regards to next reports a Transaction Type 96 (LAR) to Fannie Mae through Fannie Mae’s investor system that is reporting.

Poli understands. Simply ask.

Ask Poli features exclusive Q&As and more—plus official Selling & Servicing Guide content.

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