NOFA - MFA - Housing New Mexico

Master Servicer will purchase loans on a daily basis.
The Mortgage Loan Purchase Date (the final date on which a
Mortgage Loan may be purchased by the Master Servicer in
satisfaction of the Mortgage Lender's obligations under a HERO
Mortgage Purchase Agreement) will be no later than:
1. 60 calendar days after the loan reservation, or;
2. 75 calendar days after the loan reservation, if the loan
has been approved for a 15 day loan reservation
extension. The extension fee is 0.1875% of the loan
amount. A loan reservation must be approved by MFA
and must be documented in the file.
3. 90 calendar days after the loan reservation, if the loan
has been approved for a 15 day loan reservation
extension. The extension fee is 0.375% of the loan
amount. A loan reservation must be approved by MFA
and must be documented in the file.
b. HERO Delivery Package
Mortgage Lenders must deliver the HERO Delivery
Packages, as described in the Reservation and
Compliance Procedures, to the Master Servicer by the
dates shown on the HERO Program Mortgage Purchase
Agreement or Extension Notice.
c. Final Documents
So that the Master Servicer may certify all MBS pools,
Mortgage Lenders must clear all outstanding
conditions/exceptions related to final document delivery
within 90 days of purchase of the Mortgage Loan.
11. SERVICING
Mortgage Lenders will sell HERO TBA Program Loans to the
Master Servicer and will release the servicing to the Master
Servicer.
a. Servicing Documents
The Mortgage Loans will be collateral for a GNMA MBS.
Servicing will be performed according to the applicable
guidelines of GNMA.
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