NOFA - MFA - Housing New Mexico

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. Servicing Rights Fee The Master Servicer’s will pay MFA a Servicing Rights Fee as consideration for MFA directing Mortgage Lenders to sell Mortgage Loans, Servicing Released, to the Master Servicer in accordance with the terms of the Master Mortgage Pooling and Servicing Agreement between MFA and the Master Servicer. c. Servicing Release Fee The Master Servicer’s will pay Mortgage Lenders a Servicing Release Fee, determined by MFA, for relinquishing servicing rights of the mortgage loan to the Master Servicer at the time of loan purchase by the Master Servicer. The compensation paid will be based on the outstanding principal balance of the mortgage loans as follows: Idaho Housing and Finance Association will pay a Servicing Release Fee of one and fifty hundredths percent (1.50%) of the outstanding principal balance, or a minimum of $750 of eligible HERO Program loans. The Servicing Release Fee compensation may be changed by MFA from time to time by amendment to this Notice of Funds Availability. d. Servicing Transfer The Mortgage Loan will be purchased and serviced by the Master Servicer. This means that the Mortgage Note will be endorsed, and the Mortgage assigned to the Master Servicer. At the time of Mortgage Loan purchase by the Master Servicer, the Mortgage Lender will transfer all servicing rights to: Idaho Housing and Finance Association, Its successors and or assigns P.O. Box 7899 Boise, Idaho 83707-18909 Attn: Susan Semba Vice President, Homeownership Lending The Mortgage Lender is responsible for (i) transferring all escrow balances held to the Master Servicer (ii) for notifying the borrower of the transfer with a "goodbye" letter which meets the 4 - 12
equirements of RESPA and all other applicable regulations, and (iii) for transferring to the Master Servicer any applicable insurance policies and guarantees. (See Section 15) 12. MORTGAGE NOTE RATE The Mortgage Note Rate for the HERO TBA program loans will vary based on market conditions. 13. DISCOUNT FEE There is no Discount Fee charged to the borrower under the HERO TBA program. 14. ORIGINATION FEE There is no Origination fee charged to the borrower under the HERO TBA program. Mortgage Lenders will receive an origination fee from the Master Servicer, on behalf of MFA, of one percent (1%) of the Mortgage Loan Amount set forth in the HERO Program Mortgage Purchase Agreement. 15. PURCHASE PRICE, OTHER FEES & WIRE AMOUNT The Master Servicer will purchase the loan from the Mortgage Lender via funds wire to the applicable Mortgage Lender's account. The purchase price of HERO TBA program loans will be the sum of one hundred one percent (101.00%), less any extension fees as of the date of purchase, (ii) the servicing release fee (as described in Section 11c. above), (iii) accrued interest to the date of purchase minus (iv) any fees. The amount of the wire will be the purchase price less any amounts held in escrow (including additional amounts necessary to make up for any escrow shortage). The MFA will fund the 3.00% premium to the title company at the time of closing. The lender will send the required documentation to MFA 48 hours before the scheduled loan closing. 16. INCOME LIMITS The borrower's Current Annual Household Income must not exceed the Household Income Limits set forth in Exhibit A. 4 - 13
Page 1 and 2: NOTICE OF FUNDS AVAILABILITY (“NO
Page 3 and 4: 4. UNDERWRITING a. Mortgage Lenders
Page 5: Master Servicer will purchase loans
Page 9 and 10: 23. RESERVATION REQUEST All Reserva
Page 11: 2. ACQUISITION COST LIMITS The Acqu

NOFA - MFA - Housing New Mexico

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