NOFA - MFA - Housing New Mexico

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.
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