Are You Getting the Cash Payups for the Loans You Delivered?
July 21, 2017
Several lenders are taking advantage of the cash payup offering for low loan balances (LLBs).
As a reminder, it is the use of the new Selling System® fields for cash specified pools plus the delivery of the correct Investor Feature Identifier (IFI) that determine whether the cash payups will be included in loan funding, making it critical to deliver the IFI.
Cash Specified Pool Type
Loan Level IFI
|Maximum LLB <= $175,000||H64|
|Maximum LLB <= $150,000||H65|
|Maximum LLB <= $125,000||H66|
|Maximum LLB <= $110,000||H67|
|Maximum LLB <= $85,000||H68|
For funded loans allocated to a contract with an acceptance date on or after June 26, 2017, if an IFI identifying the LLB was not delivered, the payup would not have been included in the loan funding.
To receive the payups for these loans, a Post Fund Data Correction must be submitted so the IFI may be added to the loan record. This will trigger the recalculation and you will receive a credit for the payup.
- The credit will be reflected in the monthly billing statement following the submission of the Post Fund Data Correction.
- The payups will be calculated based on the same parameters of the original “Contract Accept Date”.
For More Information
- Cash Payups for Mortgages with Specified Attributes
- Guide Bulletin 2017-10
- How to Request Post-Fund Data Corrections
- Sell and Delivery Mortgages with Low Loan Balances job aid