ALL FIELDS REQUIRED
*** Must be submitted BEFORE the 60th day.
Loan Processing, Delivery and Purchase Timetable:
Once a loan is reserved in the eHousingPlus system and is provided the Servicer’sLoan number, the loan must be;
- closed and delivered to the Servicer within 45 days of loan reservation and
- purchased within 60 days of loan reservation.
Any loan not purchased within 60 days is ineligible for purchase unless the lender chooses a one-time 15 or 30 day extension.
The cost of the extension is 0.25% of the actual principal amount of the Mortgage Note for a fifteen-day extension and 0.50% of the actual principal amount of the Mortgage Note for a thirty-day extension. The extension fee is due whether or not loans are ultimately delivered and/or purchased. The extension fee will be netted by the Servicer when loans are purchased. Any outstanding fees owed by the Lender may result in that Lender becoming ineligible to participate in the Program.
Again, the extension is offered once per loan and no further extensions will be allowed.
Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability
of the originating lender, including any down payment assistance provided at closing.