Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 21.00 - Seller's Guide
DELIVERY OF MORTGAGE LOANS AND PURCHASE OF LOAN PARTICIPATIONS
Section 21.63 - Purchase Date and Purchase Amount

Universal Citation: 761 CMR 21.00 MA Code of Regs 21.63

Current through Register 1531, September 27, 2024

The Purchase Date is the last business day of each month for all Loan Participations delivered to MHMFA prior to the 20th day of that month.

Seller shall calculate the purchase price of each Loan Participation on the Loan Participation Certificate.

MHMFA will pay to Seller for each Loan Participation purchased as of the Purchase Date:

(a) 90% of the unpaid principal balance of the Mortgage Loan; and

(b) interest calculated at the MHMFA Required Rate accrued on the Mortgage Loan. Accrued interest shall be calculated at the MHMFA Required Rate from the last payment date to the anticipated Purchase Date. Servicer shall remit to MHMFA on the next scheduled remittance date all interest at the MHMFA Required Rate due on the Mortgage Loan including interest equal to the accrued interest paid by MHMFA. All interest calculations shall be based on a 360-day calendar year.

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