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 21.64 - Compensation to Seller

Universal Citation: 761 CMR 21.00 MA Code of Regs 21.64

Current through Register 1531, September 27, 2024

Seller may retain the following as compensation for the origination, sale and servicing of Loan Participations:

(a) an origination fee collectible from the Borrower on the Closing Date in an amount not to exceed 1% of the Mortgage Loan in the case of Mortgage Loans used to finance the purchase of a residential structure and 1-1/2% in the case of a Mortgage Loan used, in whole or in part, to finance the rehabilitation of a residential structure.

(b) if Seller is also Servicer, an annual Servicing Fee equal to three eights of one percent of the outstanding principal balance of the Mortgage Loan collectible from monthly interest payments.

(c) the Adjusted Rate which shall be no more than ten percent of the Conventional Interest Rate established by MHMFA at the time of Bond sale.

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