Posted To: Pipeline Press

March 4th: the only day that’s also a command. Lenders across the nation will be seeing plenty of “commands” in their in-boxes asking them for money in the form of Early Pay Off notices seeking money. EPO penalties are fees that originating lenders must pay whenever a loan pays off based on the contract that the lender signed with the investor, usually within four to six months of funding. Borrowers are not responsible for these fees; LOs or brokers shouldn’t write to me asking about your company or wholesaler charging you for them: that is between you and them! (And remember prepayment penalty mortgages? One can still find remnants of them in guides like Freddie Mac’s , a reminder of a bygone era, unless Freddie’s IT group sees this and removed it prior…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: Mortgage News Daily