Memorandum
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TO: |
All Eligible and Participating Lenders | |
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FROM: |
Erik Nore Director of Homeownership |
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DATE: |
May 2 , 2008 | |
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RE: |
Memo No. 08-04 | |
- Change in Service Release Premium (SRP) for 2008 Series B
- 2008 Series B Bond Issue
- 2008 Series B HERO First/HERO DPA program
Change in Service Release Primium for 2008 Series B Bond Issue
Master Servicers:
1. Mortgage$aver, Mortgage$aver Xtra, Mortgage$aver Zero and Mortgage$aver Plus:
- Countrywide, FSB and CitiMortgage Inc.
- You may select the Master Servicer of your choice.
- Servicing Release Premiums:
Higher of 1.66% or $750 - All eligible loan types Higher of 1.66% or $750 - All eligible loan types Master Servicer Administration and Tax Service Fees: $80 tax service fee
2. HERO First/HERO DPA:
- Countrywide, FSB and CitiMortgage Inc.
- You may select the Master Servicer of your choice.
- Servicing Release Premiums:
Higher of 1.66% or $750 - All eligible loan types Higher of 1.66% or $750 - All eligible loan types Master Servicer Administration and Tax Service Fees: $80 tax service fee
2008 Series B Bond Issue
MFA has priced the 2008 Series A Bond Issue at the interest rates and dollar amounts as specified below. Of the $38,000,000 bond issue , $34,948,721 will be available for the Mortgage$aver, Mortgage$aver Xtra, Mortgage$aver Zero and Mortgage$aver Plus programs and $2,355,987 will be available for HERO First program. Funds for the Mortgage$aver , Mortgage$aver Xtra, Mortgage$aver Zero and Mortgage$aver Plus programs will be allocated among the Albuquerque MSA (Bernalillo , Valencia , Torrance and Sandoval counties) and all other areas of the state as indicated in the following table:
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Mortgage$aver |
Mortgage$aver Zero |
Mortgage$aver Plus |
Mortgage$aver Xtra |
HERO First |
| Albuquerque MSA (Bernalillo, Sandoval, Torrance & Valencia Counties) |
$9,375,000 | $5,211,541 | $10,500,000 | ||
| Non-Albuquerque (All other Counties) |
$3,125,000 | $1,737,180 | $3,500,000 | ||
| Statewide | $1,500,000 | $2,355,987 |
Details for 2008 Series B Bond Issue
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Program |
Interest Rate |
Discount Point |
Origination Fee |
| Mortgage$aver Xtra | 5.20% |
1% |
1% |
| Mortgage$aver | 5.59% |
1% |
1% |
| Mortgage$aver Zero | 6.10% |
0% |
0% |
| Mortgage$aver Plus | 6.52% |
0% |
0% |
| HERO First | 6.25% |
1% |
1% |
| HERO DPA | 6.25% |
$100 fee may be charged |
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| Mortgage Booster | 6.09% |
$100 fee may be charged |
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We will be accepting reservations via MFA's on-line reservation system at 12:00 pm Monday, May 5, 2008 . All reservations are on a first-come, first-served basis. No verbal or phone status will be provided. You may access the on-line reservation system via MFA's web site: www.housingnm.org.
The Notice of Funding Availability (NOFA) are the program documents that notify the participating lenders the terms and conditions for funding MFA mortgage loans. Please refer to the NOFA’s for all program information. The NOFA’s for the following MFA loan programs can be found in the following links:
Thank you for participating in MFA’s program. Should you have any questions, please contact an MFA Homeownership Representative at 1-800-444-6880 or 505-843-6880.