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Home » Calyx Point » Forms / Regulations » USDA Rural Development New UFFF and monthly...


USDA Rural Development New UFFF and monthly...Expand / Collapse
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dave1119
Posted 8/30/2011 12:41:11 PM


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Rural Development loans will change the upfront funding fee to 2% (which is 2.04082 in Point) and collect a monthly fee of .30% for the life of the loan.

The problem is Point calculates the .30% monthly fee on the base loan amount and USDA calculates it on loan amount including the upfront funding fee.

Any thoughts?

Post #13331
dave1119
Posted 8/30/2011 2:05:27 PM


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If you use .3061 for monthly mi this gets it pretty close to what USDA has on their calculator
Post #13332
Tamara West
Posted 9/26/2011 4:27:33 PM


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What about the way the monthly is calculated?  Is Point going to be able to do this correctly? 

The new annual fee of 0.30% of the loan amount for the first year of the loan and 0.30% of the scheduled amortized unpaid principal balance of the loan for subsequent years will be implemented. 

Tamara West
Corinthian Mortgage Corporation
SOUTHBank, FSB

Post #13404
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