Repurchase of guaranteed portion from a secondary market holder.

CFR · 2024-01-01 · US · Title 7

(a) (1) The borrower has not made a payment of principal and interest due on the loan for at least 60 days; or (2) The lender has failed to remit to the holder its pro-rata share of any payment made by the borrower within 30 days of receipt of a payment. (b) (2) The repurchase by the lender will be for an amount equal to the portion of the loan held by the holder plus accrued interest. (3) The guarantee will not cover separate servicing fees that the lender accrues after the repurchase. (c) (2) With its demand on the Agency, the holder must include: (i) A copy of the written demand made upon the lender. (ii) Originals of the guarantee and note properly endorsed to the Agency, or the original of the assignment of guarantee. (iii) A copy of any written response to the demand of the holder by the lender. (iv) An account to which the Agency can forward the purchase amount via electronic funds transfer. (3) The amount due the holder from the Agency includes unpaid principal, unpaid interest to the date of demand, and interest which has accrued from the date of demand to the proposed payment date. (i) Upon request by the Agency, the lender must furnish upon Agency request a current statement, certified by a bank officer, of the unpaid principal and interest owed by the borrower and the amount due the holder. (ii) Any discrepancy between the amount claimed by the holder and the information submitted by the lender must be resolved by the lender and the holder before payment will be a

official document · source cfr-2024 · id 7:§ 762.144