Below you will find information regarding some of Colonial’s basic eligibility requirements. The requirements outlined in the Colonial Servicing Manual would take precedence over the requirements in the MPF Guide.
- You are responsible for meeting all regulatory requirements.
- Ensure you are using the scheduled/scheduled pricing schedule when locking your loans.
- Colonial fees netted from the Servicing Released Premium (SRP):
- Tax Service Fee: $89.00
- Processing Fee: $100.00
- The SRP will be reduced by .25 if the loan does not escrow for both tax and insurance.
- Escrow Account cannot be waived if:
- Loan amount is less than $50,000 or,
- LTV is greater than 80% or,
- Any borrower’s credit score is less than 620
- Colonial requires a two-month cushion for all escrowed items.
Early Payoff (EPO)
- Loan pays off/liquidates within 90 days of sale date
Early Payment Default (EPD)
- If the default occurs within 6 months of the sale date and results in foreclosure
For Government Loans: See the Colonial Concurrent Servicing Sale Manual for additional eligibility requirements.
Colonial Contact Information:
Colonial Savings, F.A.
2626B West Freeway
Fort Worth, TX 76113
Customer Service: (800) 937-6002