CMC Funding Eligibility Requirements
Below you will find information regarding some of CMC Funding’s basic eligibility requirements. The requirements outlined in the CMC Funding Whole Loan Servicing Transfer Manual (Traditional) would take precedence over the requirements in the MPF Guide.
- You are responsible for meeting all regulatory requirements.
- Ensure you are using the actual/actual pricing schedule when locking your loans.
- The SRP will be paid to you by CMC Funding; CMC will net the required escrow balance and fees from the SRP. If netting results in a negative SRP, you will be required to wire the required funds within 2 business days:
- Tax Service Fee: $85.00
- Conventional Loan Boarding Fee: $150.00
- Government Loan Boarding Fee: $500.00
Tip: Click here to see how the SRP is calculated.
- CMC Funding requires a two-month cushion for all escrowed items.
- You must be a member of MERS, able to register and transfer loans through MERS
Early Payoff (EPO)
Loan pays off/liquidates within 120 days of the loan funding date
Early Payment Default (EPD)
When any of the first 4 payments due to CMC Funding becomes delinquent by 90 days or more
For Government Loans: HUD Section 184 loans are not eligible. See the CMC Funding Whole Loan Servicing Transfer Manual for additional government loan eligibility requirements.
CMC Funding Contact Information:
Customer Service: 855.722.2136