How SRP is Calculated
SRP is paid based on the fee schedule in effect on the day the delivery commitment is issued (date locked in). CMC has 5 days to review the servicing file. CMC will email a funding memo to the funding contact as directed on the "Selling PFI Information Sheet" for approval. The funding contact should reply with approval (do not change the subject line).
Principal balance as of MPF sale date x SRP
- Tax Service Fee
- Loan Boarding Fee
If the SRP is negative, the PFI must wire funds to CMC within 2 business days. See CMC manual for wire instructions.