Colonial Eligibility Requirements
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
Tip: Click here to see how the SRP is calculated.
- 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