How SRP is Calculated - IBMC
The Servicing Released Premium (SRP) is paid based on the SRP fee schedule in effect on the day the loan is locked. IBMC pays the SRPs the first week of the month following the loan being boarded on the IBMC servicing system. SRPs are ACH to the account as directed by your institution on the "Selling PFI Information Sheet." IBMC will contact your institution's management to set up your IBMC relationship once you lock your first loan with MPF.
Principal balance as of MPF sale date x SRP
- Tax service fee
- Administration fee
- (.25 if escrows waived)
= SRP paid to PFI
An escrow waiver fee is charged if the loan isn't escrowed for both taxes and insurance. Escrows cannot be waived if the LTV is greater than 80%.