Example Closing Scenarios

Example - Loan closed with a short payment (less than 30 days to first payment):

Closing Date	Funding Date	First Borrower Payment Due	First Borrower Payment Due to Newrez
Early in August	On or Before August 12	September 1 Borrower makes first payment to Newrez
	On or After August 13	September 1 Borrower makes first payment to PFI The PFI will be responsible for remitting the payment and reporting the loan activity to the Master Servicer	October 1 Borrower makes second mortgage payment to Newrez

Example - Loan closed in July and sold in August

Closing Date	Funding Date	First Borrower Payment Due	First Borrower Payment Due to Newrez
July	On or Before August 12	September 1 Borrower makes first payment to Newrez
	On or After August 13	September 1 Borrower makes first payment to PFI The PFI will be responsible for remitting the payment and reporting the loan activity to the Master Servicer	October 1 Borrower makes second mortgage payment to Newrez