Sample Funding with Interim Interest

Loan Details

• $100,000
• Loan closes on 1/5 with the first payment due on 3/1
• Funding request is made on 1/10 (prior to expiration)
• Note rate 5.5%
• Agent fee 1.38050%  (premium price)
• PFI owes MPF 21 days (30/360  -  30 - 9 = 21)
• MPF interest starts on the day of purchase
• $100,000 x .0525 (5.50 less 25bps servicing fee) = $5,250.00
• $5,250.00 ÷ 360 = $14.58333
• $14.58333 x 21 = $306.24999 or $306.25

Funding Entries in Your General eAdvantage Account     

$100,000.00  Loan Amount
-        306.25  Interim Interest
+    1,380.50  Agent Fee             

$101,074.25 = the net funded amount will only be reflected on your funding confirmation