Loan Amount Reductions

• Loan amount reduction pair-off fees are charged on a mandatory delivery commitment when the amount delivered is below the allowable tolerance of the committed dollar amount.
• To reduce the dollar amount of your lock, you must contact the MPF Service Center at 877-463-6673.
• The MPF Service Center will compare the price at the time the lock was issued to the price at the time of pair-off to determine if a pair-off fee will be due and the amount of the pair-off. Depending on market movement, a pair-off will be either a debit or a credit to your account.
• When the amount delivered falls outside of the lock tolerance, the pair-off fee will be based on the full dollar amount the delivery is actually below the original locked amount
• Reduction pair-off fees will be calculated and quoted to you by the MPF Service Center; you will have 60 seconds to accept or decline the quote.
• Reduction fees will be charged to your general DDA within eAdvantage, on the date the reduction fee is accepted.
• You will want to have sufficient funds in your general DDA to cover this fee.
• Once a lock is reduced, the tolerance rule no longer applies and the new tolerance becomes +/- $50.

Tip: See examples of Loan Amount Reduction calculations