Newrez Funding Eligibility Requirements

Below you will find information regarding some of Specialized Loan Servicing’s basic eligibility requirements. The requirements outlined in the Newrez Whole Loan Servicing Transfer Manual would take precedence over the requirements in the MPF Guide.

  • You are responsible for meeting all regulatory requirements.
  • Ensure you are using the actual/actual pricing schedule when locking your loans.
  • The SRP will be paid to you by Newrez; Newrez will net the required escrow balance and fees from the SRP. If netting results in a negative SRP, you will be required to wire the required funds within 2 business days:
    • Tax Service Fee: $85.00
    • Conventional Loan Boarding Fee: $150.00

Tip: Click here to see how the SRP is calculated

  • Newrez requires a two-month cushion for all escrowed items.
  • You must be a member of MERS, able to register and transfer loans through MERS
  • All loans sold to Newrez must be newly originated (no payment may be applied prior to selling the loan to Newrez)
  • No "interest credit" due to the borrower from the Selling PFI will be permitted
  • The first payment due date for each Serviced Loan must be the first day of the month following the first full month after the closing
  • Loan must be sold to MPF no later than thirty (30) calendar days after Closing and with the first payment on the Serviced Loan due to Newrez

Early Payoff (EPO)

Loan pays off/liquidates within 120 days of the loan funding date

You will be responsible for any fees and or premium recapture assessed by Fannie Mae

Early Payment Default (EPD)

When any of the first 4 payments due to Newrez becomes delinquent by 90 days or more

Important Links

Newrez Whole Loan Servicing Transfer Manual