SLS Funding Eligibility Requirements
Below you will find information regarding some of Specialized Loan Servicing’s basic eligibility requirements. The requirements outlined in the SLS 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 SLS; SLS 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
- SLS 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 SLS must be newly originated (no payment may be applied prior to selling the loan to SLS)
- 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 SLS
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 SLS becomes delinquent by 90 days or more
SLS Whole Loan Servicing Transfer Manual