The information in this newsflash applies to Retained Servicing Loans.
Customers with FHA loans are required to receive an annual disclosure notice advising they are able to prepay their loan (pay in full) at any time without paying a penalty.
Please click here to view a copy of this disclosure.
This disclosure provides a dollar amount to pay the loan in full and a good through date for the referenced dollar amount. Customers sometimes misinterpret this annual disclosure as a demand letter to pay their loan in full.
If customers call with questions about this disclosure:
- This is a required annual notice sent for informational purposes regarding the ability to pre pay their mortgage loan prior to the scheduled maturity date (pay in full)
- This is not a payoff quote or a demand letter requiring
- The loan does not have to be paid in full by the good through date referenced in the disclosure
This disclosure will be viewable at loan level on the PL05 screen in MSP beginning Tuesday February 4, 2020.