2) Sales price; or 3) FHA mortgage limit for a one family residence. Principal Limit must equal Principal limit factor x Max Claim Amount; Borrower closing expenses. The amount of fees and Integer followed by decimal(2); expense incurred by Must be >= and < Max Claim ‘0.00’ Closing loan initiation. Amount; No 26 Costs Financed into loan balance; not due to be paid until loan is Used in the calculation MO Fields. terminated/paid in full. Discharge of Liens. Release of financial Integer followed by decimal(2); liability to a debt of Must be >= and <= FHA Loan ‘0.00’ Discharge of record (i.e. release Limit; No 27 Liens of title). Applies to all HECM transaction Used in the calculation MO Fields. types Loan advance / Other draws taken Conditional; Integer followed by decimal(2); at closing. Applies to If Pay Plan is Must be >= and <= FHA Loan ‘0.00’ Loan Traditional or Modified Term Limit; Advance/ Refinance. For or Modified 28 Other Draws Purchase Tenure or Line Transaction must Of Credit or Used in the calculation MO Fields. equal fully drawn Lump Sum LOC Integer followed by decimal(2); Conditional; Repair Set Repair set aside Must be >= If Repair Set ‘0.00’ 29 Aside (RSA) amount Aside is Used in the calculation MO Fields. available First Year taxes & insurance set aside (FYSA) The amount of Integer followed by decimal(2); First Year money set aside to Must be >= and <= FHA Loan Yes 30 ‘0.00’ Set Aside cover property Limit; charges from the initial/net principal limit This amount is the Conditional; portion of the if Pay Plan is Credit Line Integer followed by decimal(2); Principal Limit set Modified Term 31 Set Aside Must be >= <= FHA Loan Limit; ‘0.00’ aside drawn down or Modified as a Line of Credit Tenure
2) Sales price; or 3) FHA mortgage limit for a one family residence. Principal Limit must equal Principal limit factor x Max Claim Amount; Closing Costs Borrower closing expenses. The amount of fees and expense incurred by loan initiation. Financed into loan balance; not due to be paid until loan is terminated/paid in full. Integer followed by decimal(2); Must be >= ‘0.00’ and < Max Claim Amount; Used in the calculation MO Fields. No 26 Discharge of Liens Discharge of Liens. Release of financial liability to a debt of record (i.e. release of title). Applies to all HECM transaction types Integer followed by decimal(2); Must be >= ‘0.00’ and <= FHA Loan Limit; Used in the calculation MO Fields. No 27 Loan Advance/ Other Draws Loan advance / Other draws taken at closing. Applies to Traditional or Refinance. For Purchase Transaction must equal fully drawn LOC Integer followed by decimal(2); Must be >= ‘0.00’ and <= FHA Loan Limit; Used in the calculation MO Fields. Conditional; If Pay Plan is Modified Term or Modified Tenure or Line Of Credit or Lump Sum 28 Repair Set Aside Repair set aside (RSA) amount Integer followed by decimal(2); Must be >= ‘0.00’ Used in the calculation MO Fields. Conditional; If Repair Set Aside is available 29 First Year Set Aside First Year taxes & insurance set aside (FYSA) The amount of money set aside to cover property charges from the initial/net principal limit Integer followed by decimal(2); Must be >= ‘0.00’ and <= FHA Loan Limit; Yes 30 Credit Line Set Aside This amount is the portion of the Principal Limit set aside drawn down as a Line of Credit Integer followed by decimal(2); Must be >= ‘0.00’ <= FHA Loan Limit; Conditional; if Pay Plan is Modified Term or Modified Tenure 31
HECMB2GUPRECLAY0917.DOCX