Bulletin 2024-006 Temporary Buydowns (FHLB Chi)
Newrez LLC "Newrez" Approved FHLB Chicago Clients: Please note the following processes for Temporary Buydowns.
- Temporary Interest Rate Buydowns should be identified at time of Delivery to FHLBCH via the PLBuyDownFlag field being marked as “True”.
- The buydown agreement must be included in your initial closing/credit package uploads.
- The buydown proceeds will be netted at time of purchase with Newrez.
- Total Proceeds = SRP – Fee’s – Escrows – Buydown Funds