Bulletin 2024-007 Temporary Buydown (Agency)
Newrez LLC "Newrez" Approved Agency Co-Issue Clients: Please note the following processes for Temporary Buydowns.
FNMA SMP
- Temporary Interest Rate Buydowns will be captured using the ULDD attributes.
- SFC 009 or 014 will need to delivered
- The buydown agreement must be included in your initial closing/credit package uploads to our web portal
- The netting of buydown funds will be tied to your settings for netting of escrows in FNMA SMP
- All in Funding = SRP – Fee’s – Escrows – Buydown Funds
FHLMC CIX
- Add "Buydown" into the Special Column on the commitment request template.
- The buydown agreement must be included in your initial closing/credit package uploads to our web portal.
- The buydown proceeds will be netted at time of purchase with Newrez.
- Total Proceeds = SRP – Fee’s – Escrows – Buydown Funds