Previously, IFA would issue a MRB Recapture notice directly to the borrower(s) after the loan was purchased. This process often caused confusion with the new homeowner.
Effective immediately, this notice will now be issued to the lender, after the pre-close eligibility review, along with commitment form to be signed by the borrower(s) at closing.
A copy of the signed recapture notice will also need to be submitted with your post-close submission through eDocs. By the borrower receiving this notice at the closing table is an effort to diminish any potential confusion.
As always, we want the adoption and implementation of new forms to be as seamless as possible. Please contact your assigned
single-family program specialist
with any questions, 800-432-7230.