94- 457 C.M.R. ch. 204, § 13

Current through 2024-51, December 18, 2024

Section 457-204-13 - Repurchase by Lender

Any repurchase by the Lender of a Guaranteed Portion shall be for an amount equal to the unpaid Guaranteed Portion of principal and accrued interest less the Lender's servicing fee, if any. The Authority's liability for accrued interest on a Guaranteed Portion is limited to the extent provided in the Program Documents. The Lender is encouraged to repurchase the Eligible Loan to facilitate the accounting for funds, resolve the problem, and to permit the borrower to cure the default, where reasonable. The Lender shall notify the FTA and the Authority of its decision.