Event 36, FHA Loan Payoff Letter (Insured on or after August 2, 1985) |
  
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Navigation: Appendix A - Merge Field Descriptions (Loans) >
Event 36, FHA Loan Payoff Letter (Insured on or after August 2, 1985) |
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This letter is generated and calculated the same as event 35 with the following exception: This letter is for FHA loans insured on or after August 2, 1985.
Merge Field |
Field Mnemonic/ Calculation |
Description |
|---|---|---|
FHA ACCOUNT NUMBER |
LNFVNO |
FHA account number |
FHA PAYOFF AMOUNT |
LNPBAL * CALC INT + LNLATE + LNFEES |
principal balance + interest (principal * loan rate / 12 * # of months prepaid or delinquent) + late charges + total loan fees |
FHA PAYOFF DATE |
RUN DATE + 1 MON THEN MAKE END OF MONTH |
Date the payoff is calculated to (end of the month following the month the letter was created) |
FHA PO AMOUNT WITH PO FEE |
LNPBAL * CALC INT + LNLATE + LNFEES + OPT FHAF |
FHA PAYOFF AMOUNT plus payoff fee from inst options |
FHA PO FEE |
OPT FHAF |
Payoff fee from institution options |
See also: