AIG Correspondent Lending Loan Delivery Policy Updates—June 1, 2020

Announcement: AIG Loan Delivery Policy Updates

June 1, 2020

We are pleased to announce several enhancements to Section 3.11 of our Sellers Guide regarding AIG loan delivery requirements to AIG. The updates below are effective for all new locks on or after Wednesday, June 3, 2020.

 

Delivery of the Closed Loan Package

 

Number of Days Allowed to Cure Conditions

 

 

 

Suspense Fee Calculation

 

 

 

Cut-Off Time for Submitting Conditions

*****Updated Policy*****

Sellers are now allowed up until the lock expiration date to deliver the closed loan package.

Sellers are now given 4 business days to provide the remedy for an outstanding condition

 

If the remedy to an outstanding condition is not provided within 4 business days, AIG will assess a daily suspense fee of -.025 (2.5 bps) per business day until the remedy has been provided.

Sellers are allowed up until 11:59 PM CST to submit remedies to open conditions in order to be considered received that business day.

 

Previous Policy

Sellers were required to deliver the closed loan package 7 business days prior to the lock expiration date.

Sellers were given 2 business days (or until the lock expiration date) to provide the remedy for an outstanding condition.

If the remedy to an outstanding condition was not provided within 2 business days (or by the lock expiration date) a 7 day auto extension fee of .125 was assessed until the remedy was provided.

Sellers were required to submit remedies by 5 PM CST in order to be considered received that business day.

 

Should you have specific questions related to this announcement, please reach out to Shane Larscheid, Vice President of Sales.

Thank you

Correspondent Lending Announcement