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.
|*****Updated Policy*****||Previous Policy|
|Delivery of the Closed Loan Package||Sellers are now allowed up until the lock expiration date to deliver the closed loan package.||Sellers were required to deliver the closed loan package 7 business days prior to the lock expiration date.|
|Number of Days Allowed to Cure Conditions||Sellers are now given 4 business days to provide the remedy for an outstanding condition.||Sellers were given 2 business days (or until the lock expiration date) to provide the remedy for an outstanding condition.|
|Suspense Fee Calculation||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.||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.|
|Cut-Off Time for Submitting Conditions||Sellers are allowed up until 11:59 PM CST to submit remedies to open conditions in order to be considered received that business day.||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.
Correspondent Lending Announcement