CLOSING PACKAGES ADDRESS -Innovative Mortgage- ADDRESS NOTIFICATION EFFECTIVE 07/30

FOR ALL LOANS EFFECTIVE 07/30
All closed loan processed files, all title documents,and all checks must be delivered to the following address:
Attention: Suzanne or Bryan Ehrlich
1430 Flores Ct
Trinity, Fl 34655

Please do not send any documents to the NC address that would be delivered AFTER 07/30. We can only guarantee receipt of packages thru 07/30.

REGARDLESS OF CLOSING DATE ALL CLOSED LOANS AND CHECKS MUST BE DELIVERED TO THE ABOVE ADDRESS BEGINNING JULY 30

FHA allowable cost REVISED

FHA loans restrict the fees payable by the borrower to a combined Broker Fee and Origination Fee to 1% of the loan, which also MUST include the Third Party Processing Fee. The borrower may not pay any fees other than a ‘Broker Fee” and an ‘Origination Fee’ and their combined amount may not exceed 1% of the loan amount. Therefore, any and ALL broker/origination fees charged to and paid by the borrower in excess of a total of 1% on an FHA loan will be refunded to the borrower. This includes FHA Refinance transactions in addition to purchase transactions. The fee of 1% may be exceeded only if the GFE, the purchase contract, and the settlement statement identify broker fees in excess of 1% as having been paid by a party other than the buyer, i.e. the seller. The third party processing fee may be itemized as payable to the third party only under the same circumstances (i.e. paid by the seller). Otherwise, the processing fee must not be itemized separately and must be included in the total 1% charged to the borrower. If the contract processing fee is not paid by a party other than the buyer, Innovative will deduct the fee from the Originator’s total commission and pay it directly to the contract processor.