Common use of Early Payment Default (EPD Clause in Contracts

Early Payment Default (EPD. Mortgages (5/1/19)68‌ The QC review of each Conventional Mortgage Loan that reaches EPD status is required, even if the Mortgage Loan has subsequently been brought current. The QC review must be initiated by the PFI or Servicer within sixty (60) calendar days after the date the Mortgage Loan reaches EPD status. The scope of all EPD QC reviews must include reverification of income and employment, sources of funds and credit reports. A review Appraisal, in the form of a new Appraisal or field inspection, or a review of the property value used to obtain an Appraisal Waiver offer if an Appraisal Waiver was use, must also be conducted in accordance with the Guides. 67 MPF Announcement 2017-13 (3/28/17) 68 MPF Announcement 2017-13 (3/28/17) MPF Announcement 2019-26 (5/1/19)

Early Payment Default (EPD. Mortgages (5/1/19)68‌ The QC review of each Conventional Mortgage Loan that reaches EPD status is required, even if the Mortgage Loan has subsequently been brought current. The QC review must be initiated by the PFI or Servicer within sixty (60) calendar days after the date the Mortgage Loan reaches EPD status. The scope of all EPD QC reviews must include reverification of income and employment, sources of funds and credit reports. A review Appraisal, in the form of a new Appraisal or field inspection, or a review of the 67 MPF Announcement 2017-13 (3/28/17) 68 MPF Announcement 2017-13 (3/28/17) MPF Announcement 2019-26 (5/1/19) property value used to obtain an Appraisal Waiver offer if an Appraisal Waiver was use, must also be conducted in accordance with the Guides. 67 MPF Announcement 2017-13 (3/28/17) 68 MPF Announcement 2017-13 (3/28/17) MPF Announcement 2019-26 (5/1/19).