I am looking for some assistance with MPLOCs.  We just started offering this product in September 2019.  I understand several of you offer this and have lots of issues servicing this product.  When the borrower pays more than the regular payment amount that extra is posted crediting any outstanding accrued before posting to principal on the Unit designated as Post Seq 1.  Due to this I am wondering what kind of sub-loan repayment language you use in your notes.  We currently document these loans using LaserPro and will be moving to CSI documents later in the year.  If anyone is willing to share a copy of their repayment wording in the note I would greatly appreciate it.

 

Thank you,

 

Linda Broome

Vice President

Loan Operations Manager

200 N Front Street, P.O. Box B Marysville PA  17053

P: 717-827-4132

C: 717-614-3876

xxxxxx@riverviewbankpa.com 

 

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