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What is a pair off?
A pairoff is a purchase and sale of open short and long positions, typically between brokerage firms, that offset with the difference settled in cash.
What is a loan pair off?
If you are unable to deliver a loan(s) to satisfy a mandatory commitment, you may be able to pair-off all or part of the remaining balance.
What is a repo pair off?
A pairoff, also known as “pairing off,” occurs when a brokerage firm buys and sells short and long positions that offset one another and then settles those trades in cash.
What is the origin of the word Depot?
Depot came into English from the French word dépôt, meaning “a deposit, place of deposit.” A depot can be a place like a warehouse where items are temporarily deposited, but we also use it for a train or bus station.
How does a pair off fee work?
A pair-off fee is charged if the loan fails to close. The investor typically charges the pair-off fee based on current market prices, so as to fairly compensate the investor.
How much is a pair-off fee?
Commitment Pair-Off Penalty Fee Table:
| Type of Commitment | Product | Pair-off Penalty Fee (basis points) |
|---|---|---|
| Best Efforts | All | 50 |
| Bulk | FNMA DURP > 80 LTV | 25 |
| Conventional/FHA High Balance | 25 | |
| Products Not on Rate Sheet | 25 |
What is a pair-off fee?
What does Depo stand for?
DEPO
| Acronym | Definition |
|---|---|
| DEPO | Delegated Episcopal Pastoral Oversight |
| DEPO | Defence Export Promotion Organization (Pakistan) |
| DEPO | Double Even Pass Odd (bridge game play) |
| DEPO | Division of Enrollment and Payment Operations (US DHHS) |
What is a best effort lock?
A best efforts mortgage lock is a type of sale of a mortgage into the secondary mortgage market. With a best efforts mortgage lock, the seller—usually a mortgage originator—makes their best-effort attempt to deliver the mortgage to the buyer.
What is a mandatory delivery commitment?
A mandatory delivery contract is a loan sales agreement in which an institution commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date.