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4987, Loan Maintenance 4987, Loan Maintenance

4987, Loan Maintenance 4987, Loan Maintenance-2025

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The document is a loan maintenance form from the Michigan Department of Treasury, specifically for the Michigan Guaranty Agency. It is used by schools and lenders to report changes in borrower and student information, enrollment status, and loan details after a loan has been guaranteed. The form includes sections for borrower information, enrollment status changes, application/loan changes, loan maintenance changes, and school information. It also provides instructions for completing the form and submitting it to the appropriate agency.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the meaning of loan servicing?

Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.

What is the maintenance ratio of a loan?

Maintenance LTV Ratio means, as of any date of determination, the percentage determined by dividing (a) the Loan Amount as of such date by (b) the product of (x) the sum of the number of Initial Units and the number of Underlying Units then included in the Collateral and (y) the Maintenance Price.

What is the maintenance fee on a loan?

The Account Maintenance Fee (AMF) is the annual amount of money paid based on a percentage of the original principal balance of guaranteed loans outstanding during a fiscal year. The AMF back-up detail provides the loan information used in the calculation.

What is the yield maintenance on a loan?

Yield maintenance is calculated based on the difference between the loans interest rate and current market rates at the time of prepayment. If the market interest rate is lower than the original loan rate, the borrower pays a penalty that approximates the interest the lender would have earned over the remaining term.

What is maintenance on a loan?

Yield maintenance is the actual prepayment of the loan. A prepayment penalty this is typically determined by calculating the present value of the remaining loan payments, with a discount factor equal to the current yield on the U.S. Treasury that matures closest to the loans maturity date.

What is the loan maintenance fee?

Lets talk about monthly fees, also known as ongoing fees, loan management fees or administration fees. A monthly fee on your loan covers the cost of maintaining your loan and is charged on a regular basis. This monthly fee amount does not go towards repaying your loan principal.

What is separate maintenance on a loan application?

Separate maintenance is a form of financial support that one spouse pays to the other, but not due to divorce. Instead, separate maintenance is paid in cases where two spouses are separated or, in some cases, when they are still married.

4987, Loan Maintenance 4987, Loan Maintenance-2025

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