Payoffs, Subordinations, and Other Lien Information
US Bank is our master servicer and has full delegation in the servicing of our AzIDA HOME Plus DPA 2nd liens.
US Bank is the servicer of both the 1st mortgage and the HOME Plus DPA 2nd lien. The payoff statement from US Bank on the first mortgage will also include the required payoff on the HOME Plus DPA lien (listed as RCA: Recoverable Corporate Advance). They provided ONE payoff statement for both the first mortgage and AzIDA DPA 2nd lien.
If you choose to pay off the AzIDA DPA 2nd lien in advance of the final forgiveness period (and not part of the first mortgage payoff to US Bank), you will need to work directly with US Bank on that. When contacting them, you will need to reference your first mortgage account number and request to pay off the Recoverable Corporate Advance/RCA balance.
As part of our servicing agreement, US Bank will also handle the release of the DPA 2nd lien. Under state law, the DPA 2nd lien deed release must be recorded within thirty days from the satisfaction (final forgiveness or payoff) of that lien.
We do not subordinate or provide exceptions to the repayment terms on our HOME Plus DPA 2nd liens.
Additionally, on the borrower’s monthly mortgage statement from US Bank, the current unforgiven balance of the AzIDA HOME Plus assistance is listed under OTHER BALANCES and labeled as Recoverable Corporate Advance/RCA. On that same mortgage statement, in the TRANSACTION ACTIVITY section, the amount of monthly forgiveness listed as RCA Adjustment.
FOR QUESTIONS REGARDING LIENS & PAYOFFS, PLEASE CONTACT DIRK SWIFT
Home+Plus DPA Program
Arizona Industrial Development Authority