US Bank is our master servicer and has full delegation in the servicing of our Arizona Industrial Development Authority (AzIDA) HOME Plus Down Payment Assistance (DPA) 2nd liens.

US Bank is the servicer of both the 1st mortgage and our Arizona Industrial Development Authority (AzIDA) HOME Plus DPA 2nd lien. The payoff statement from US Bank on the first mortgage will also include the required payoff on the AzIDA HOME Plus DPA lien (listed as RCA: Recoverable Corporate Advance). They provided ONE payoff statement for both the first mortgage and AzIDA HOME Plus DPA 2nd lien. Upon receipt of the payoff funds, US Bank will also handle the release of the Arizona Industrial Development Authority (AzIDA) HOME Plus DPA 2nd lien.

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.

We do not subordinate our DPA 2nd lien to accommodate a refinance OR provide exceptions to the repayment terms of the DPA 2nd liens.