The Lender must pay an annual servicing fee on all loans approved after January 1, 2001.
The fee is .25% based on the guaranteed portion of the outstanding loan balance at the end of each calendar year and is due with the Annual Status Report by February 1 of each year.
WHEDA prorates the first years' fee based on the closing date of the loan.
Payment of the servicing fee keeps the guarantee in effect for the coming year. Failure to remit the fee by February 1 will result in cancellation of the guarantee by WHEDA.
WHEDA will send the form and instructions to the Lender.
