F-1-09: Processing Real Estate Loan Re Payments and Payoffs (10/19/2016)

F-1-09: Processing Real Estate Loan Re Payments and Payoffs (10/19/2016)

This Servicing Guide Procedure offers the following:

Applying home financing Loan Payment

The servicer must use monthly premiums into the order described into the table that is following in accordance with C-1.1-01, Servicer duties for Processing Mortgage Loan re re Payments.

Instruments dated linked over here March 1999 or later on

3. Deposits for escrow products, as relevant. Such deposits can sometimes include:

fees and assessments;

home or MIPs;

leasehold payments or ground rents; and

community relationship dues, costs, and costs.

4. Belated fees, if any

Instruments dated before March 1999

1. Build up for insurance coverage and fees, if applicable

2. FHA solution costs, if relevant

5. Belated fees, if any

Determining the Interest part of home financing Loan re re Payment

The servicer must determine the mortgage interest percentage of the payment as follows, relative to C-1.1-01, Servicer obligations for Processing Mortgage Loan re Payments.

a fixed-rate first lien home mortgage

thirty days’ interest in the UPB at the time of the LPI date and utilising the present accrual price.

a fixed-rate very very very first lien mortgage loan that is biweekly

2 weeks’ interest in the UPB at the time of the LPI date and utilizing the present interest accrual price.

a fixed-rate second lien mortgage loan

each payment per month making use of the payment-to-payment calculation technique, if this really is necessary because of the safety tool. Otherwise, interest must certanly be determined as outlined above.

each payment predicated on its applicable effective interest accrual date.

Note: Multiple interest accrual prices may use.

Processing a Principal Curtailment

In the event that debtor includes a major curtailment with his / her payment per month once the home mortgage is present, the servicer must use monthly obligations into the purchase described into the after table, prior to Processing extra Principal re re Payments for present home loans in C-1.2-01, Processing extra Principal re re Payments.

using the planned payment that is monthly

apply the planned payment per month first, then use the curtailment that is principal.

at some other period of the thirty days, separately

use the key curtailment first, then use the following planned payment that is monthly.

The servicer may, in accordance with Processing Additional Principal Payments for Current Mortgage Loans in C-1.2-01, Processing Additional Principal Payments, agree to reduce the P&I payment only (based on a re-amortization of the current UPB and using the current interest rate and remaining loan term) for any current portfolio mortgage loan or for a current first lien mortgage loan that is in an MBS pool after a substantial principal curtailment.

Gathering an Advance Made with respect to the Borrower at Payoff

Whenever home financing loan is compensated in full, the servicer accounts for gathering any improvements made with respect to the debtor combined with the home loan payoff, according to C-1.2-03, Processing Payments in Full. The after table defines the servicer’s obligations associated with gathering improvements.

Gather any funds advanced on behalf of the debtor.

Remit the payment as being a remittance that is special Fannie Mae, and within thirty day period of this payoff date, if Fannie Mae advanced level the funds.

Note: The repayment of improvements ought not to be included included in the proceeds that are payoff.

Determining Interest on a Payoff

In conformity with C-1.1-01, Servicer duties for Processing Mortgage Loan Payments, the servicer must determine the quantity of interest charged to your debtor

on the basis of the UPB associated with home mortgage,

at the time of the LPI date, and

utilising the interest accrual rate that is current.

A complete month’s interest ought to be calculated based on a 360–day 12 months, while a partial month’s interest must be according to a 365–day 12 months.

The servicer of the second lien mortgage loan or an FHA Title I loan may not utilize the guideline of 78s ( or the amount of the digits) way of calculating the attention unless Fannie Mae has furnished approval because of this calculation technique.

The quantity of interest which may be charged into the debtor is specified within the table that is following. This is simply not always the total amount of interest that’ll be remitted to Fannie Mae. Also see C-3-02, Remitting Payoff Profits. The servicer must proceed with the procedures in F-1-21, Remitting and Accounting to Fannie Mae.

Old-fashioned first lien and second lien mortgage loans

Dodano: 30 December 2020
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