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

Posted on: December 30th, 2020 by Dharani R No Comments

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

The following is contained by this servicing Guide Procedure:

Applying https://spot-loan.net/payday-loans-ok/ home financing Loan Payment

The servicer must use monthly obligations within the purchase described within the after table, in conformity with C-1.1-01, Servicer duties for Processing Mortgage Loan re Payments.

Instruments dated March 1999 or later on

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

fees and assessments;

home or MIPs;

leasehold re payments or ground rents; and

community relationship dues, charges, and fees.

4. Belated costs, if any

Instruments dated before March 1999

1. Build up for insurance and fees, if relevant

2. FHA solution costs, if relevant

5. Belated costs, if any

Determining the Interest part of a home loan Loan re Payment

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

a fixed-rate very first lien home mortgage

thirty days’ interest from the UPB as of the LPI date and utilizing the accrual rate that is current.

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

2 weeks’ interest in the UPB at the time of the LPI date and making use of the current interest accrual price.

a fixed-rate lien mortgage loan that is second

each payment per month making use of the payment-to-payment calculation technique, whenever this will be required because of the protection tool. Otherwise, interest should be determined as outlined above.

each payment per month predicated on its relevant interest accrual date that is effective.

Note: numerous interest accrual prices may use.

Processing a Principal Curtailment

If the debtor features a curtailment that is principal his / her payment per month as soon as the home loan is present, the servicer must apply monthly obligations when you look at the purchase described into the after table, prior to Processing extra Principal re re Payments for present home mortgages in C-1.2-01, Processing extra Principal re Payments.

utilizing the planned payment that is monthly

use the planned payment per month first, then use the major curtailment.

at just about any period of the thirty days, separately

use the main 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.

Collecting an Advance Made with respect to the Borrower at Payoff

Whenever a home loan loan is paid in complete, the servicer accounts for gathering any improvements made with respect to the borrower together with the home mortgage payoff, relative to C-1.2-03, Processing Payments in Full. The after table defines the servicer’s obligations linked to gathering improvements.

Gather any funds advanced with respect to the debtor.

Remit the payment as a remittance that is special Fannie Mae, and within thirty days for the payoff date, if Fannie Mae advanced the funds.

Note: The payment of improvements should not be included within the payoff proceeds.

Determining Interest on a Payoff

In conformity with C-1.1-01, Servicer obligations for Processing Mortgage Loan repayments, the servicer must determine the total amount of interest charged to your debtor

in line with the UPB associated with the real estate loan,

as of the LPI date, and

utilising the interest accrual rate that is current.

A complete month’s interest ought to be determined based on a 360–day 12 months, while a partial month’s interest must certanly be predicated on a year that is 365–day.

The servicer of a 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 determining the attention unless Fannie Mae has supplied approval with this calculation technique.

The quantity of interest which may be charged towards the debtor is specified into the after table. This isn’t fundamentally the actual quantity of interest which will be remitted to Fannie Mae. Also see C-3-02, Remitting Payoff Profits. The servicer must proceed with the procedures in F-1-21, accounting and remitting to Fannie Mae.

Old-fashioned lien that is first second lien mortgage loans

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