F-1-09: Processing Real Estate Loan Re Payments and Payoffs (10/19/2016)
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This Servicing Guide Procedure offers the following:

Applying home financing Loan Payment

The servicer must use monthly obligations into the purchase described when you look at the after table, in conformity with C-1.1-01, Servicer Responsibilities for Processing real estate Loan re Payments.

Instruments dated March 1999 or later on

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

fees and assessments;

home or MIPs;

leasehold payments or ground rents; and

community relationship dues, charges, and costs.

4. Belated fees, if any

Instruments dated before March 1999

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

2. FHA solution fees, if relevant

5. Belated fees, 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 Mortgage Loan re Payments.

a fixed-rate very first lien home mortgage

thirty days’ interest regarding the UPB as of the LPI date and making use of the accrual rate that is current.

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

2 weeks’ interest from the UPB at the time of the LPI date and utilising the interest accrual rate that is current.

a fixed-rate second lien home mortgage

each payment that is monthly the payment-to-payment calculation technique, if this will be needed by the safety tool. Otherwise, interest should be determined as outlined above.

each payment per month centered on its relevant effective interest accrual date.

Note: numerous interest accrual prices may use.

Processing a Principal Curtailment

In the event that debtor features a major curtailment with his / her payment as soon as the home mortgage is present, the servicer must use monthly obligations into the purchase described when you look at the after table, according to Processing extra Principal re Payments for present home loans in C-1.2-01, Processing extra Principal re re Payments.

using the planned payment per month

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

at some other period of the thirty days, separately

use the main curtailment first, then apply 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 paid in complete, the servicer accounts for gathering any improvements made with respect to the debtor together with the real estate loan payoff, relative to C-1.2-03, Processing Payments in Comprehensive. 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 unique remittance to Fannie Mae, and within 1 month for the payoff date, if Fannie Mae advanced level the funds.

Note: The repayment of improvements ought not to be included within the payoff proceeds.

Determining Interest on a Payoff

In conformity with C-1.1-01, Servicer obligations for Processing real estate loan repayments, the servicer must determine the quantity of interest charged to your borrower

in line with the UPB of this home mortgage,

as of the LPI date, and

utilising the current interest accrual price.

The full month’s interest must be calculated based on a 360–day 12 months, while a partial month’s interest must certanly be centered 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 perhaps the amount of the digits) means for determining the attention unless Fannie Mae has furnished approval because of this calculation technique.

The total amount of interest which may be charged to your borrower is specified into the after table. This is simply not fundamentally the total amount of interest which is remitted to Fannie Mae. Also see C-3-02, Remitting Payoff Profits. The servicer must stick to the procedures in F-1-21, accounting and remitting to Fannie Mae.

Mainstream first lien and second lien mortgage loans