F-1-09: Processing Home Loan Re Re Payments and Payoffs (10/19/2016)
The following is contained by this servicing Guide Procedure:
Applying a home loan Loan Payment
The servicer payday loans online in Kansas must use monthly premiums into the purchase described within the after table, in conformity with C-1.1-01, Servicer duties for Processing real estate Loan Payments.
Instruments dated March 1999 or later on
3. Deposits for escrow products, as relevant. Such deposits can sometimes include:
fees and assessments;
home or MIPs;
leasehold re 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 charges, if relevant
5. Belated costs, if any
Determining the Interest percentage of home financing Loan Payment
The servicer must determine the home loan interest percentage of the payment as follows, relative to C-1.1-01, Servicer duties for Processing Mortgage Loan re Payments.
a fixed-rate lien mortgage loan that is first
30 daysвЂ™ interest in the UPB at the time of the LPI date and with the current accrual price.
a fixed-rate very first lien mortgage loan that is biweekly
2 weeksвЂ™ interest regarding the UPB at the time of the LPI date and making use of the present interest accrual price.
a fixed-rate second lien home mortgage
each payment that is monthly the payment-to-payment calculation technique, if that is necessary by the safety tool. Otherwise, interest needs to be determined as outlined above.
each payment per month according to its relevant interest accrual date that is effective.
Note: numerous interest accrual prices may use.
Processing a Principal Curtailment
If the debtor includes a curtailment that is principal his / her payment per month once the home loan is present, the servicer must use monthly obligations when you look at the purchase described within the after table, relative to Processing extra Principal Payments for present home loans in C-1.2-01, Processing extra Principal re re Payments.Read More »F-1-09: Processing Home Loan Re Re Payments and Payoffs (10/19/2016)