Servicing Guide

Published October 14, 2020

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Can the borrower make a principal curtailment to pay down or pay off the non-interest bearing balance created by a COVID-19 payment deferral?

Curtailments must be applied as follows: 

 

 If…

Then…

a principal curtailment is received

• if the principal curtailment being applied is less than the interest-bearing UPB, the servicer must apply such curtailment to the interest-bearing UPB.

 

• if the principal curtailment is greater than or equal to the interest-bearing UPB, then the servicer must apply such curtailment in the following order:

            1. to the principal forbearance, if any; and

            2. to the interest-bearing UPB.

                                                                                                                          (4-02)

 

For more information see Fannie Mae LL 2020-07.

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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