Servicing Guide

Published September 9, 2020

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What are the timing requirements for sending notifications for mortgage loans with step interest rate adjustments?

The servicer must send notifications for all mortgage loans with step interest rate adjustments in compliance with the timing requirements provided in the following table. 

Type of Interest Rate Adjustment Days Prior to Change At a minimum, the servicer must send...

Mortgage Loan Modification Initial Step Interest Rate Adjustment

150 to 90

the first written notification detailing the pending change.

75 to 60

the second written notification detailing the pending change.

Mortgage Loan Modification Subsequent Year Step Interest Rate Adjustments

120 to 60

notification detailing the pending change.

For more information please see: C-1.1-01, Processing Scheduled Mortgage Loan Payments

 

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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.

Guide Resources

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Visit Selling and Servicing Guide Communications and Forms

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