Servicing Guide

Published September 9, 2020

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How must the servicer process funds received when a mortgage loan modification is pending?

During any Trial Period Plan, and if permitted by the applicable loan documents, the servicer must accept and hold (as unapplied funds in a custodial account) trial period payments received which do not constitute a full monthly contractual payment. When the total of the reduced payments held as unapplied funds is equal to a full PITI payment, the servicer must apply all full payments to the mortgage loan.

Any unapplied funds remaining at the end of the Trial Period Plan which do not constitute a monthly, contractual PITI payment must be applied to reduce any amounts that would otherwise be capitalized onto the principal balance.

For more information please see: C-1.1-02: Processing Payment Shortages or Funds Received When a Mortgage Loan Modification Is Pending.

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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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