Servicing Guide

Published September 9, 2020

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How do we need to apply additional principal payments on current loans?

The servicer must immediately accept and apply an additional principal payment (referred to as a curtailment) identified by the borrower as such for a current mortgage loan.

The servicer must follow the procedures in Processing a Curtailment in F-1-09, Processing Mortgage Loan Payments and Payoffs (10/19/2016) for detailed instructions related to applying a curtailment for a current mortgage loan.

For additional contractual information as it pertains to curtailments, see Fannie Mae’s Selling Guide Topic B2–1.4–05: Principal Curtailments.

Modified Mortgage Loans: The following table outlines how the servicer must apply a curtailment on a modified mortgage loan

Note:For processing HAMP “pay for performance” incentives, see Incentive Compensation for a HAMP Modification in F-1-19, Processing a Workout Incentive Fee (09/13/2017).

For more information please see: C-1.2-01, Processing Additional Principal Payments and F-1-09, Processing Mortgage Loan Payments and Payoffs

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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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