Servicing Guide

Published November 10, 2020

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How must the servicer apply an additional principal payment on a modified mortgage loan?

Mortgage Loans Subject to a Payment Deferral or a Modification: The following table outlines how the servicer must apply a principal curtailment on a mortgage loan subject to a payment deferral or a modification. 

If the principal curtailment being applied... Then the servicer must apply such principal curtailment...

is less than the interest-bearing UPB

to the interest-bearing UPB.

is greater than or equal to the interest-bearing UPB

in the following order

1. to the non-interest bearing balance, if any; and

2. to the interest-bearing UPB.

For more information please see: C-1.2-01, Processing Additional Principal Payments

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