Servicing Guide

Published September 9, 2020

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Does the mortgage loan have to be re-amortized once an ARM interest rate correction is identified?

Once the servicer verifies the correct interest rate or monthly payment for each adjustment date that has occurred, it must re-amortize the mortgage loan to determine whether the borrower has been overcharged or undercharged.

The mortgage loan must be re-amortized from the date of the first erroneous adjustment through the date the LPI was applied.

The servicer must follow the procedures in Re-amortizing the Mortgage Loan in F-1-01, Servicing ARM Loans to complete the re-amortization.

See below for related Q&A’s:

What are the servicer requirements when identifying and Disclosing Adjustment Errors?

Who determines if the borrower's monthly payment needs to be changed due to an ARM adjustment?

For more information please see: C-2.2-01, Identifying and Disclosing Adjustment Errors.

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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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