Servicing Guide

Published November 10, 2020

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

The servicer must determine whether the borrower’s monthly payment needs to be changed as a result of any ARM adjustment error. If the net effect of correcting an adjustment error is an undercharge, it cannot be collected from the borrower, nor can the UPB of the mortgage loan be changed to offset it.

The servicer must follow the procedures in Calculating the New Monthly Payment After an Adjustment Error and Determining the Amount of an Under- or Overcharge Related to an Adjustment Error in F-1-01, Servicing ARM Loans to calculate the correct monthly payment.

See below for related Q&A’s:

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

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

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

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