Servicing Guide

Published October 14, 2020

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What items are required before the servicer can complete the conversion of an ARM to a fixed rate mortgage loan?

The following table provides a list of all items required before the servicer can complete the conversion of an ARM to a fixed rate mortgage loan.  

The servicer must have...
 

Received any required appraisal report.

 

Received from the borrower

  • any amount required to reduce the UPB, if applicable;

  • any other items as specified in a negotiated contract; and

  • a signed agreement acknowledging the changes to the mortgage note necessary to provide for the new fixed interest rate.

 

Sent a document custodian the original agreement, if Fannie Mae is holding the original note as a custody document.

 

Performed any other actions as specified in the negotiated contract.

See below for related Q&A:

What criteria must the servicer confirm when determining eligibility criteria for converting a first lien ARM to a fixed rate mortgage loan?

For more information please see: C-2.3-01, Processing ARM Conversions to Fixed Rate Mortgage Loans.

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