Servicing Guide

Published November 10, 2020

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Can a mortgage loan be modified while in a MBS pool?

The servicer must not modify a mortgage loan while it is in an MBS pool (including PFP mortgage loans). Performing MBS mortgage loans are ineligible for purchase from the related MBS pool for the purpose of modifying the mortgage loan term, interest rate, UPB, or other major characteristic(s) of the mortgage loan. However, if the mortgage loan has been in a continuous state of delinquency for four consecutive monthly payment due dates (or at least eight consecutive payment due dates in the case of a biweekly mortgage loan) without a full cure of the delinquency during that period, then the mortgage loan may be modified after it is removed from the MBS pool.  

For more information please see: D2-3.1-02: Conditions of a First and Second Lien Mortgage Loan Modification for an MBS Mortgage Loan.

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