Servicing Guide

Published November 10, 2020

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What action should be taken when adjusting the mortgage loan account post-mortgage loan modification for a Fannie Mae Flex Modification?

The servicer must complete the mortgage loan modification in accordance with Offering a Trial Period Plan and Completing a Fannie Mae Flex Modification in D2-3.2-07, Fannie Mae Flex Modification.

After a mortgage loan modification is executed, the servicer must adjust the mortgage loan as described in the following table. 

The servicer must...
  For a portfolio mortgage loan, add any amounts to be capitalized to the UPB of the mortgage loan as of the date specified in the agreement. Usually, the capitalization date is one month before the new modified payment will be due.

Note: The servicer may request reimbursement from Fannie Mae when any of its costs are capitalized (see F-1-05, Expense Reimbursement).

  Revise the borrower's payment records to provide for collection of the modified payment.
  Apply any funds that
  • the borrower deposited with the servicer as a condition of the mortgage loan modification,

  • have been deposited on behalf of the borrower in connection with the mortgage loan modification, or

  • the mortgage insurer contributed in connection with the mortgage loan modification.

    Note: Amounts due for repayment of principal, interest, or advances must be remitted promptly to Fannie Mae. The remaining funds may be used to clear any advances made by the servicer or to credit the borrower's escrow deposit account.

  Determine if it must change the servicing fee in accordance with A2-3-02, Servicing Fees for Portfolio and MBS Mortgage Loans.

For more information see Servicing Guide F-1-28, Processing a Fannie Mae Flex Modification.

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