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Re-amortized (Recast) Mortgages
Purpose and Guidelines for Recast Loans
The purpose of this job aid is to provide additional information on data fields required in Loan Delivery when a loan is being delivered as a recast loan. A loan recast occurs when the borrower pays a substantial principal curtailment after the loan has closed, and the monthly loan payment amount is recalculated over the remaining loan term based on the new outstanding balance.
The tables within this job aid provide a quick reference to the allowable values corresponding to the fields that are required in Loan Delivery for a recast loan.
NOTE: For detailed instructions on how to perform other tasks, see the Loan Delivery User Guide, eLearning tutorials, or other job aids. If you do not have access to Loan Delivery and require it, please contact your Corporate Administrator.
How to Use the Tables
The tables within this job aid provide a quick reference to the Loan Delivery fields that are applicable to recast loans. The equivalent Fannie Mae input data from Appendix D should be use for file upload.