Fannie Mae raising mortgage modification interest rate yet again

Fannie Mae permits the delivery of certain other modified loans based primarily on whether the loan was owned or securitized by Fannie Mae prior to the modification, or the modification of the loan was done in accordance with a standard product or is common and customary in a certain area.

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Fannie Mae raising mortgage modification interest rate yet again – Fannie Mae is set to raise the. modification program." The new rate does not extend to HAMP borrowers. In the note sent to servicers, Fannie said that servicers must use the new interest rate for.

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The Fannie Mae Modification Interest Rate is subject to periodic adjustments based on an evaluation of prevailing market rates. The servicer must use the current Fannie Mae Modification Interest Rate indicated below when evaluating a borrower for a conventional mortgage loan modification.

Fannie Mae is set to raise the benchmark interest rate for its standard modification program for the second month in a row. Beginning July 14, Fannie Mae will raise its required interest rate for.

The standard modification rate hasn’t been that high since Nov. 2014. Normally, Fannie and Freddie raise or lower the benchmark interest rate in sync, but while Fannie sent out a notification to mortgage servicers that it was decreasing the benchmark rate from 4.125% to 4%, Freddie did not.

Fannie Mae further specified the principal amount due, $83,267.82, plus interest, on the outstanding principal amount at the rate of 6.125% per annum from September 1, 2013.

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Fannie Mae’s guidelines specify that incentive payments don’t accrue during the trial period, but they will be made up in the first month of the mortgage modification.

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