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DocMagic Compliance Articles:
Original Loan Data
Mortgage Date
The date of the original Mortgage being modified (Fannie Mae HAMP)
Payment Amount
The amount of the current Payment being modified (Fannie Mae HAMP)
Volume/Book/Page
The volume/book/page that the original Mortgage was recorded in (Fannie Mae)
Assumable?
Does the original loan document contain a provision that allows the Note and Mortgage to be assumed by a transferee of an interest in the property? (Fannie Mae HAMP)
Fannie Mae Owned?
Is the loan being modified currently owned by Fannie Mae or Securitized? (Fannie Mae HAMP)
In Default?
Is the loan being modified currently in Default? (Fannie Mae HAMP)
Prepayment Penalty?
Does the existing Note have a Prepayment Penalty? (Fannie Mae HAMP)
Modification Data
Effective Date
The date the Loan Modification takes effect. (Fannie Mae HAMP)
Investor Loan Number
The loan number that was assigned by the current Investor holding the loan being modified.
Unpaid Principal Balance
The unpaid principal balance of the Note as of the date of the modification agreement. (FDIC)
Deferral of Principal
The amount of Principal that is being deferred for repayment at a later date (Fannie Mae HAMP and FIDC)
Principal Forgiveness
The amount of Principal that is being permanently forgiven (Fannie Mae HAMP and FIDC)
Delinquent Interest
The sum of interest that is delinquent. (FDIC)
Delinquent Escrow
The sum of all escrow monies that are delinquent. (FDIC)
Escrow Shortage
The amount of money needed to bring an escrow account current. (Fannie Mae HAMP)
Amount in Arrears
Amount that is in arrears including principal, interest and escrow monies. (FDIC)
Servicing Costs
Cost associated with completing the modification. (FDIC)
Miscellaneous
Bankruptcy Mortgage Reaffirmed?
Did the borrower previously receive a Chapter 7 bankruptcy discharge but did not reaffirm the mortgage debt under applicable law? (Fannie Mae HAMP)
Subordination/Title Endorsement?
Is lender required to obtain one or more subordination agreements and/or a title policy endorsement to ensure that the modified loan retains its first lien position and is fully enforceable? (Fannie Mae HAMP)
Hardship Explanation
The borrowers explanation of the hardship that is being experienced.
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