02 jan F-1-09: Processing Real Estate Loan Payments and Payoffs (10/19/2016)
This Servicing Guide Procedure offers the following:
Applying a home loan Loan Payment
The servicer must use monthly obligations within the purchase described into the after table, in conformity with C-1.1-01, Servicer obligations for Processing real estate Loan Payments.
Instruments dated March 1999 or later on
3. Deposits for escrow things, as relevant. Such deposits can sometimes include:
fees and assessments;
home or MIPs;
leasehold re payments or ground rents; and
community relationship dues, charges, and costs.
4. Belated costs, if any
Instruments dated before March 1999
1. Build up for insurance coverage and fees, if relevant
2. FHA service fees, if applicable
5. Belated fees, if any
Determining the Interest percentage of home financing Loan re Payment
The servicer must determine the home loan interest part of the payment as follows, relative to C-1.1-01, Servicer duties for Processing real estate Loan re re Payments.
a fixed-rate lien mortgage loan that is first
thirty days’ interest in the UPB at the time of the LPI date and utilizing the accrual rate that is current.