Mortgage Modifications definition
Examples of Mortgage Modifications in a sentence
Creditable First Lien Mortgage Modifications include: Standard Principal Reduction Modifications (Exhibit D-1, ¶ 1.i); Forbearance Conversions (Exhibit D-1, ¶ 1.ii); Conditional Forgiveness Modifications (Exhibit D, ¶ 1.i); Streamline Modifications (Exhibit D, ¶ 1.f; Exhibit I ¶ 8.a.v); FHA Principal Reductions (Exhibit D, ¶ 1.j.i); and Government Modifications (Exhibit D, ¶ 1.j.ii).
Creditable First Lien Mortgage Modifications include: Standard Principal Reduction Modifications (Exhibit D-1, ¶ 1.i); Forbearance Conversions (Exhibit D-1, ¶ 1.ii); Conditional Forgiveness Modifications (Exhibit D, ¶ 1.i); 180 DPD Modifications (Exhibit D, ¶ 1.f); FHA Principal Reductions (Exhibit D, ¶ 1.j(i)); and Government Modifications (Exhibit D, ¶1.j(ii)).
For those First Lien Mortgage Modifications completed in relation to residential properties located in the Hardest Hit California Counties, this additional credit is in the amount of 25% of the actual credits earned on the foregoing activities.
For each dollar of creditable principal reduction, Servicer will receive one dollar in credit.Under the California Agreement, Servicer may receive additional credit against its Consumer Relief Requirements for principal reduction in the form of First Lien Mortgage Modifications completed on or after March 1, 2012 and implemented on or before February 28, 2013.
As shown in the First Interim Report, the credits earned can vary based on timing, the form of Consumer Relief, and the transaction type within each form.With respect to the requirements pertaining to timing, Servicer may receive additional credit against its Consumer Relief Requirements for amounts credited pursuant to its Refinancing Program and for principal forgiveness in First Lien Mortgage Modifications and Second Lien Portfolio Modifications.