Mortgage Loan Recast

MORTGAGE LOAN RECAST APPLICATION

6200 S. Quebec St. Greenwood Village, CO. 80111

https://gmfsmortgage.servicingloans.com/ | Phone 1-866-392-1860 | Fax 1-877-875-0981

Specialized Loan Servicing LLC NMLS ID 2168

Mortgage Loan Recast – Fact Sheet

Did you know you may be able to lower your monthly payment without the stress of refinancing?

You may qualify for the chance to lower your monthly payment by recasting, or “re-amortizing”, your current home

loan, avoiding the hassle and expense of refinancing.

How loan recasting works:

A recast is when you apply an additional sum of

money to substantially reduce the unpaid principal

balance of your loan, and as a result lower the

monthly payment. Recasting is simple:

› If your loan qualifies, we will recalculate your

monthly payment based on the lower

principal balance, using the original terms

(interest rate and length of term) of your

mortgage loan

› By re-amortizing the loan on the new loan

balance, your monthly payment will be lower

Is my loan eligible?

Below are a few of the eligibility requirements your

loan must meet in order to be reviewed to be re-

amortized:

› Principal reduction of at least $5,000 (over

and beyond the loan’s original amortization

schedule)

› Senior Lien (1

mortgage)

› Conventional mortgage (FHA, VA, and Rural

Development loans are not eligible under

this program)

› Current with no outstanding amounts due

› No past due payments within the last 12

months

› 90 days after the mortgage closing date

› 90 days prior to any scheduled Adjustable

Rate payment changes

How to get started:

Simply complete, sign, and return the attached

Mortgage Loan Recast Application (all original signors

of the original Note must sign this application).

What happens next?

› We will review your submitted Mortgage

Loan Recast Application to make sure you

qualify

› If you qualify, you will receive a Mortgage

Loan Recast Agreement, which will include

your new monthly payment amount, within

15 days

› You should then execute, notarize and return

the Mortgage Loan Recast Agreement, along

with the lump sum payment, and a one-time

recast fee of $500

› Your new monthly mortgage payment

amount will begin on the effective date

specified on the Mortgage Loan Recast

Agreement

Before requesting a loan recast, as a borrower,

you should consider your goals and options.

› If your main goal is to reduce your monthly

payments rather than pay your loan off

faster, then a recast could be a good option

for you.

› If your main goal is to limit the amount of

interest paid and pay off your loan sooner,

then a recast may not be a good fit for you.

Note:

Do not send funds for a Recast until you have received Confirmation of Eligibility for the program

and the written Recast Agreement.

MORTGAGE LOAN RECAST APPLICATION

6200 S. Quebec St. Greenwood Village, CO. 80111

https://gmfsmortgage.servicingloans.com/ | Phone 1-866-392-1860 | Fax 1-877-875-0981

Specialized Loan Servicing LLC NMLS ID 2168

Customer Information

Loan Number: ______________________

Borrower Name: __________________________ Co-Borrower Name: __________________________

Borrower Home Phone: _____________________ Co-Borrower Home Phone: _____________________

Borrower Cell Phone: _______________________ Co-Borrower Cell Phone: _______________________

Borrower Email: ___________________________ Co-Borrower email: ___________________________

Mailing Address: _________________________________________________________________________

Important Message: It may be necessary for us to contact you regarding your mortgage account via email, text,

and/or auto-dialer.

Do you authorize us to contact you using the above listed information regarding your mortgage

account?

[ ]

Yes, I authorize

[ ] No, I do not authorize

Principal Curtailment Information

If you have already made additional principal reductions (curtailments), please indicate the amount and the date you

remitted the funds for your curtailment payment to us in the spaces below:

Principal Curtailment Amount: $________________ (Minimum $5,000) Principal Curtailment Date: ___/___/___

Periodic principal curtailments have been made on various dates totaling $________________ (Minimum $5,000)

If you have NOT already made a principal curtailment payment, please indicate the payment amount you

intend to

remit in the spaces below:

Principal Curtailment Amount: $______________ (Minimum $5,000) Principal Curtailment Date: ___/___/___

(Must be within 30 days of application date)

Submit your completed application to:

Attn: Special Loans/Recast

P.O. Box 636005

Littleton, CO 80163-6005

Or Email

[email protected]

Customer Attestation:

I certify, acknowledge, and agree the following:

1. I have read and understand the contents of the Mortgage Loan Recast Fact Sheet.

2. I understand that submission of this request does not guarantee I will be approved for a Recast.

3. If approved, and I have not already made a principal curtailment, I understand I must provide my lump sum

payment, my one-time recast fee of $500, along with my executed and notarized Mortgage Loan Recast

Agreement in order to process the Recast.

4. If approved, and I have already made the required principal curtailments, I understand I must provide my

one-time recast fee of $500, along with my executed and notarized Mortgage Loan Recast Agreement in

order to process the Recast.

Note: If the lump sum payment is returned for any reason, the Mortgage Loan Recast Agreement shall be null and

void and the loan will revert to the prior terms. In addition, the loan will be ineligible for a Recast during the next 12

months.

Borrower signature: __________________________________ Date: ______/______/______

Co-Borrower signature: __________________________________ Date: ______/______/______