INFORMATION SHEET - MORTGAGE LOAN RECAST
What is
a Mortgage Loan Recast?
A mortgage loan recast is when you pay a substantial amount of principal on your loan to reduce the
balance and monthly payment.
How does a Mortgage Loan Recast Work?
If approved, you make a substantial (minimum of $10,000) lump sum payment to reduce the lo
an
balance
We then recalculate the m
onthly payment based on the lower principal balance, using the same
interest rate and time remaining under the original mortgage term
As a result, you receive a lower monthly
payment
Is There a F
ee?
Currently, RoundPoint charges a fee of $300.00 to process a Mortgage Loan Reca
st
How do I Qualify?
Your loan must be a conventional mortgage
Your monthly mortgage payment must be current with no amounts outstanding due
We must have an available copy of the Recorded Deed of Trust (please include a copy with your
application to expedite the process)
Your request
must be at least 90 days after the mort
gage closing date
Your request
must be at least 90 days prior to any scheduled Adjustable Rate payment chan
ges
You must hav
e a lump sum principal payment of $10,000 or more available with
in 30 days (do not
star
t this process if your payment will not be availa
ble within 30 days)
How do
I Get Started?
Complete, sign, and return the Mortgage Loan Recast Application (p
lease note, all original signors
of the origin
al Note must sign this applic
ation)
What Happens Next?
We will review your submitted Mortgage Loan Recast Application and determin
e eligibility
If you are denied, you will
receive a letter explaining the reason fo
r denial
If you are app
roved, you will receive a form Mortgage Loan Recast Agreement within 15 days (T
he
Agreement wi
ll include the new monthly mortgage payment amount
)
You will then
be required to execute, notarize, and return the Mortgage Loan Recast Agr
eement
You will be required to incl
ude your lump sum payment with the Mortgage Loan Recast Agreemen
t
Begin paying
your new monthly mortgage payment on the effective date specified in the Mort
gage
Loan
Recast Agreement (no more than 45 days from the date of the agreement)
MORTGAGE LOAN RECAST APPLICATION
Principal Curtailment Information
If you have already made a principal curtailment payment, please indicate the amount of the
curtailment payment and the date that you remitted the funds to RoundPoint in the spaces
below:
Principal Curtailment Amount:
$ (Minimum
$1
0,000)
Principal Curtailment D
ate: / /
If you have NOT already made a principal curtailment payment, please indicate the amount of
the curtailment payment you intend to remit to RoundPoint in the spaces below:
Principal Curtailment Amount: $ (Minimum $10,000)
Principal Curtailment D
ate: / / (Must be within 30 days of date of application)
Customer Contact 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:
From time to time it may be important for RoundPoint Mortgage Servicing
Corporation to contact you regarding your mortgage account via text, email and/or auto-dialer. Do you
authorize RoundPoint Mortgage Servicing Corporation to contact you regarding your mortgage account via
text, email and/or auto-dialer?
[ ] Yes, I authorize
[ ] No, I do not authorize
Return Address for Application
Please submit your completed application, along with a copy of the Recorded Mortgage Deed of Trust to
the below address:
RoundPoint Mortgage Servicing Corporation
Attn: Recast
PO Box 19409
Charlotte NC 28219-9409
✔
Customer Attestation
I certify, acknowledge, and agree the following:
1. I have read and understand the contents of the INFORMATION SHEET – MORTGAGE LOAN RECAST
2. I understand that submission of this request does not guarantee that I will be approved for a recast
3. If approved, I understand that I must provide my lump sum payment with my executed and
notarized Mortgage Loan Recast Agreement in order for RoundPoint to process the recast.
Borrower Signature: Date:
Co-Borrower Signature: Date:
