9206.14: Loan modification expenses (03/02/16)
- Kacey Olson (Unlicensed)
© Freddie Mac Single-Family Seller Servicer Guide
Subject to applicable law, loan modification expenses may include, but are not limited to:
1. Notary fees
2. Recordation fees if they meet the requirements in Section 9206.12
3. Title report according to the requirements of Section 9206.12. To reduce the expenses, order any required title report from a vendor that is an agent of the current title insurer, when possible.
4. Updated title endorsement or a new title insurance policy according to the requirements of Section 9206.12
5. Legal and settlement fees
6. Property inspection
7. BPO cost, if a BPO is used as the property valuation. See Section 9202.19 for BPO cost details.
The Servicer may not charge the Borrower any processing fee or other administrative fee in connection with the processing of a loan modification.
If the Servicer does not modify the Mortgage, the Servicer must refund to the Borrower all prepaid, but unused expense funds.