Can I pay additional money towards my principal and have my loan re-amortized to reduce my monthly payments?

ServiceMac allows Mortgage Recast for Conventional Fannie Mae (FNMA) and Freddie Mac (FHLMC) loans that meet the qualifications for a recast.

 How does a Borrower Qualify for a Mortgage Recast?

1. FNMA or FHLMC must be the Investor
2. Must be a Conventional loan
3. Borrower must pay their first loan payment to ServiceMac before a recast request can be submitted.
4. Borrower must make the current monthly payment before the recast modification can be processed.
5. Must pay lump sum minimum principal curtailment payment of $10,000
6. Must pay $300 one-time processing fee
7. Complete the Recast application provided by ServiceMac.
8. Not a GNMA (FHA, VA, USDA-RHS) loan
9. Not active in bankruptcy
10. Not an interest-only loan
11. Must be current (No delinquent payments in the last 12 months)
12. If an ARM loan, must not be less than 90 days from an interest rate adjustment date

How Does the Borrower Contact ServiceMac for Mortgage Loan Recast Information?

1. Telephone: Call ServiceMac Customer Service at [phone] (Hours: Monday through Friday: 8:30 a.m. to 8:00 p.m. and Saturday: 9:00 a.m. to 3:00 p.m. Eastern Time).
2. Email: Submit a written request for Recast Modification to ServiceMac at [e-mail]

F.H.A., V.A & R.H.S loans are NOT eligible for recasts