Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

When paying off the existing mortgage with proceeds from the Relief Refinance Mortgage, can the UPB be rounded up or down to the nearest thousand?

April 26, 2017existing mortgage nearest paying proceeds Refinance relief rounded thousand upb

0

Posted

When paying off the existing mortgage with proceeds from the Relief Refinance Mortgage, can the UPB be rounded up or down to the nearest thousand?

1 Answer

0

Posted

No. The UPB may only be rounded up (e.g., a UPB of $214,425 rounds to $215,000, not $214,000). Any funds remaining as a result of the rounding must be applied as a principal curtailment and/or disbursed as cash to the borrower not to exceed $250.