MATURING BALLOON/RESET MORTGAGE WORKSHEET

LOAN INFORMATION
Servicer Loan #
Freddie Mac Loan #
Borrower Name
Property Address
City
State
Zip
Original Balloon Note Rate
%
Existing Servicing Spread
%
Balloon Term
5 Yrs       7 Yrs
Balloon Maturity Date
Escrow Payment
Yes           No
Mortgage Insurer
Title Insurer
Uniform Instruments Used at Origination
Freddie Mac
Fannie Mae
Document Custodian
Bank of New York
Servicer
3rd Party

EARLY NOTIFICATION
Early Notification to Borrower
Sent by
Sent on

REQUIRED NOTICE
The Five Reset Conditions (RC)    
* Enter the Estimated Costs in the first column under Preparation / Completion of Reset Transaction on page 3.
Payment History Review
Current, No
       Delinquency
Current, Was
       Delinquent
Delinquent
Notice of Acceleration
Notice of Delinquency
Met Unmet
RC Pmts:
Current Monthly Mortgage Payments
Note: This RC needs to be re-verified up until the Reset is completed.
Reverified on
Required
Send by
Sent on
Notice
Response due between:
   &  
Followed up on

BORROWER RESPONSE
Met Unmet
RC Time:
Timely Borrower Response
If MI and no response, Offer Letter sent on
Borrower Intention / Request
Will Pay Off
Elects to Reset
Wants to Reset, Does Not
       Meet Conditions
Other

Page 1 – NOTES/COMMENTS



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Form 1134 (5/11)
Page 1 of 4


REVIEW AND NOTIFICATION TO FREDDIE MAC
Met Unmet
RC O/O:
Ownership / Occupancy
Owns the Property?
Yes
No
Occupies the Property?
Yes
No
Occupancy
Status
Primary Residence
Second Home
Investment
 
Notify FMAC by:
Notified via:
Service Loans                                                                           a.m. ET
Disposition Code on       at        p.m. ET
Balloon Team/                                                                           a.m. ET
800 FREDDIE on              at        p.m. ET
Fannie Mae RNY
Obtained on                   at             a.m. ET
                                                                                                        p.m. ET

FREDDIE MAC (REVIEW) RESPONSE
Freddie Mac RNY
Obtained on                 at               a.m. ET
                                                                                                      p.m. ET
Form 1074
Rec’d on

CALCULATION OF RESET MORTGAGE TERMS
Reset Note Rate
Freddie Mac
Fannie Mae
RNY
  %
    
  %  
Reset Note Rate
 %  
Servicing Spread
Reset Note Rate
  %
– Freddie Mac RNY
 %   
            Servicing Spread
 %   
Amortized UPB at Maturity
$
P&I Payment
$
New Maturity Date
       
Met Unmet
RC 5%:
Reset Note Rate (not more than 5% above Balloon Note Rate)
 %  
Form 1074
 Service Loans  
Returned on
        via             or
 Email/Fax           
Form1034B
 Service Loans  
Returned on
        via                 or
 Email/Fax           

Page 2 – NOTES/COMMENTS















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Form 1134 (5/11)
Page 2 of 4


VERIFICATION OF BORROWER ELIGIBILITY
Met Unmet
RC Title:
Clear Title
Special Reset Title Insurance
        or
Traditional Title Insurance
Ordered on         Approved on                     Yes
                                                                                             Is Title Clear?
Ordered on         Approved on                No
Conditions of Insurer
Eligible
Ineligible
Servicer-Delegated Path
Reset    
Approved?   
 Yes               Date
                          
No                Reason 
Freddie Mac Review Path
Sent on
Decision Rec’d on
Approved for Reset
Referred to Foreclosure
Referred for Workout

PREPARATION / COMPLETION OF RESET TRANSACTION
Reset Processing Fees & Transaction Costs
Estimated for Required
Notice           
    Actual for Completion    Due from Borrower
Processing Fee

   $
–

   $

   $
Title Report

   $
–

   $

   $
Title Endorsement /Policy

   $
–

   $

   $
Recording Fees

   $
–

   $

   $
Other

   $
–

   $

   $
Total Fees

   

    

   

   $
 
Accrued Interest to Date
+

   $
Escrow Payment Due
+

   $

Grand Total (for Borrower’s Reset Package Cover Letter)

   $

Page 3 – NOTES/COMMENTS















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Form 1134 (5/11)
Page 3 of 4

 

PREPARATION / COMPLETION OF RESET TRANSACTION (cont’d)
Form 3293, Loan Modification, Sent to Borrower on
Rec’d from Borrower on
To Recorder’s Office on
Forms 1034B & Balloon Loan Modification to Custodian on
Certified Form 1034B sent to Freddie Mac's Settlement Operations Department at fmmdm@freddiemac.com on
Mortgage insurer (if applicable) notified on
Fees Remitted to Freddie Mac (if applicable) on
Mortgage Records Modified on
Payment Voucher Sent to Borrower on
Recorded Balloon Loan Modification Rec’d on
Title Insurance (Special or Traditional) Rec’d on

Page 4 – NOTES/COMMENTS


If you have any questions, please contact us by Email at balloon_loans@FreddieMac.com

 











































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Form 1134 (5/11)
Page 4 of 4