What is a request for verification of mortgage?

A Verification of Mortgage, also referred to as VOM, is a mortgage documentation of borrower’s overall mortgage payment history. Verification of Mortgage on a prior mortgage payment history is important for lenders who are reviewing a borrowers new mortgage loan application request.

What happens when you recast a mortgage?

A mortgage recasting, or loan recast, is when a borrower makes a large, lump-sum payment toward the principal balance of their mortgage and the lender, in turn, reamortizes the loan. This means that your loan is reduced to reflect the new balance. Lower monthly payments. Less interest paid over the life of the loan.

How do I complete my mortgage verification?

Provide your loan officer with your mortgage statement, your mortgage loan account number and your Social Security numbers and ask for a verification of mortgage. Ask for a full payment history as well.

How many times can you recast a mortgage?

You must make at least two consecutive monthly payments at your current payment amount before a loan can be recast. There may be a small fee (typically around $250) associated with the recast. There is not typically a limit around how many times someone can recast their loan.

What is a mortgage verification fee?

Verification Fees: Mortgage Verification Fee of $300.00 per document effective January 1, 2017, applies to all mortgage related documents. Information from documents that are verified and recorded affect the title of land and data from these transactions are indexed in Real Property.

What is a 12 month mortgage rating?

A 12-month mortgage rating is a type of report that displays the borrower’s payment profile on his most recent mortgage (based off reported date) and only on the last 12 months worth of payment data.

Does recasting remove PMI?

You can request to recast your mortgage and pay down on the principal, with the same interest rate. This payment on the principal may be enough to get you below the 80 percent loan-to-value ratio and allow you to drop the PMI.

What does recast mean in acting?

: to change the actors in (a play, movie, or television show) : to give a new role to (an actor) : to present (something) in a different way.

Do mortgage lenders call employer?

Mortgage lenders usually verify your employment by contacting your employer directly and by reviewing recent income documentation. At that point, the lender typically calls the employer to obtain the necessary information.

Can you always recast a mortgage?

A mortgage recast restructures your loan so that the remaining balance is spread out over the rest of the loan term. But you can only recast a mortgage after you make a one-time lump sum payment towards your mortgage principal, similarly to when you made a down payment when you first took out the mortgage.

What is a 12 month mortgage history?

If a borrower had previous mortgages, the lender does not have to independently verify the mortgage’s payment history provided the credit report includes a reference to the mortgage (or mortgages) and reflects 12 months of the most recent payment activity.

What is a 12 month rating on a credit report?

A 12-Month Rating displays the borrower’s payment profile on the most recent mortgage (determined by reported date) and rates only on the last 12 month’s of payment data.

What does it mean to recast a mortgage loan?

A mortgage recasting, or loan recast, is when a borrower makes a large, lump-sum payment toward the principal balance of their mortgage and the lender, in turn, reamortizes the loan. This means

What should I know before recasting my mortgage with Rocket Mortgage?

Your lender might require that you have a history of on-time payments before you can recast. For example, Rocket Mortgage requires that you have at least two consecutive on-time payments on your current loan before you recast. Keep in mind that individual standards can vary by lender, so it’s best to check to see what you can qualify for.

Can a FHA loan be recast as a VA loan?

Plus, not all mortgages qualify for recasting; some types of loans, like FHA loans and VA loans, can’t be recast. There’s a big difference between recasting a mortgage and refinancing one, even though both can help borrowers save money.

Do you need an appraisal to recast a mortgage?

There are no credit or appraisal requirements. You don’t need to meet credit score requirements to recast your loan. Plus, there’s no need to worry about waiting for an appraisal like you would for a refinance. You can keep your current interest rate.