19
Sep
Update on USDA Special Relief Modifications
| Effective September 21, 2022, Cenlar will default to the current PMMS rate for all USDA Special Relief Modifications. Previously, Cenlar used the lower of the borrower’s current Note rate or the current PMMS rate.
USDA allows for monthly principal and interest payment relief of up to 20%. Cenlar will continue to attempt to achieve the full 20% payment relief target, but we will offer this option to borrowers if any amount of payment relief is achieved. Cenlar continues to focus on our clients’ needs while allowing homeowners to take advantage of this Special Relief program. If you have any questions, please contact your client manager. |