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Are we required to ensure that 80% of the new modified Unpaid Principal Balance (UPB) will be paid off before the original maturity date?

Published 08/09/2012 02:31 PM   |    Updated 08/09/2012 02:31 PM

The 80% rule is no longer listed for the loan modification requirement. Is this still applicable? Are we required to ensure that 80% of the new modified Unpaid Principal Balance (UPB) will be paid off before the original maturity date?

The 80% rule no longer exists, but you must not extend the modification beyond 120 months beyond the original maturity date.