Exhibit XII-2Monthly Payment/Rate Change (Form 2040) Instructions
INSTRUCTIONS FOR MONTHLY PAYMENT/RATE CHANGE
(FORM 2040)
The Monthly Payment/Rate Change Record notifies Multifamily Reporting of interest rate and payment changes on the DUS ARM. Please see the DUS Guide for the due date of a submission.
Multifamily Reporting cannot process any transaction for a loan with a new payment or new interest rate until the new information is reported.
BLOCK DESCRIPTION
1.For Month Ending
Enter the month and year (MM/YY) of the activity that you are reporting.
2.Prepared By
Enter the name of the person preparing the report whom Fannie Mae can contact for questions.
3.Lender Number
Supply the nine-digit identification number assigned to your company when you were approved to do business with Fannie Mae.
4.Lender Name
Enter the full name of the Lender whose identification number is listed in Block #3.
5.Lender Address
Give the mailing address of the Lender identified in Block #4.
Fannie Mae DUS GuidePage 1
08/25/97
Exhibit XII-2Monthly Payment/Rate Change (Form 2040) Instructions
6.Loan Number
The loan number assigned by Fannie Mae.
7.Effective with Payment Due On
Enter the date (MM/YY) of the first payment reflecting the change.
8.Index Value
Enter the value of the Index that is used to determine the new interest rate in Block #10. The Index value may be carried up to three decimal places.
9.Interest Rate
Report the interest rate of the mortgage after the change.
10.Pass-through Rate
Report the pass-through rate of the mortgage after the change.
11.New Payment
Enter the monthly principal and interest payment after the change.
12.Remaining Amortization Period
Enter the remaining amortization period (in months) that is required to repay the unpaid principal balance of the mortgage in substantially equal payments.
13.Converted to Fixed Rate
Place a Y in this block at the time a loan is converted to a fixed rate mortgage. Complete this block only for loans that are converted to a fixed rate.
14.Converted Maturity Date
Enter the month and year (MM/YY) in which the converted mortgage will mature. Complete this block only for loans that are converted to a fixed rate.
Fannie Mae DUS GuidePage 1
08/25/97