WANT TO PAY DOWN YOUR MORTGAGE AND RECAST?

A recast is when a customer wants to apply an additional sum of money to substantially reduce the principal balance of their loan and re-amortize their loan over the remaining term to lower the monthly payment.

Loan sale must be complete so a recast cannot be requested immediately after closing. Typically, loans are sold to Investors within 30-45 days of closing.

From start to finish, the recast process can take anywhere from 45 to over 60 days to complete.

• Minimum principal reduction amount to consider a recast request - $10,000.00.

• Only written requests for recasts will be honored.

• Written requests must be sent from the customer via email to modifications@evergreenhomeloans.com.

• Customers will receive back instructions and details on the modification process.

• Loan must be pre-paid ahead one month – this will be outlined in the instructions sent.

• Recast Fee - $500.00 payable per the instructions sent to customer.

• Upon receipt of the money applied to the principal balance and the Recast Fee, our regional servicing team will prepare a modification agreement with the new payment and terms.

NOTE: Amount applied to recast must be received in the form of a cashier’s check or wire.

• All regularly scheduled monthly payments must be made during the recast process.

• A cover letter and modification agreement are mailed to the customer for signature.

• Modification Agreement must be notarized and witnessed.

• Recast will be complete once the signed Modification Agreement is returned and processed with the applicable investor.

• Customers will receive a new monthly statement detailing the new loan payment.

• Multiple recasts are available, but the $10,000.00 minimum and $500.00 Fee applies each time.

Evergreen Home Loans will consider a recast upon request. However, approval of the recast is not guaranteed. Evergreen Home Loans reserves the right to deny a recast request at any time, at its sole discretion.

In addition, Evergreen retains the right to sell each loan to another servicer/investor at which time the ability to do the recast would be subject to the servicing policy of the new servicer/investor.

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