What is the Modification Maturity Date?

This field displays only for FHA or USDA loans. There are instances where an FHA or USDA loan gets modified to extend the maturity date. However, the original Mortgage Insurance monthly amounts need to remain as they were when calculated from the original maturity date. When this type of loan is assumed, it is necessary for the user to enter the origination maturity date into the At Origination Maturity Date field to retain the original Mortgage Insurance monthly amounts. Then the user must enter the maturity date that was created when the loan was modified into the Modification Maturity Date to ensure that the system will calculate amounts, such as the principal and interest payment amount, the declining balance, final payment date and amount, etc., using the modified maturity date.