What is Current Balance?

For modification transactions, the current balance of the existing loan being modified would be entered as the Current Balance in the At Origination section of the Calculations page. This amount will print to the Loan Modification Agreement and the Credit Application Real Estate or Fannie Mae 1003 Freddie Mac 65 Uniform Residential Loan Application documents.

In addition, this amount is used to determine whether the modification involves an initial advance or a pay down amount. If applicable, this initial advance/pay down amount will print to the Loan Modification Agreement and can be changed if necessary on the Document Data page.