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# Refinance Non-Standard to Standard

What is Recast Date?

Recast occurs on a Non-Standard Mortgage when the introductory fixed rate period ends for an adjustable rate mortgage, or when the interest only period ends for an interest only loan, or when the negatively amortizing payment period ends for a negative amortization loan.

What is Remaining Loan Amount?

A remaining loan amount is:

- for an adjustable rate mortgage, the outstanding principal balance as of the date of the recast, assuming
  - all scheduled payments have been made up to the recast date, and
  - the payment due on the recast date is made and credited as of that date; or
- for an interest only loan, the outstanding principal balance as of the date of the recast, assuming
  - all scheduled payments have been made up to the recast date, and
  - the payment due on the recast date is made and credited as of that date; or
- for a negative amortization loan, the maximum loan amount, determined after adjusting for the outstanding principal balance.

What is Remaining Term at Recast?

The term of the loan remaining as of the date on which the recast occurs, assuming all scheduled payments have been made up to the recast date and the payment due on the recast date is made and credited as of that date.