Frequently Asked Questions (FAQs)

If you have questions about your loan with EMM Loans LLC and would like to speak to someone, please call us at 855-648-0025. Our Homeowner Care team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET and our Ally department is available Monday – Friday 8:00 am – 9:00 pm ET.

Mortgage Recast

What the heck is a Mortgage Recast?

A mortgage recast is a onetime option available for Fannie Mae or Freddie Mac conventional loans allowing you to put a lump sum towards the principal balance on your mortgage. Along with this principal payment you can request that your lender recast the mortgage. Your interest rate and maturity date will remain the same, however, the loan will be re-amortized (a fancy way of saying your payment will be re-calculated) reducing your monthly principal payment.

Do I qualify for a Recast?

Mortgage Recasts are available for Fannie Mae and Freddie Mac conventional loans once in a 12-month period for 1st liens. FHA, VA, and USDA loans are not eligible for a Recast.

If I Recast my Mortgage, will my monthly payment remain the same forever?

Recasting your mortgage only affects your monthly principal and interest amount. The amount will remain lower, however, if you have an Adjustable Rate Mortgage (ARM) you may see small variances up and down through the rest of your loan term and the Escrow portion of your payment may change in the future, both of which could affect your overall monthly payment.

Is there a minimum lump-sum requirement?

Yes. A minimum of 10% of the current unpaid principal balance is required. This amount may be accepted as:

  • A single lump sum payment or
  • In multiple principal reductions totaling at least 10% of your current unpaid principal balance if received within a 3-month period.

Is there a processing fee?

Yes. A $300.00 processing fee is collected before our Special Loans team completes their review.

Are there any additional requirements?


  • The loan may not have had a modification completed within the last five years.
  • The account may not be currently active in bankruptcy.
  • The account may not be currently delinquent.
  • The loan may not be in an interest-only period.
  • In the case of an Adjustable Rate Mortgage (ARM), there may not be an interest rate change scheduled in the next 30 days.
  • All outstanding fees are paid in full.
  • 2nd liens are ineligible for Recasting.
  • The loan must be aged, at minimum, 90 days after origination or from the service transfer date.

Why are interest only and adjustable rate mortgages ineligible?

Simple! You don’t need to recast your mortgage. If you are expecting an adjustable rate change or are in an interest only period of your loan, a recast agreement is not necessary. Please feel free to send us your additional curtailment prior to your next scheduled rate change or the end of your interest only period and your loan will be re-amortized automatically.

What about my Escrow payments?

Recasting your mortgage will not change your escrow (taxes and insurance) payments. You may be eligible for PMI removal after the completion of your recast based on your properties appraised value and resulting unpaid principal balance. This is a separate request outside of your loans recast. Please reach out to our Homeowner Care Team at 855-648-0025 anytime Monday – Friday 8am to 9pm ET or Saturday 8am to 12pm ET with further questions.

Is there a timeframe for requesting a Mortgage Recast?

Yes. Recast requests will be accepted after 90 days from origination or 90 days from your loan transferring to EMM Loans LLC and we must have a copy of the recorded mortgage.

What does the process look like?

Please reach out to our Homeowner Care Team at 855-648-0025 anytime Monday - Friday 8am to 9pm ET or Saturday 8am to 12pm ET with your request:

  • Recast requests are forwarded to our Special Loans team for handling
  • Special Loans will provide amortization schedules based on the principal curtailment amount(s) requested. Please note, if no specific amount was given, Special Loans will send a default amortization scheduled based on our 10% minimum principal curtailment requirement
  • Once the principal curtailment and recast fee are received and deposited our Special Loans team will send you a recast agreement based on the principal curtailment amount received
  • Once the agreement has been signed, notarized and returned to our Special Loans team, your system changes will be completed, and a new billing statement requested
  • Please anticipate a 30-45-day processing time

Where do I send my payment?

Please return your principal reduction and fee to:

Attn: Special Loans
3138 E Elwood Street
Phoenix, AZ 85034