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      1.  Can you clarify effective date of Modification Documents?  

      The date the modification is effective, with relation to the changes. EG. If you would like a rate change for August, so the September payment reflects the new rate, then the effective date would be a date before August 1, so the rate is in place by the first of the next month. This date is separate from the Date of Modification Documents; such date is a reference date. 

      2.  What is Current Maximum Principal Amount? How is it different from Principal Balance?
        1. Current Maximum Principal Amount: The loan amount of the original loan (or post-modification amount if previously modified to change the loan amount). This is a reference to the existing loan documents.
        2. Outstanding Balance: The outstanding principal balance as of the Date of Outstanding Balance. This is a recital to establish the current state of the loan being modified.
        3. These two values can be the same, or different, depending on the particulars of the loan. For example, Interest Only loans may have the same amount, while loans that have principal payments received may have different amounts.