The current maximum principal amount is the current full loan amount including any previous additional advances.
We collect the current maximum principal amount of the loan to capture the current loan amount in the event the loan has had an additional advance prior to the current modification order. This is to specifically identify the details reflected in the most recent previous modification (if any) without reciting all previous modifications if more than one.
The Current Maximum Principal Amount field is intended to be the current full loan amount, whereas the Outstanding Principal Balance field is intended to be the outstanding principal balance of the loan as of the date listed, including any previous paydowns and/or added fees, costs, additional advances, etc. These fields are not intended to include modified amounts effective as of the ordered loan modification.
Current Maximum Principal Amount:
Outstanding Principal Balance:
