FAQs: Loan Recast
What is a loan recast?

A recast is a recalculation of the principal and interest (P&I) payments on your loan do to the application of a principal payment of $10,000.00 or more.  A new P&I payment will be calculated based on a new principal balance, the interest rate and remaining term of the note.  A recast will not change the interest rate or the maturity date stated in the original note. You may contact our office at 405-302-0009 or 800-924-0788, 8:00 am – 5:00 pm CST,  Monday-Friday to get an estimated new P&I payment prior to sending the written request.

What do I have to do to request a recast?

You may contact the Cunningham & Company Customer Service Department at 405-302-0009 or 800-924-0788, 8:00 am to 5:00 pm CST, Monday-Friday or send your written request to:

First Mortgage Company, LLC
ATTN:  Recast Department
6800 Broadway Extension
Oklahoma City, OK  73116

The request must include the exact amount you will pay toward the balance of the loan. Once we receive the request, Cunningham & Company will begin processing the necessary paper work and mail you a modification agreement and requirement letter.  You will then be required to sign and return the modification agreement as instructed in your requirement letter.

Can I request the recast after the application of the principal payment?

No, you must request the recast prior to any principal reductions that meet the recast requirments.



Is there a fee to recast my mortgage?

Yes, there is a $350.00 modification/recast fee.