Freddie Mac speeds up availability of streamlined loan mods

Loan Product Advisor® Documentation Matrix . Use the following information as a reference for documenting your Loan Product Advisor loans. For complete documentation information and specific program eligibility requirements, refer to the freddie mac single-family seller/servicer Guide (Guide). We recommend bookmarking the Guide link (Freddie

In the past, Fannie Mae and Freddie Mac offered standard and streamlined modifications to people. Those programs, along with HAMP, were replaced on October 1, 2017 with the Flex Modification program. Under this program, the loan servicer takes a series of steps, which might include lowering the interest rate and extending the term of the loan.

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HAFA establishes streamlined short sale. loan modification period qualify for HAFA. Other HAFA requirements include:Property is principal residence.Mortgage originated before Jan. 1, 2009.Mortgage.

Fannie Mae and Freddie Mac announced recently that their replacement for the Home Affordable Modification Program is the Flex Modification foreclosure prevention program, which is designed to help.

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In the past, borrowers typically had to be delinquent before they could qualify for such help as a loan modification. of Fannie Mae and Freddie Mac, which were put into a conservatorship several.

The HAMP & GSE Waterfall Worksheet A User’s Guide December 10, 2015 7 post-modification mark to market loan to value ratio is above 115%.15 Because servicers may implement this change immediately, the waterfall has been updated to reflect the new rules.

In late 2014, Fannie Mae and Freddie Mac. the loan amount is based not on the current appraised value of the home but on the projected value after the repairs are completed. A so-called.

If the bestcase loan mod is more than the postHAMP P&I, then you can be reasonably confident the loan servicer will not be able to reach an affordable payment by modifying the loan and the borrower should consider other loss mitigation options such as a short sale.