HAMP Reporting Transfer Process Available for Servicers of HAMP Loans
March 19th, 2010
On March 18, 2010, the United States Department of the Treasury issued a HAMP update titled, HAMP Reporting Transfer Process Available for Servicers of HAMP Loans.
HAMP Reporting Transfer Process Available for Servicers of HAMP Loans
A standardized process for the transfer or assignment of loans in the Home Affordable Modification Program (HAMP), or servicing rights related to HAMP loans, is available on HMPadmin.com. All HAMP servicers are required to follow the steps outlined in the HAMP Reporting Transfer Process. This process provides additional clarification to the Servicer Participation Agreement for servicers of non-GSE loans (Section 8: Transfer of Assignment; Mergers, Acquisitions and Changes of Control; Effects of Assignment; Section 9: Notices; and Exhibit D: Assignment and Assumption Agreement).
Transfer requests must be submitted to HAMP Operations at least 30-60 days prior to a proposed HAMP transfer effective date. Upon receipt, a HAMP Operations Analyst will review the request, and provide the servicer with next steps and status updates, as necessary, throughout the transfer process.
Important Actions for Servicers
Servicers should review the HAMP Reporting Transfer Process and related documents, which servicers are required to complete when requesting transfers:
Questions?
Contact HAMP Operations at hamp_servicingtransfer@fanniemae.com, or the HAMP Solution Center at support@hmpadmin.com or 1-866-939-4469.
To view the online update, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.