Fannie Mae Servicing Policy Update
April 26th, 2010
Clarifications to Alternative Modification to HAMP
Fannie Mae is providing additional information for its Alternative Modification™ (Alt Mod™) program to help clarify servicer guidance regarding eligibility determinations, Form 3179 preparation, hardship documentation, HomeSaver Solutions® Network (HSSN) tasks, and more.
On March 18, Fannie Mae issued Lender Letter LL-2010-04: Fannie Mae's Alternative Modification™ to the Home Affordable Modification Program. It required servicers to consider the Alt Mod prior to initiating foreclosure proceedings for borrowers who were eligible for and accepted into a Home Affordable Modification Program (HAMP) trial period plan, but subsequently denied a permanent modification because of eligibility restrictions. It applies to all mortgage loans in active HAMP trials initiated prior to March 1, 2010.
Please see Lender Letter LL-2010-04 for details, and now available on the eFannieMae.com Alt Mod page, please see the following additional information:
·
Alt Mod Clarifications; Frequently Asked Questions -- in response to servicer inquiries · Sample Loan Modification Agreement documents (Form 3179) -- modified for three additional payment scenarios as detailed in the Form 3179 Summary · Sample hardship affidavit -- for reference in cases where one was not collected during the HAMP process · Job aid: Alt Mod Flow Chart -- to assist with eligibility determinations and underwriting requirements · Job aid: Entering Alt Mod Cases into HSSN-- to guide servicers through reporting requirements
Servicers executing this important follow-up to HAMP as part of Fannie Mae's workout hierarchy should contact their Portfolio Manager directly, or the Servicer Support Center at 1-888-FANNIE5 (326-6435), if additional assistance is needed.
To view the Alt Mod Page, 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.