HAMP Update
June 30th, 2010
The U.S. Department of the Treasury issued a HAMP Update titled, Annual Servicer Certification Requirements - Updated Guidance.
HAMP UPDATE
Annual Servicer Certification Requirements - Updated Guidance
Today, June 29, 2010, Supplemental Directive 10-06: Guidance on Annual Servicer Certification Required by the Servicer Participation Agreement was issued providing additional guidance regarding the certification requirements for non-GSE servicers who have executed a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (SPA).
Servicers are required per their SPA to submit an initial certification, as well as subsequent certifications each year after, stating their continued compliance with the Home Affordable Modification Program (HAMP) and related Making Home Affordable (MHA) programs. Supplemental Directive 10-06 amends and restates the original certification requirements and outlines the delivery due dates for the initial and subsequent certifications.
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Initial Certification -- After executing a SPA, servicers must provide an Initial Certification stating their compliance "as of" the Initial Certification Effective Date. The due date for the servicer to deliver the certification to MHA-C (Freddie Mac, as Treasury's compliance agent) will be based upon the date the SPA was executed for a specific program and the effectiveness of such program, and it will be no later than 90 days after the Initial Certification Effective Date.
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Subsequent Certification -- After the Initial Certification, servicers are required to provide an annual Subsequent Certification stating their compliance according to their activities performed and obligations satisfied during the annual period. The Subsequent Certification Due Date for the servicer to deliver this certification to MHA-C will be the anniversary of the Initial Certification, or the servicer may elect to time their Subsequent Certification to their fiscal year end.
Review Supplemental Directive 10-06 for the specific effective and due dates, applicable programs, the Initial Certification and Subsequent Certification forms, and other certification guidance.
Questions?
Contact the HAMP Solution Center at support@hmpadmin.com or 1-866-939-4469.
To view the online HAMP 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.