HAMP Update MHA Policy Updates
December 1st, 2010
The US Department of the Treasury issued a HAMP Update titled, Making Home Affordable (MHA) Policy Updates Issued Affecting HAMP, UP, and 2MP.
Making Home Affordable (MHA) Policy Updates Issued Affecting HAMP, UP, and 2MP
Today, November 23, 2010, Supplemental Directive 10-16: Making Home Affordable Program -- Policy Update, was issued on HMPadmin.com.
It provides new guidance related to borrowers affected by a federally declared disaster. It also provides policy enhancements to the Home Affordable Modification Program (HAMP), the Home Affordable Unemployment Program (UP), and the Second Lien Modification Program (2MP), and amends and supersedes notated portions of the Making Home Affordable Handbook for guidance that is effective immediately. Guidance that is effective February 1, 2011, will be incorporated into a subsequent version of the Handbook.
Supplemental Directive 10-16 is effective immediately for the following topics:
- Help for Borrowers Affected by a Federally Declared Disaster
- Investor Participation List (pool level identification information will not be subject to compliance review until February 1, 2011)
- Third-Party Authorization
- Solicitation of Borrowers Discharged from Chapter 7 Bankruptcy
- Impact of Loan-to-Value Ratio on Borrower Eligibility
- Escrow Analysis
- Principal Forbearance Limit in Alternative Modification Waterfall
- Treatment of Interest Accrued During the Trial Period Plan
- UP Policy Enhancements (except guidance related to UP time periods)
- 2MP Policy Enhancements
This Supplemental Directive 10-16 is effective February 1, 2011, for the topics below; however, servicers are encouraged to implement the guidance as soon as possible.
- Clarification of Initial Package Requirement
- Pending ARM Resets
- Prohibitions on Modifications that Increase Principal and Interest
- UP Policy Enhancements (guidance related to UP time periods)
Please review the Supplemental Directive for details. If you have questions, please 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 800 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.