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Home | News | Loss Mitigation

The Impact of HAMP on Loss Mitigation Norms

loss-mitigation

-+*It has enabled the industry to evolve its loss mitigation norms by helping to define a process that uses income to drive to a specific debt-to-income level, and it is likely that modifications beyond HAMP will continue to occur on this basis.

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Freddie Mac Auctions Off First-Ever Extended Timeline Pool Offering of NPLs

seal-on-money

-+*EXPOs differ from Freddie Mac's Standard Pool Offerings in that the loans include smaller pool sizes and a longer marketing period. Freddie Mac is targeting smaller investors with its EXPO auctions, which are intended to give these investors extra time to secure funding to participate in the NPL sales. Freddie Mac began marketing the pool of loans on April 21 and encouraged private investors, minority- and women-owned businesses, non-profits, and neighborhood advocacy funds to bid in the auction, subject to meeting bidder qualification requirements.

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Freddie Mac Lists Steps To Help Distressed Borrowers Avoid Foreclosure Relief Scams

Checklist

-+*One of the steps Freddie Mac lists for borrowers to take in order to avoid being the victim of a scam is, first and foremost, calling your servicer. The borrower's servicer is the only one who can modify the mortgage or finalize a loss mitigation plan – anyone other than the servicer who professes the ability to do so is a scammer, especially if they require the payment of an upfront fee.

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