Google+
  • Ocwen23.40-0.16 -0.68%
  • Zillow115.83-0.79 -0.68%
  • Trulia49.64-0.21 -0.42%
  • NationStar29.86-0.21 -0.70%
  • CoreLogic33.18-0.31 -0.93%
  • RE/MAX33.10+0.38 +1.16%
  • Fannie Mae2.49-0.01 -0.40%
  • Freddie Mac2.41-0.01 -0.41%
  • Wells Fargo53.88-0.22 -0.41%
  • CitiMortgage54.33-0.07 -0.13%
  • Bank of America17.10-0.08 -0.47%
  • Fidelity National Financial31.88+0.93 +3.00%
  • First American31.90+0.25 +0.79%
  • AUDUSD=X0.8539N/A N/A
  • USDJPY=X117.847N/A N/A
  • WP Stock Ticker
Home | News | Loss Mitigation | Fannie Mae Releases Guidance on HHF Modification Programs
Print This Post Print This Post

Fannie Mae Releases Guidance on HHF Modification Programs

In a recent ""announcement"":https://www.fanniemae.com/content/announcement/svc1314.pdf, Fannie Mae notified servicers of new policies related to Hardest Hit Fund (HHF) modification assistance programs.

[IMAGE]

[COLUMN_BREAK]

HHF provides funds to certain states hit hard by the economic and housing crisis. The funds are administered by Housing Finance Agencies and are used for a variety of mortgage assistance programs.

In the ""Servicing Guide Announcement"" released July 1, the GSE stated servicers ""must accept modification assistance received from a Housing Finance Agency (HFA) for a mortgage loan in connection with any Fannie Mae modification, without regard to whether principal forbearance is required.""

Fannie Mae further clarified that if a borrower completes a trial period plan but the servicer does not receive HFA funds before the due date for the first modified payment, the borrower must be re-evaluated for a modification.

In instances where the borrower no longer qualifies, the case must be sent to Fannie Mae for a decision. In cases where the borrower is eligible for a modification, the servicer must not require the borrower to complete another trial period.

The new policies should be implemented by October 1 though Fannie Mae encourages servicers to start earlier.

Bookmark and Share

About Author: Esther Cho

Avatar of Esther Cho
This user has not filled out their bio!

Leave a Reply

Scroll To Top