Google+
  • Ocwen19.51+0.47 +2.47%
  • Zillow108.45+4.02 +3.85%
  • Trulia46.09+2.26 +5.16%
  • NationStar32.59-0.72 -2.16%
  • CoreLogic30.28+2.32 +8.30%
  • RE/MAX31.08-0.64 -2.02%
  • Fannie Mae2.28+0.04 +1.79%
  • Freddie Mac2.21+0.06 +2.79%
  • Wells Fargo50.60+0.43 +0.86%
  • CitiMortgage51.41+0.71 +1.40%
  • Bank of America16.60+0.20 +1.22%
  • Fidelity National Financial28.98+0.38 +1.33%
  • First American28.91+0.49 +1.72%
  • AUDUSD=X0.8785N/A N/A
  • USDJPY=X107.955N/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