Google+
  • Ocwen19.04-2.44 -11.36%
  • Zillow104.43-4.58 -4.20%
  • Trulia43.83-2.29 -4.97%
  • NationStar33.31-1.40 -4.03%
  • CoreLogic27.96-0.28 -0.99%
  • RE/MAX31.72+0.28 +0.89%
  • Fannie Mae2.24-0.16 -6.67%
  • Freddie Mac2.15-0.11 -4.87%
  • Wells Fargo50.17-0.28 -0.56%
  • CitiMortgage50.70-0.57 -1.11%
  • Bank of America16.40-0.20 -1.20%
  • Fidelity National Financial28.60-0.15 -0.52%
  • First American28.42-0.33 -1.15%
  • AUDUSD=X0.8787N/A N/A
  • USDJPY=X107.525N/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