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HANDBOOK FOR SERVICERS OF NON GSE MORTGAGES- 2012. THE MAKING HOME AFFORDABLE PROGRAM

HANDBOOK FOR SERVICERS OF NON GSE MORTGAGES- 2012. THE MAKING HOME AFFORDABLE PROGRAM

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Published by 83jjmack
THE 2012 HANDBOOK FOR SERVICERS
THE 2012 HANDBOOK FOR SERVICERS

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Categories:Business/Law
Published by: 83jjmack on Jun 08, 2013
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08/15/2013

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Overview MHA Handbook v4.1 1
 
 
Version 4.1
As of December 13, 2012
 
 
Overview MHA Handbook v4.1 2
 
FOREWORD...................................................................................................................13
 
OVERVIEW.....................................................................................................................14
 
CHAPTER I: MAKING HOME AFFORDABLE PROGRAM...........................................20
 
1 SERVICER PARTICIPATION IN MHA........................................................................21
 
1.1 Servicer Participation Agreement........................................................................................21
 
1.2 Servicer Safe Harbor...........................................................................................................21
 
1.3 Investor Solicitation..............................................................................................................22
 
1.4 Transfers of Servicing..........................................................................................................22
 
1.4.1 Transfer of Eligible Loans.............................................................................................22
 
1.4.1.1 HAMP Eligible Loans..............................................................................................23
 
1.4.1.2 2MP Eligible Loans.................................................................................................23
 
1.4.1.3 Treasury FHA-HAMP and RD-HAMP Eligible Loans.............................................23
 
1.4.1.4 HAFA Eligible Loans...............................................................................................23
 
1.4.2 Relationship Manager...................................................................................................24
 
1.4.3 Obligations of Transferor Servicers...............................................................................24
 
1.4.4 Obligations of Transferee Servicers..............................................................................24
 
1.4.5 Involuntary Transfers of Servicing.................................................................................25
 
1.4.5.1 Borrower Notification..............................................................................................25
 
1.4.5.2 Impact on Incentives...............................................................................................25
 
1.5 Program Participation Caps.................................................................................................26
 
1.6 Compliance with Applicable Laws.......................................................................................30
 
1.7 Dodd-Frank Certification Requirement................................................................................31
 
2 COMPLIANCE.............................................................................................................33
 
2.1 Compliance Assessments....................................................................................................33
 
2.2 Documentation.....................................................................................................................34
 
2.2.1 Documentation Requirements for PRA.........................................................................37
 
2.2.2 Documentation Requirements for UP...........................................................................37
 
2.2.3 Documentation Requirements for HAFA.......................................................................38
 
2.2.4 Documentation Requirements for 2MP.........................................................................39
 
2.2.5 Documentation Requirements for HHF.........................................................................39
 
2.3 Communication of Findings and Results.............................................................................40
 
2.4 Treasury FHA-HAMP and RD-HAMP Compliance..............................................................40
 
2.5 FHA2LP Compliance...........................................................................................................41
 
2.6 Annual Certification..............................................................................................................42
 
2.6.1 Initial Certification..........................................................................................................42
 
2.6.2 Subsequent Certifications.............................................................................................44
 
2.6.3 Subsequent Events.......................................................................................................45
 
2.6.4 Scope of the Certification..............................................................................................45
 
2.6.4.1 Scope of the Internal Controls Program.................................................................45
 
2.6.4.2 Internal Controls Documentation............................................................................45
 
2.6.4.3 Quarterly Reviews..................................................................................................45
 
2.6.5 Reporting Noncompliance.............................................................................................46
 
2.6.6 Cover Letter to the Certification....................................................................................46
 
2.6.7 Termination of Obligation to Provide Certifications.......................................................46
 
2.7 Internal Quality Assurance...................................................................................................47
 
2.7.1 Establishment of a Quality Assurance Function...........................................................47
 
2.7.2 Scope of Quality Assurance Reviews...........................................................................47
 
2.7.3 Quality Assurance Review: Methodology, Timing and Reporting................................49
 
2.7.4 Relationship Manager Assessment...............................................................................49
 
2.8 Dodd-Frank Certification, Borrower Identity and Owner Occupancy Compliance...............50
 
2.8.1 Borrower Eligibility & Compliance Portal.......................................................................51
 
2.8.2 Loan Selection...............................................................................................................51
 
 
 
Overview MHA Handbook v4.1 3
 2.8.3 Servicer Documentation................................................................................................51
 
2.8.4 Hold on Program Participation for Trial Period Plans or Pending HAFA Transactions51
 
2.8.5 Vendor Review and Alert Notification............................................................................52
 
2.8.6 Alert Clearance Process...............................................................................................52
 
2.8.6.1 Servicer Responsibility for Assessing Information.................................................53
 
2.8.7 Reporting Clearance Status..........................................................................................53
 
2.8.7.1 Identity/Occupancy Verification Alert Status..........................................................54
 
2.8.7.2 Dodd-Frank Certification Compliance Alert Status.................................................54
 
2.8.8 Not Cleared Borrower Notices......................................................................................55
 
2.8.9 Treasury System Reporting and Incentives..................................................................56
 
2.8.10 Interaction with Other EESA Programs.......................................................................56
 
2.8.10.1 Borrowers In Multiple MHA Programs..................................................................56
 
2.8.10.2 Borrowers In MHA and HHF Programs................................................................56
 
3 ESCALATION OF BORROWER INQUIRIES..............................................................56
 
3.1 Treasury’s Borrower Support Centers.................................................................................56
 
3.2 Servicer Escalated Case Management...............................................................................57
 
3.2.1 Staffing Requirements...................................................................................................57
 
3.2.2 Accessibility...................................................................................................................58
 
3.2.3 Single Point of Contact..................................................................................................58
 
3.3 Escalation Resolution Process............................................................................................58
 
3.3.1 Timing............................................................................................................................58
 
3.3.2 Authorization.................................................................................................................58
 
3.3.3 Case Resolution............................................................................................................59
 
3.3.4 Substantially Similar Cases...........................................................................................59
 
3.3.5 Ongoing Litigation.........................................................................................................60
 
3.4 Protections Against Unnecessary Foreclosure....................................................................60
 
3.4.1 Suspension of Referral to Foreclosure..........................................................................60
 
3.4.2 Suspension of Scheduled Foreclosure Sale.................................................................60
 
4 SINGLE POINT OF CONTACT...................................................................................60
 
4.1 Relationship Manager Responsibilities................................................................................61
 
4.2 Staffing and Caseload Management...................................................................................62
 
5 FEDERALLY DECLARED DISASTERS.....................................................................62
 
5.1 Flexibility with Borrowers in FEMA Designated FDD Areas................................................62
 
5.2 Forbearance until Servicer makes Contact with Borrower in an FDD Area........................63
 
5.3 Forbearance Plans under HAMP and 2MP.........................................................................63
 
5.3.1 FDD Forbearance Plan during a HAMP Trial Period Plan or 2MP Trial Period............64
 
5.3.1.1 Cancellation of HAMP Trial Period Plan or 2MP Trial Period................................64
 
5.3.1.2 Exiting the Forbearance Plan after Cancellation of TPP or 2MP Trial Period........64
 
5.3.2 FDD Forbearance Plan Following Modification.............................................................65
 
5.4 Foreclosure and a FDD Forbearance Plan..........................................................................66
 
5.5 Late Fees.............................................................................................................................66
 
CHAPTER II: HOME AFFORDABLE MODIFICATION PROGRAM..............................67
 
1 ELIGIBILITY................................................................................................................68
 
1.1 HAMP Eligibility Criteria.......................................................................................................68
 
1.1.1 Basic HAMP Eligibility Criteria......................................................................................68
 
1.1.2 HAMP Tier 1 Eligibility Criteria......................................................................................69
 
1.1.3 HAMP Tier 2 Eligibility...................................................................................................69
 
1.2 Additional Factors Impacting HAMP Eligibility.....................................................................70
 
2 COMMUNICATION AND BORROWER NOTICES.....................................................75
 
2.1 Servicer Requirements........................................................................................................75
 

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