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Home Affordable Modification Program (HAMP) Overview

Facilitator: Tara Connors


Bulletin 2009-6 (3/11/09), Bulletin 2009-8 (4/7/09), Bulletin 2009-10 (4/21/09), Bulletin 2009-13 (5/26/09)

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Freddie Mac 2009

Table of Contents
Topic Slide Number
Objectives and overview of the Making Home Affordable Program 4-5 Overview of HAMP benefits and process flow.. 6-8 Borrower Solicitation and Outreach. 9-10 Eligibility requirements including Determining Imminent Default... 11-14 Borrower documentation..... 15 Overview of Servicer Responsibilities..... 16 Determine Borrower Income, Hardship and other documentation.. 17-20 Determine Property Value 21 Underwrite the Borrower and NPV test 22-26 Modification Process. 27-31 Compensation and Incentives.... 32 Reporting and Compliance.. 33-34 Summary and Resources. 35-39
Freddie Mac 2009

Objectives
Identify the benefits of the Home Affordable Modification Program (HAMP) Understand Freddie Macs expectations for identifying workout opportunities and executing the HAMP Learn the key steps in the HAMP process flow and your servicer responsibilities Examine HAMP structure, solicitation, eligibility and documentation requirements
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Making Home Affordable Program


Freddie Mac Initiatives:
Freddie Mac Relief Refinance MortgageSM Home Affordable Modification

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Freddie Mac Relief Refinance Mortgage


Owned, in whole or in part, or securitized by Freddie Mac Must be serviced by the Seller or an Affiliate of the Seller The existing mortgage has a Freddie Mac Settlement Date on or before May 31, 2009 Borrower must be current with no delinquencies in previous 12 months Allows the LTV ratio to go up to 105%, and allows for an unlimited TLTV/HTLTV All secondary financing must be re-subordinated No re-qualification of the borrower for the new refinance mortgage if certain requirements are met Additional information: www.FreddieMac.com/sell/factsheets/relief_refi.html www.MakingHomeAffordable.gov
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Home Affordable Modification


Benefits for
No fees Payment of no less than 31% gross income Up to $5000 of incentive can be earned

Servicer Borrower
Increase in workout compensation Up to $3000 incentives can be earned

Mortgage Property
No REO stigma Stays occupied Expanded eligibility: 1-4 unit properties, primary residences First-lien mortgages dated on or before January 1, 2009 No payment delinquency required

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Alternatives to Foreclosure Process


Performing Loans

Reinstatements
Home Affordable Modification Program
Identify Potential Candidates for Alternatives to Foreclosure Collect and Analyze Borrower Data Collect and Analyze Property and Mortgage Data Develop and Execute the Resolution Plan

Freddie Mac Relief Refinance

Full Partial

Relief Options
Repayment Plan Forbearance

Conduct Collection Activities

Charge-Offs Workout Options


Loan Modification: Traditional Streamlined Short Payoff Make-Whole Preforeclosure Sale Deed-in-Lieu of Foreclosure Workout Mortgage Assumption
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Optimize Your Servicer Performance Profile

Electronic Default Reporting (EDR)

Process Reinstatements

Service Following a Disaster

Foreclosure Process

Home Affordable Modification Program


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Home Affordable Modification Process


Borrower Contact 0-30 Days Delinquent Reactive No solicitation allowed 31 Days Delinquent Foreclosure Sale Date Proactive Mandatory solicitation General Eligibility Origination date on or before 1/1/09 Monthly housing expense-to-income ratio > 31% 0-30 Days Delinquent: Determine Imminent Default Occupied, Primary Residence Property Condition No Disqualified from HAMP Consider other loss-mitigation options No No

Verified* or Verbal Borrower Information

Yes

*Verified Borrower Information


Hardship Affidavit / Imminent Default Most recent signed income tax return Proof of residency (e.g., current utility bill) IRS Form 4506-T Borrowers monthly income documentation Credit report on each borrower Form 1126, Borrower Financial Statement Borrowers other indebtedness (e.g., alimony) Property Value (AVM / BPO)

Underwrite Borrower Target PITIAS: 31%


1. Sequential Process Capitalize the Arrearages and allowable fees and costs Reduce Interest Rate (2% floor) and obtain Lifetime Interest Rate Cap Extend Term (480 months max.) Forbear Principal (if allowable) 2. NPV Test 3. Prepare Trial Period Plan and Initiate Trial Period (refer to counseling, if required) 4. Successfully Complete Trial Period*

Yes

Determine Modification Terms* Target PITIAS: 31%


Repeat Sequential Process Repeat NPV Test De Minimis Test Prepare Modification Agreement Close Loan Modification

Yes
Servicer compensation: $1500 current loan modification $1000 delinquent loan modification

Conditional Compensation/Incentives Annual payments to Servicer and Borrower


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HAMP Process: Borrower Solicitation and Outreach


0-30 Days Delinquent
Normal customer service / collections tasks no solicitation by Servicer Mandatory Solicitation Letter allowed Once contact established If borrower contacts Servicer to discuss obtain required information HAMP assess for Freddie Mac Relief Refinance eligibility. If ineligible, Hardship Affidavit determine imminent default. If yes, obtain required information Most recent signed income tax return Proof of residency (e.g., current utility bill) Signed IRS Form 4506-T Borrowers monthly income documentation Credit report on each borrower Form 1126, Borrower Financial Statement, page 2 Borrowers other indebtedness (e.g., alimony) Property value (AVM / BPO)

31 Days Delinquent Foreclosure Sale Date

Determine Eligibility
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Documentation
Form 1119, Housing Counseling Letter Form 1120, HAMP Proactive Solicitation Letter Form 1121, HAMP Documentation Request Letter Form 1122, HAMP Hardship Affidavit HAMP Trial Period Cover Letter Form 1123, Stated Form 1124, Verified Form 1125, SIG / TARP Letter Form 3156, HAMP Trial Period Plan Form 3157, HAMP Modification Agreement Form 1118, HAMP Agreement Cover Letter Form 1126, Borrower Financial Statement IRS Form 4506-T
Forms available at: FreddieMac.com/singlefamily/service/mha modification.html
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HAMP Process: Eligibility Requirements


Borrower Document gross income Sign a hardship affidavit May be in bankruptcy May be in foreclosure or litigation Agree to mandatory 3-month trial period Current monthly housing expense-toincome ratio > 31% Agree to counseling if DTI > 55% Existing First Lien Mortgage Have an origination date on or before January 1, 2009 No minimum LTV ratio (current mark-to-market) Maximum Mortgage Amounts: 1 unit 2 unit 3 unit 4 unit $ 729,750 934,200 1,129,000 1,403,400 Property

Determine Eligibility

Be a one-four unit single-family dwelling, condominium, cooperative, or Guideeligible manufactured homes Be owner-occupied and the borrowers primary residence Not be abandoned, vacant, or condemned

Escrow required must institute or maintain monthly escrow for taxes and insurance, unless prohibited by applicable law
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Determining Imminent Default


Identify Hardship Evaluate the Borrowers Financial Condition
Monthly Income From All Sources Monthly Liabilities Personal debt Revolving accounts Installment loans, etc. Reasonable Living Expenses Food Utilities, etc.

Borrower Qualifies for the HAMP if:


Debt Coverage Ratio (DCR) is less than 1.20, and Cash Reserves are less than three times the current monthly PITIA payment
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http://www.freddiemac.com/sell/forms/pdf/1126.pdf

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Debt Coverage Ratio and Cash Reserves


Debt Coverage Ratio (DCR) = Current Monthly PI Payment Disposable Net Income = $4400 $3130 = $1270
50

Disposable Net Income

400 150 100

payroll deductions monthly escrows monthly HOA fee monthly liabilities allocation reasonable monthly living expenses other net negative obligations

880 750 0 500 1000 0

400 400

DCR = $1270 $1856.48 = 0.68


500

Cash Reserves = $1000

500

Imminent Default? Yes

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Borrower Information
Hardship Affidavit / Imminent Default Most recent signed income tax return Proof of residency (e.g., current utility bill) IRS Form 4506-T Borrowers monthly income documentation Credit report on each borrower Form 1126, Borrower Financial Statement Borrowers other indebtedness (e.g., alimony) Property Value (AVM / BPO)

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HAMP Process: Servicer Responsibilities


You must not charge the borrower any processing fee Waive all unpaid late fees upon successful completion of the trial period Pay all modification fees and charges such as notary fees, title costs, recordation fees, property valuation costs (as applicable) and other required feesreimbursable per C65.8(h)

A borrower cash contribution is not required (except to the extent the borrower chooses to fund the entire amount, or a portion, of any escrow deficiency in a lump sum) but also is not prohibited You are required to obtain a credit report Counseling with a HUD-approved counseling agency is required for any borrower if the backend DTI > 55%

If the existing mortgage does not have an escrow account, the Servicer must establish an escrow account at the time the Trial Period commences Principal write-downs and accrued interest write-offs are not permitted

90 Days Documentation from date of borrower eligibility determination Credit Report


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Property Valuation /AVM

Borrower Income
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base wages and salaries overtime commissions fees tips bonuses housing allowances annuities other compensation for personal services Social Security payments pensions

Underwrite the Borrower: Verifying Income / Target Payment Determine borrowers stable monthly income based on the following:
Pay stubs (wage earners / profit & loss (self-employed) Signed complete copy of most recent tax return All documented sources, including rental income and unemployment compensation Other documented income, if requested IRS Form 4506-T
MONTHLY INCOME

Example: $4,400 x .31

Gross monthly income x .31 Target PITIAS payment

$1,364

retirement funds disability or death benefits unemployment benefits insurance policies other income
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borrower wants considered and can provide reasonable documentation

Documentation
Form 1119, Housing Counseling Letter Form 1120, HAMP Proactive Solicitation Letter Form 1121, HAMP Documentation Request Letter Form 1122, HAMP Hardship Affidavit HAMP Trial Period Cover Letter Form 1123, Stated Form 1124, Verified Form 1125, SIG / TARP Letter Form 3156, HAMP Trial Period Plan Form 3157, HAMP Modification Agreement Form 1118, HAMP Agreement Cover Letter Form 1126, Borrower Financial Statement IRSForm 4506-T IRS Form 4506-T
Forms available at: FreddieMac.com/singlefamily/service/mha modification.html
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Documentation
Form 1119, Housing Counseling Letter Form 1120, HAMP Proactive Solicitation Letter Form 1121, HAMP Documentation Request Letter Form1122, HAMP Hardship Affidavit Form 1122, HAMP Hardship Affidavit HAMP Trial Period Cover Letter Form 1123, Stated Form 1124, Verified Form 1125, SIG / TARP Letter Form 3156, HAMP Trial Period Plan Form 3157, HAMP Modification Agreement Form 1118, HAMP Agreement Cover Letter Form 1126, Borrower Financial Statement IRS Form 4506-T
Forms available at: FreddieMac.com/singlefamily/service/mha modification.html
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Documentation
Form 1119, Housing Counseling Letter Housing Counseling Letter Form 1120, HAMP Proactive Solicitation Letter Form 1121, HAMP Documentation Request Letter Form 1122, HAMP Hardship Affidavit HAMP Trial Period Cover Letter Form 1123, Stated Form 1124, Verified Form 1125, SIG / TARP Letter TARP Letter Form 3156, HAMP Trial Period Plan Form 3157, HAMP Modification Agreement Form 1118, HAMP Agreement Cover Letter Form 1126, Borrower Financial Statement IRS Form 4506-T
Forms available at:

FreddieMac.com/singlefamily/service/mha modification.html
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HAMP Process: Determining Property Value

Determine Eligibility

If Mortgage is 31 days or more delinquent Freddie Mac provides AVM values at: www.FreddieMac.com/singlefamily/service/mha modification.html If an automated value is not available or the Mortgage is less than 31 days delinquent, submit your request for a property valuation through our BPOdirect website at: www.bpodirect.net/ For any mortgage, you may also request an HVE value through one of Freddie Macs distributors The property value you use must not be older than 90 days from the date of the Servicer first determines the borrowers eligibility

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Underwrite Borrower
Borrower Contact 0-30 Days Delinquent Reactive No solicitation allowed 31 Days Delinquent Foreclosure Sale Date Proactive Mandatory solicitation General Eligibility Origination date on or before 1/1/09 Monthly housing expense-to-income ratio > 31% 0-30 Days Delinquent: Determine Imminent Default Occupied, Primary Residence Property Condition No Disqualified from HAMP Consider other loss-mitigation options No No

Verified* or Verbal Borrower Information

Yes

*Verified Borrower Information


Hardship Affidavit / Imminent Default Most recent signed income tax return Proof of residency (e.g., current utility bill) IRS Form 4506-T Borrowers monthly income documentation Credit report on each borrower Form 1126, Borrower Financial Statement Borrowers other indebtedness (e.g., alimony) Property Value (AVM / BPO)

Underwrite Borrower Target PITIAS: 31%


1. Sequential Process Capitalize the Arrearages and allowable fees and costs Reduce Interest Rate (2% floor) and obtain Lifetime Interest Rate Cap Extend Term (480 months max.) Forbear Principal (if allowable) 2. NPV Test 3. Prepare Trial Period Plan and Initiate Trial Period (refer to counseling, if required) 4. Successfully Complete Trial Period*

Yes

Determine Modification Terms* Target PITIAS: 31%


Repeat Sequential Process Repeat NPV Test De Minimis Test Prepare Modification Agreement Close Loan Modification

Yes
Servicer compensation: $1500 current loan modification $1000 delinquent loan modification

Conditional Compensation/Incentives Annual payments to Servicer and Borrower


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Borrower Qualification Worksheet

www.FreddieMac.com/singlefamily/service/mha_modification.html

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NPV Slides Results


Servicers must perform an NPV Test at least twice
1. When qualifying the borrower for the Trial Period 2. When finalizing the Modification 3. If verified income is less than stated income and there is principal forbearance

If NPV positive offer Trial Period Forbearance Plan / Modification Agreement, as applicable If NPV negative and
No forebearance was required offer Trail Period Forbearance Plan / Modification Agreement, as applicable Interest-bearing principal balance (after forbearance) is greater than current market value offer Trial Period Forbearance Plan / Modification Agreement, as applicable Interest bearing principal balance is less than current market value BORROWER DOES NOT QUALIFY FOR HAMP. Consider alternative workout options in accordance to the Guide. Use the NPV Calculator available on the Home Affordable Modification Servicer web portal at http://www.HMPAdmin.com Obtain instructions, User ID and password by submitting the HAMP Registration Form available at http://www.HMPAdmin.com
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Non-Qualified Borrowers
Review for other alternatives to foreclosure Fax to Freddie Mac for review:
Form 1126, Borrower Financial Statement Borrowers income documentation Borrowers Hardship Affidavit Automated value or BPO if obtained from a source other than Freddie Mac Copy of the Borrower Qualification Worksheet screen reflecting analysis results All other requirements listed in C65.6(b) Step 6

Fax number: (571) 382-4902


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Note: Servicers may not forgive principal on Mortgages serviced for Freddie Mac
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Modification Process
Servicers must utilize a two-step documentation process for modifications under HAMP. The first step includes:
Sending the Borrower a Trial Period Plan that describes the terms of the Trial Period and the conditions upon which the Borrower's Mortgage may be modified. Performing this step once you have determined using the sequential process described in Section C65.6(b) that the Borrower qualifies for a modification under HAMP. During the Trial Period the Borrower will be required to make payments at the estimated modified payment amount.

The second step includes:


Sending the Borrower a Modification Agreement. The Servicer calculating the terms of the modification once all final amounts that must be capitalized are known, using verified income.
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Documentation
Form 1119, Housing Counseling Letter Form 1120, HAMP Proactive Solicitation Letter Form 1121, HAMP Documentation Request Letter Form 1122, HAMP Hardship Affidavit HAMP Trial Period Cover Letter HAMP Trial Period Cover Letter Form 1123, Stated Form 1123, Stated Form 1124, Verified Form 1124, Verified Form 1125, SIG / TARP Letter Form 3156, HAMP Trial Period Plan Form 3156, HAMP Trial Period Plan Form 3157, HAMP Modification Agreement Form 1118, HAMP Agreement Cover Letter Form 1126, Borrower Financial Statement IRS Form 4506-T
Forms available at: FreddieMac.com/singlefamily/service/mha_modification.html
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Borrower Requirements
If the Borrower accepts the Trial Period Plan, the Borrower must then sign and return the following documentation, if not previously provided, by the Offer Deadline: Two original executed Trial Period Plan documents First payment due under the Trial Period terms Documentation to verify occupancy (See Section C65.4 (a)) Income documentation (See Section C65.6(b)) Signed Form 4506-T, Request for Transcript of Tax Return Fully executed Hardship Affidavit Completed and signed page two of Form 1126, Borrower Financial Information, if the Borrower is current or less than 31 days delinquent Executed disclosures, if any, to the extent applicable federal, State or local law requires executed disclosures to be retained by the provider
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Re-underwrite Borrower
Borrower Contact 0-30 Days Delinquent Reactive No solicitation allowed 31 Days Delinquent Foreclosure Sale Date Proactive Mandatory solicitation General Eligibility Origination date on or before 1/1/09 Monthly housing expense-to-income ratio > 31% 0-30 Days Delinquent: Determine Imminent Default Occupied, Primary Residence Property Condition No Disqualified from HAMP Consider other loss-mitigation options No No

Verified* or Verbal Borrower Information

Yes

*Verified Borrower Information


Hardship Affidavit / Imminent Default Most recent signed income tax return Proof of residency (e.g., current utility bill) IRS Form 4506-T Borrowers monthly income documentation Credit report on each borrower Form 1126, Borrower Financial Statement Borrowers other indebtedness (e.g., alimony) Property Value (AVM / BPO)

Underwrite Borrower Target PITIAS: 31%


1. Sequential Process Capitalize the Arrearages and allowable fees and costs Reduce Interest Rate (2% floor) and obtain Lifetime Interest Rate Cap Extend Term (480 months max.) Forbear Principal (if allowable) 2. NPV Test 3. Prepare Trial Period Plan and Initiate Trial Period (refer to counseling, if required) 4. Successfully Complete Trial Period*

Yes

Determine Modification Terms* Target PITIAS: 31%


Repeat Sequential Process Repeat NPV Test De Minimis Test Prepare Modification Agreement Close Loan Modification

Yes
Servicer compensation: $1500 current loan modification $1000 delinquent loan modification

Conditional Compensation/Incentives Annual payments to Servicer and Borrower


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Freddie Mac 2009

Documentation
Form 1119, Housing Counseling Letter Form 1120, HAMP Proactive Solicitation Letter Form 1121, HAMP Documentation Request Letter Form 1122, HAMP Hardship Affidavit HAMP Trial Period Cover Letter Form 1123, Stated Form 1124, Verified Form 1125, SIG / TARP Letter Form 3156, HAMP Trial Period Plan Form 3157, HAMP Modification Agreement Form 3157, HAMP Modification Agreement Form 1118, HAMP Agreement Cover Letter Form 1118, HAMP Agreement Cover Letter Form 1126, Borrower Financial Statement IRS Form 4506-T
Forms available at: FreddieMac.com/singlefamily/service/mha modification.html
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Home Affordable Modification Process


Borrower Contact 0-30 Days Delinquent Reactive No solicitation allowed 31 Days Delinquent Foreclosure Sale Date Proactive Mandatory solicitation General Eligibility Origination date on or before 1/1/09 Monthly housing expense-to-income ratio > 31% 0-30 Days Delinquent: Determine Imminent Default Occupied, Primary Residence Property Condition No Disqualified from HAMP Consider other loss-mitigation options No No

Verified* or Verbal Borrower Information

Yes

*Verified Borrower Information


Hardship Affidavit / Imminent Default Most recent signed income tax return Proof of residency (e.g., current utility bill) IRS Form 4506-T Borrowers monthly income documentation Credit report on each borrower Form 1126, Borrower Financial Statement Borrowers other indebtedness (e.g., alimony) Property Value (AVM / BPO)

Underwrite Borrower Target PITIAS: 31%


1. Sequential Process Capitalize the Arrearages and allowable fees and costs Reduce Interest Rate (2% floor) and obtain Lifetime Interest Rate Cap Extend Term (480 months max.) Forbear Principal (if allowable) 2. NPV Test 3. Prepare Trial Period Plan and Initiate Trial Period (refer to counseling, if required) 4. Successfully Complete Trial Period*

Yes

Determine Modification Terms* Target PITIAS: 31%


Repeat Sequential Process Repeat NPV Test De Minimis Test Prepare Modification Agreement Close Loan Modification

Yes
Servicer compensation: $1500 current loan modification $1000 delinquent loan modification

Conditional Compensation/Incentives Annual payments to Servicer and Borrower


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Record Retention
Servicers must retain all documents and information:
Received during the process of determining borrower eligibility Related to the monthly payments during and after the Trial Period, as well as incentive payment calculations

Servicers must retain detailed records and documentation of:


Borrower solicitations or borrower-initiated inquiries Reason(s) for a trial modification failure Other loss-mitigation alternatives considered for the borrower

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Reporting to HAMP Financial Agent (Fannie Mae)


All Servicers are required to: Register with the Financial Agent Provide periodic Program loan level data to Financial Agent
The data that Servicers provide must be accurate, complete and in agreement with the Servicer's records

Complete and submit the HAMP Registration Form, available at http://www.HMPAdmin.com Data must be submitted through the data collection tool ("Data Collector") available on the Servicer web portal at www.HMPAdmin.com
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Reporting to Freddie Mac


Weekly Program Activity Report must be submitted electronically to Freddie Mac at HMPModificationTracking@freddiemac.com by 12 p.m. Eastern Standard Time each Monday for the prior week's activity and at month end Monthly report of cumulative listing of all modified Mortgages with partial principal forbearance.
You must submit by the 5th business day after the accounting cycle cutoff to PL_HMP@freddiemac.com. Required reporting/remitting requirements for related transactions are detailed in C65.11.

Effective October 1, 2009, Servicers must report specific loan level information, as applicable, to Freddie Mac using the new Electronic Default Reporting (EDR) codes. Servicers may begin reporting these new codes beginning June 1, 2009.
Refer to the EDR Quick Reference Guide available on FreddieMac.com for additional information on the reporting of these codes.
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Refer to Section C65.7(b) for additional EDR requirements

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Compliance
The United States Department of the Treasury ("Treasury") has selected Freddie Mac to serve as its compliance agent for HAMP ("Compliance Agent").
In its role as Compliance Agent, Freddie Mac will utilize Freddie Mac employees and contractors to conduct independent compliance assessments Loan level data will be reviewed for eligibility and fraud.

There will be two types of assessments:


Onsite Remote

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Summary
Reviewed the HAMP benefits and process flow including:
Borrower solicitation and outreach Eligibility Requirements Verified information and related documentation Underwriting the borrower:
Sequential process Run NPV test Offer and Establish the Trial Period Plan

Modification Process Compensation and Incentives

Reporting and Compliance


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Resources
www.FreddieMac.com/avoidforeclosure/ Learning Center Quick Reference and Webinars: www.FreddieMac.com/learn
www.FreddieMac.com/ontrack/html/LearningCenter/ClassDescription.jsp?crsNum=FMRelief www.FreddieMac.com/ontrack/html/LearningCenter/ClassDescription.jsp?crsNum=Make_Affordable

Single Family www.FreddieMac.com/singlefamily Bulletins: 3/11/09, 4/7/09, 4/21/09 Single Family Advisory e-mail: March 4, 2009 Single Family News Borrower Qualification Worksheet www.FreddieMac.com/singlefamily/service/mha_modification.html Weekly/Monthly HMP Reports PL_HMP@FreddieMac.com & HMPModificationTracking@freddiemac.com Uniform Instruments www.FreddieMac.com/uniform/ Customer Service: (800) FREDDIE (373-3343) http://www.MakingHomeAffordable.gov/ Servicer web page www.HMPAdmin.com
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Learning Center Updates


The Learning Center Updates page provides quick access to new and updated
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