Freddie Mac issued Guide Bulletin 2016-22 (Bulletin), introducing a new mortgage loan modification program. The Freddie Mac Flex Modification is designed as an affordable modification that will provide significant payment reduction for eligible borrowers, while maximizing operational simplicity and ease of implementation for lenders and servicers. The Freddie Mac Flex Modification eligibility requirements and exclusions are similar to the requirements for Freddie Mac’s Standard and Streamlined Modifications, with some minor updates to the eligibility exclusions. The Freddie Mac Flex Modification will replace the current Freddie Mac Standard and Streamlined Modifications effective October 1, 2017. Lenders and servicers may implement the Freddie Mac Flex Modification prior to October 1, 2017 upon notification that Freddie Mac’s systems have been updated to process and settle Freddie Mac Flex Modifications.
Fannie Mae
Fannie Mae Updates Area Median Incomes used to Determine Borrower Eligibility for HomeReady, RefiNow and Duty to Serve Loans
Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs
May 13, 2024
