MHA issued Supplemental Directive 17-01 (Supplemental Directive), providing administrative updates and clarifications to the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP). The updates and clarifications cover the following topics: evaluation of borrower information upon submission of an “initial package”; streamline HAMP Affidavit (used when converting a trial modification to a permanent modification); solicitation of financial counseling for borrowers at risk of default; base NPV model; and principal curtailments following modification. In addition, the Supplemental Directive provides guidance to servicers regarding GSE HAMP Loans sold as part of either a non-performing or re-performing loan sale and the eligibility of such loans to receive financial incentives through the Troubled Asset Relief Program. The Supplemental Directive went into effect April 14, 2017.
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
