Freddie Mac speeds up availability of streamlined loan mods

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Until then, servicers will generally use existing guidelines from Fannie Mae and Freddie Mac in dealing with troubled borrowers. Flex Modification combines featured of three programs: HAMP, Fannie/Freddie’s "Standard Modification" and "Streamlined Modification" programs.

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Streamlined modifications have been pushed since July, 2013 for Fannie Mae and Freddie Mac servicers. This initiative encourages servicers to handle delinquencies earlier, minimizing losses to the Government Sponsored Enterprises (GSEs) and taxpayers, while cutting back some of the red tape that slows down the traditional approval process.

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Fannie, Freddie Create New Mortgage Loan Modification Program Now that HAMP is ending, Fannie Mae and Freddie Mac have announced a new "Flex Modification" home loan modification program. This article summarizes the new program and more detail is found on the online version of NCLC’s Foreclosures and Mortgage Servicing 5.11.3a.

The HAMP & GSE Waterfall Worksheet A User’s Guide December 10, 2015 4 the Freddie Mac Primary Mortgage Market Survey Rate for 30-year fixed rate mortgages rounded up to the nearest 0.125 percent.3 As of January 1, 2015, the adjustment to be subtracted

Streamline default, failed standard modification trial plan within 12 months, payment would be higher, loan is subject to other terms or work outs that make it ineligible. Starts July 1. Ends.

rates of foreclosures and of borrower recovery from delinquency before and. delinquent mortgages, loan modification requests, and in-process. These costs affect servicers and may alter the cost and availability of mortgage credit for. The FHFA directed Fannie Mae and Freddie Mac to align their.

CHICAGO (MarketWatch) — Long-term mortgage rates dropped again this week, with the 30-year fixed-rate mortgage hitting a fourth consecutive record low in the history of Freddie Mac’s weekly. 9 to.

Mae & Freddie Mac’s Flex Modification Program October 10, 2017/2:00 p.m. EDT SPEAKERS. and Streamlined Modification. The. Then, after they become employed, a loan modification is one of several options available to the borrower to resolve their delinquency.

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At a background briefing today, representatives of FHFA, Fannie Mae, Freddie Mac and Hope Now outlined the guidelines and demonstrated the qualification tools being used to expedite the loan modification process. "FHFA has been working with program participants to get the program up and running as quickly as possible," said Lockhart.