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26 Dec 2016 The Flex Modification program is broadly similar to all three programs that it will be replacing. There are a few differences, for example in eligibility requirements, and in exactly how the terms of the new loan are calculated. You can read all of the details in Lender Letter-LL-2016-6, which Fannie Mae issued
The ATR Covered Loan requirements apply to acquisitions of newly originated loans (including government mortgage loans). These new requirements do not apply to assumptions or modifications of existing Fannie Mae mortgage loans regardless of the dates on which the loans being assumed or modified were originally
9 Feb 2017 Struggling homeowners who have a mortgage backed by Fannie Mae or Freddie Mac now have a flex loan modification program to provide payment relief.
If the servicer elects to collect an executed Form 720 or Treasury's “Dodd Frank Certification" before the mortgage loan modification is complete, it must be clearly communicated to the borrower that eligibility for and settlement of the mortgage loan modification is not contingent on the submission of an executed Form 720 or
20 Mar 2017 But if you have a Freddie Mac or Fannie Mae mortgage, you might be able to take advantage of a new option called Flex Modification. Fannie and Freddie will begin . Since it's possible to submit for a loan modification using the new Flex rules, that might be the way to go. If you're worried that you can't
The servicer must mail the borrower a Streamlined Modification Trial Period Plan NoticeEvaluation Notice within five days of the servicer's decision to offer a Cap and Extend Modification for Disaster Relief if the mortgage loan satisfies the requirements described in Determining Eligibility for a Fannie Mae Cap and
23 Jan 2017 Fannie Mae Flex Modification combines features of HAMP (Home Affordable Modification Program), which ended at the close of 2016, and Fannie Mae's The Fannie Mae Flex Modification can be applied to all mortgage loan delinquencies, including mortgage loans that are determined to be in imminent
Before recommending a mortgage loan modification or extension for a government mortgage loan to Fannie Mae, the servicer must first obtain the approval of the FHA, HUD, VA, or the RD, as applicable, using any documentation the mortgage insurer or guarantor requires.
Eligibility. Under the Streamlined Modification Initiative, mortgage servicers are required to send you a letter offering you a modification if you meet all of the following criteria: Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. You are 90 days (3 months) to 720 days (24 months) delinquent on your mortgage.
If this sounds like your situation, you may be eligible to modify your mortgage. Options include the Fannie Mae Flex Modification, which replaces the Home Affordable Modification Program (HAMP) that ended in December 2016.

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March 2018