Extension to Fannie Mae’s Alternative Modification™ to the Home Affordable Modification Program
Introduction
In Lender Letter LL-2010-04, Fannie Mae’s Alternative Modification to the Home Affordable Modification Program, Fannie Mae introduced an alternative to the Home Affordable Modification Program (HAMP) for those borrowers who were eligible for and accepted into a HAMP trial period plan but were subsequently not offered a HAMP permanent modification because of eligibility restrictions.
Lender Letter LL-2010-07, Extension to Fannie Mae’s Alternative Modification™ to the Home Affordable Modification Program, extended the eligibility timeframe for borrowers who were sent an initial HAMP offer or started a HAMP trial period prior to May 17, 2010 and whose first trial period plan payment was scheduled on or before June 1, 2010. Lender Letter LL-2010-07 also clarified certain requirements for participation in the Alternative Modification (Alt Mod™) program.
Revised Eligibility Timeframe
The purpose of this Lender Letter is to extend the timeframe for servicers to submit their Alt Mod cases into the HomeSaver Solutions® Network from September 30, 2010 to November 30, 2010. This extension is being provided so that servicers will have sufficient time to complete the processing of modifications for borrowers who meet the eligibility requirements for the Alt Mod program as set forth in Lender Letter LL-2010-04 and Lender Letter LL-2010-07. All other program and eligibility requirements remain the same.
Servicers may contact their Servicing Consultant, Portfolio Manager, or the National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (888-326-6435) with any questions regarding this Lender Letter.
Gwen Muse-Evans
Vice President
Chief Risk Officer for Credit Portfolio Management
To view the online Lender Letter, please click here
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