MHA SD 13-08: Post-Modification Counseling; Servicer Incentives
On September 30, the Making Home Affordable Program (MHA) released Supplemental Directive 13-08: Making Home Affordable Program - Borrower Post-Modification Counseling and Servicer Incentives.
Supplemental Directive 13-08: Making Home Affordable Program - Borrower Post-Modification Counseling and Servicer Incentives
Today, September 30, 2013, Supplemental Directive (SD) 13-08 was issued, providing guidance to servicers regarding borrower financial counseling, single point of contact clarifications, and a new sliding scale of servicer incentives for completed modifications.
Unless otherwise stated therein, SD 13-08 is effective March 1, 2014, and amends and supersedes the notated portions of version 4.3 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages (Handbook).
The following topics are covered:
- Borrower Post-Modification Counseling Requirement
- Single Point of Contact Clarifications
- Servicer Incentive for Completed Modifications
This guidance does not apply to mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by the Veterans Administration, the Department of Agriculture's Rural Housing Service (RHS) or the Federal Housing Administration (FHA).
Read SD 13-08 in its entirety for more information.
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