FHLMC Guide Bulletin 2015-1 Expands HAMP Pay for Performance Incentive Program
On January 29, Freddie Mac released an update titled Guide Bulletin 2015-1: Expands HAMP Pay for Performance Incentive Program.
Guide Bulletin 2015-1 Expands HAMP Pay for Performance Incentive Program
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-1 [pdf], we’re announcing an update to the Home Affordable Modification Program (HAMP®) Pay for Performance incentive program, effective April 1, 2015.
We’re expanding the HAMP Pay for Performance incentive program to include a HAMP Year Six Pay for Performance incentive, which was developed with Fannie Mae at the direction of the Federal Housing Finance Agency. This new incentive will provide a $5,000 lump sum principal reduction for borrowers with eligible HAMP modified mortgages.
Please read Guide Bulletin 2015-1 for complete details on the HAMP Year Six Pay for Performance incentive, including:
- Eligibility requirements
- Payment of incentive and application of funds
- Borrower notification requirements
- Data collecting and reporting
- The Amendment to the Commitment to Purchase Instrument and Servicer Participation Agreement
- Check out our Summary of Upcoming Requirement Changes [pdf] document. This valuable resource provides you with a comprehensive list of upcoming requirement changes by effective date.
- View our new MyCity Modification Tutorial to learn more about this temporary offering for communities that were hit hardest during the housing crisis.
- Sign up to use Freddie Mac Loan Coverage AdvisorSM. This free, Web-based application will help you manage your business with Freddie Mac.
For More Information
- Read Guide Bulletin 2015-1 [pdf].
- Sign up for the latest emails on Single-Family news, updates, alerts, and education opportunities on our Subscription Center.
- Visit Freddie Mac’s Learning Center for additional information on our training programs and references tools.
- Contact your Freddie Mac representative.
Please click here to view the online update.
Please click here to view Guide Bulletin 2015-1 [pdf].
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.