MHA: HAMP Update: Supplemental Directive 18-01: Making Home Affordable Program – Program End Date and Administrative Clarifications
December 10, 2018
Today, December 10, 2018, Supplemental Directive 18-01: Making Home Affordable Program – Program End Date and Administrative Clarifications was issued, providing guidance that relates to servicers’ continuing obligations to meet requirements set forth in the Servicer Participation Agreement and related documents (SPA), and announces that certain of these requirements will expire on December 29, 2023 (Program End Date). Those requirements being retired as of the Program End Date, as well as those tasks that a servicer may continue to perform at its discretion, but are no longer required as of such date, are specifically addressed therein.
This Supplemental Directive (SD) also provides administrative updates and clarifications to the Home Affordable Modification ProgramSM (HAMP®), the Second Lien Modification ProgramSM (2MP), Treasury Federal Housing Administration HAMP (Treasury FHA-HAMP) and Rural Development HAMP (RD-HAMP). Servicers that are subject to the terms of a SPA must follow the guidance set forth in this Supplemental Directive.
These updates and clarifications cover the following topics:
- Transfer of Loans
- Program Participation Caps
- Borrower Eligibility & Compliance Portal
- Federal Government Shutdowns
- Borrower Notices
- Post-Modification Counseling
- Delayed Conversion
- Treasury Reporting Requirements
- Official Monthly Reporting
- HAMP Modified Loans Repurchased from GSEs
- Incentive Compensation
- Handbook Mapping Clean-up and Clarifications
This SD amends and supersedes the notated portions of the Handbook and, unless otherwise specified, is effective immediately.
Except as stated therein, this SD does not apply to mortgage loans that are insured or guaranteed by the Department of Veterans Affairs, the Department of Agriculture’s Rural Housing Service or the Federal Housing Administration and mortgage loans that are owned, securitized or guaranteed by Fannie Mae or Freddie Mac.
Read SD 18-01 in its entirety for more information.