MHA Update: SD 14-05 MHA Program Updates
On November 26, Making Home Affordable (MHA) released an update titled Supplemental Directive 14-05: Making Home Affordable Program-MHA Program Updates.
Supplemental Directive 14-05
Making Home Affordable? Program – MHA Program Updates
In February 2009, the Obama Administration introduced the Making Home Affordable (MHA)
Program to stabilize the housing market and help struggling homeowners obtain relief and avoid
foreclosure. In March 2009, the U.S. Department of the Treasury (Treasury) issued uniform
guidance for loan modifications by participants in MHA across the mortgage industry and
subsequently updated and expanded that guidance. On March 3, 2014, Treasury issued version
4.4 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages
(Handbook), a consolidated resource for guidance related to the MHA Program for mortgage
loans that are not owned or guaranteed by Fannie Mae or Freddie Mac (Non-GSE Mortgages).
This Supplemental Directive provides program updates to the Home Affordable Modification
Program® (HAMP), Treasury Federal Housing Administration HAMP (Treasury FHA-HAMP)
and Rural Development HAMP (RD-HAMP). Servicers that are subject to the terms of a
servicer participation agreement and related documents (SPA) must follow the guidance set forth
in this Supplemental Directive. This Supplemental Directive amends and supersedes the notated
portions of the Handbook and, except as stated herein, the guidance set forth in this
Supplemental Directive is effective April 1, 2015.
This guidance does not apply to mortgage loans that are owned or guaranteed by Fannie Mae or
Freddie Mac (each, a GSE), insured or guaranteed by the Department of Veterans Affairs, and
except as noted herein, insured or guaranteed by the Department of Agriculture’s Rural Housing
Service or the Federal Housing Administration.
This Supplemental Directive covers the following topics:
- Enhancement of Borrower “Pay for Performance” Incentives under HAMP, Treasury
FHA-HAMP and RD-HAMP - Recast of Loans Modified Under HAMP
Please click here to view the update in its entirety.
About Safeguard
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally.
Website: www.safeguardproperties.com.
