NEW HAMP DIRECTIVE The good and bad

[davephx]

New HAMP Directive 09-08 Dated 11/3/09 for Notices

The Good
Checklist of reasons for denial.

Must send borrower input information to show why failed the NPV within 30 days of receiving rejection notice.

"While there is no guarantee that a new NPV evaluation will result in the owner of your loan approving a modification, we want to ensure that the NPV evaluation is based on accurate information."

The bad
Only for non GSEs (Fannie,Freddie and GNMA have their own reporting guidelines but I have not seen anything as complete as this. Hopfully they are coming)

Effective 1/1/2010 but Treasuary is encouraging servicers to implement as soon as possible.

Directive at https://www.hmpadmin.com/portal/docs...cer/sd0908.pdf

[heidi79]

thanx for the summary!

[ama125]

Originally Posted by davephx

The bad
Only for non GSEs (Fannie,Freddie and GNMA have their own reporting guidelines but I have not seen anything as complete as this. Hopfully they are coming)

Dave - I think this DOES apply to all, not just non-GSEs. Fannie just released a new servicing guide that makes mention of the occasional waivers posted on hmpadmin.com and that those releases DO apply to Fannie loans even though Fannie does not post them separately on their site. I think we can safely infer the same would apply here as well in regards to issuing written notices. I could be wrong, but I would find it hard to believe that this did not apply to all loans. The hmpadmin site is the administrative site for servicers so unless you have seen it in print stating that the new directive ONLY applies to non-GSEs, than I really think it would apply to everyone.

[Hopefull2009]

All Borrower Notices must also include the following: A toll-free number through which the borrower can reach a servicer representative capable of providing specific details about the contents of the Borrower Notice and reasons for a non-approval determination.

Capable of providing...... lol - good luck with that, huh?

[davephx]

Originally Posted by ama125

Dave - I think this DOES apply to all, not just non-GSEs. Fannie just released a new servicing guide

I hope so but the new Fannie and Freddie Guides also issued on the same date all have different things and Fannie/Fred don't have the good notice info.

HAMP Dirctive says:

This Supplemental Directive provides guidance to servicers of first lien mortgage loans that are not owned or guaranteed by Fannie Mae or Freddie Mac (Non-GSE Mortgages). Servicers of mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac should refer to the related HAMP guidelines issued by the applicable GSE.