In reading many of these threads, I'm in the same boat as everyone else. We have a First Franklin/Nationpoint-Fannie Mae MBS Loan. I've been talking to our First Franklin negotiator for a few weeks and am told they are still waiting for training from Fannie Mae on the HMP program. In reviewing the background guidance on the HMP Net Present Value Test (
http://www.hmpadmin.com/docs/NPV%20Overview.pdf) I have no doubt they need extensive training just on the NPV Test, let alone the balance of the documentation required for HMP Mods (
Home Affordable Modification Program).
I'm curious if any professionals out there know how much weight Default Rates will be given versus REO stigma? I was surprised to learn that weight would be given to credit worthiness in the Default Rate analysis, especially when during the program roll-out they went to such great lengths to say that credit worthiness would not be a factor. Also, if credit worthiness is given great weight in the Default Rate analysis, doesn't that fail to recognize the situation that most borrowers are in who meet the basic qualifying parameters of the Modifaction Program, i.e. your'e already in default?
Also, I see in one of the loan modification documents an inference that back taxes and insurance will be spread out over payments over so many months, I wonder if that will be capitalized within the 31% calculation or will that be on top of the monthly payment?
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