Fannie Mae’s Analysis Regarding Principal Forgiveness and Treasury’s HAMP Principal Reduction Alternative (HAMP PRA) Program . Executive Summary . The use of principal forgiveness in mortgage loan modifications continues to be actively debated among policy makers, servicers, and investors. Many have asserted that the
Servicers are also required to run an NPV test with principal reduction if the unpaid principal balance of the loan is greater than 115% of the home’s current market value. Treasury has created a public site, CheckMyNPV.com, to allow homeowners, counselors, and other interested parties to confirm the servicers’ NPV calculation.
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Massad said Treasury notified the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, that they will pay principal reduction incentives to the GSEs if they allow servicers to forgive principal — if done in conjunction with a HAMP modification. Massad also said Treasury will triple the incentives for HAMP principal.
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PDF Supplemental Directive 12-01 – Supplemental Directive 12-01 Page 2 (ii) full extinguishment or permanent modifications with partial extinguishment under 2MP, and amends and supersedes the notated portions of the Handbook. This Supplemental Directive is applicable to: all permanent modifications under HAMP that include PRA principal reduction that have
SECTION 2. BACKGROUND-HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE .01 To help distressed borrowers lower their monthly mortgage payments, Treasury and HUD established HAMP for mortgage loans that are not owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the federal home loan mortgage Corporation (Freddie Mac).
PDF Making Home Affordable – HAMP Principal reduction activity servicers of non -GSE loans are required to evaluate the benefit of principal reduction under the HAMP principal reduction alternative (pra) for mortgages with a loan-to-value (LTV) ratio greater than 115% when evaluating a homeowner for a HAMP first lien modification.
Home Affordable Modification Program – Modification of Loans with Principal Reduction Alternative . Background . In Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility, underwriting and servicing requirements for the Home Affordable Modification Program (HAMP).