Servicers Can Modify Current Loans, Fannie Mae Says

"Now that HAMP is ending, Fannie Mae and Freddie Mac have announced a new "Flex Modification" home loan modification program. This article summarizes the new program and more detail is found on the online version of NCLC’s Foreclosures and Mortgage Servicing (need to have an account to access).

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A Selling Guide Announcement from Fannie Mae on Tuesday introduced a new initiative for loans secured by manufactured housing. The MH Advantage program is designed for those units that meet.

Understanding Loan Modifications. A loan modification is a permanent change to the loan terms to reduce the monthly payments in order to make the loan more affordable for the borrower. In a loan modification, the lender may agree to do one of more of the following: extend of the length of the term of the loan.

Loans held by Fannie Mae or Freddie Mac may be eligible for refinancing. Other loan servicers may also participate in this program. Fannie Mae servicers March 1, 2017. Borrower executed and returned the flex loan modification agreement Servicer or Fannie mae/freddie mac (depending upon the entity that is the mortgagee of. o unless otherwise.

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The Fannie Mae Servicing Guide has been updated to simplify servicing. Updates include reducing post-foreclosure risks and costs, streamlining processes by allowing servicers to leverage the Flex.

We work with lenders, and we think about how we can reduce the cost, time, and complexity of everything that goes into the.

Fannie Mae Approved eNote Servicers and Sub-Servicers. Servicers for eNotes. The following mortgage servicers are approved active servicers for Fannie Mae eNotes (eMortgages) that have indicated they are open to new eNote servicing partnerships including purchasing eNotes as part of an MSR sale transaction (on either a bulk or co-issue basis) .

Per CFPB regulations, your mortgage servicer can start the foreclosure process once you’re 120 days behind on your payments, unless you have an active application for a foreclosure prevention option,