Freddie Mac issued Bulletin 2016-07 (Bulletin). This Bulletin announces the Freddie Mac Principal Reduction Modification, a temporary initiative designed at the direction of the Federal Housing Finance Agency. Under this initiative, the servicer will send each eligible borrower a Streamlined Modification Trial Period Plan and a solicitation letter that commits the servicer, and therefore Freddie Mac, to forgive principal following the borrower’s successful completion of a Streamlined Modification Trial Period Plan and settlement of the modification. After the Trial Period Plan is completed and the Mortgage has converted to a permanent modification, the servicer will forgive all forbearance amounts created as a result of the Streamlined Modification, unless the borrower chooses to opt out of principal reduction (e.g., due to tax considerations).
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
