Fannie Mae issued Lender Letter LL-2022-07, providing information related to the Making Home Affordable Supplemental Directive 22-01 (Making Home Affordable Program-Revised Program End Date) issued by the U.S. Department of the Treasury (Treasury) and Directive 22-01’s impact to Fannie Mae HAMP Modification policies. Per Supplemental Directive 22-01, certain requirements set forth in the Servicer Participation Agreement (and related documents) that were set to expire on December 29, 2023 will now expire on April 28, 2023. As a result of the accelerated program end date, the expanded borrower “pay for performance” incentive will be advanced on mortgage loans with a six-year anniversary of the Fannie Mae HAMP Trial Period Plan effective date on or after April 1, 2023. Servicers must successfully complete all reporting activity, including corrections, in the HAMP Reporting Tool by the end of March 2023 reporting cycle, the mortgage loan must be in good standing and not have been paid in full, and the servicer must notify any borrower impacted by the accelerated program end date that to remain eligible for the expanded “pay for performance” incentive, the borrower must timely submit an executed Treasury “Dodd Frank Certification” or an executed Real Estate Fraud Certification (Form 720) by the end of the March 2023 reporting cycle.
Click to view the Fannie Mae Lender Letter LL-2022-07: https://www.tenaco.com/wp-content/uploads/2022/12/Fannie-Mae-Lender-Letter-LL-2022-07-12-07-22.pdf
