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Loan mod participation agreements available online
WASHINGTON (4/21/09)—The agreement lenders and servicers must execute in order to participate in the Obama administration’s loan modification program is now available on a number of associated websites. Fannie Mae, the "financial agent" charged—along with the U.S. Treasury Department--with managing the Obama administration's loan modification program, recently posted the agreement form on its website. It is also available on the Freddie Mac website and at a government website named after the administration’s loan modification program, “Making Home Affordable.” Also available at those sites is online guidance regarding the loan modification program, including some recently updated information. As noted April 9 in News Now, both Freddie Mac and Fannie have substantial roles both the refinance and the modification components of the administration plan meant to mitigate foreclosures. The updated guidance covers a broad range of subjects. For instance, a section discusses the Net Present Value (NPV) Test and how it should be applied under the Making Home Affordable (HMP) loan modification program. All loans that meet the HMP eligibility criteria, as described in the online materials, and are either deemed to be in “imminent default” or at least 60 days delinquent must be evaluated to determine whether their NPV dictates that the loan would be modified or moved toward foreclosure. Use the resource links below to access the websites.
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