Attention FHA Servicers (sub-servicers may disregard):

Attention FHA Servicers (sub-servicers may disregard):

The deadline for FHA servicers to participate the US Treasury’s FHA-HAMP incentive program is approaching!

FHA Servicers that want to participate in the Treasury program that entitles you to receive incentive payments for successful FHA-HAMP performance must execute a new or amended Servicer Participation Agreement (SPA) and related documentation with Fannie Mae, in its capacity as financial agent for the United States as designated by the Treasury Department. FHA servicers should submit the Treasury FHA-HAMP registration form no later than Sept. 8, 2010 to ensure the SPA can be executed by the Oct. 3, 2010 deadline as published in ML 10-11. To enroll, go to https://www.hmpadmin.com/portal/getstarted/index.html.

In addition, the U.S. Treasury Department will provide incentives to existing second lien holders who agree to full or partial extinguishment as part of FHA’s new ‘short refinance’ option that was announced August 6, 2010 in ML10-23. These policy enhancements target homeowners who owe more on their mortgage than the current market value of the home, & requires the lender or investor to write off the unpaid principal balance of the original first mortgage by at least 10%. Participation in FHA’s refinance program is voluntary; contact the HAMP Support Center to find out how to reserve your right to receive qualifying incentive payments.

Get More Information:

Details about qualifying incentive payments for FHA-HAMP, the FHA Short Refi and to access copies of the Treasury Department’s Supplemental Directives, go to:

HUD Mortgagee Letter 2010-11 – Availability of Treasury Success Payments for FHA-HAMP Modifications:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-11ml.pdf

HUD Mortgagee Letter 2010-23 – FHA Refinance of Borrowers in Negative Equity Positions:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf

Treasury Department Supplemental Directive 10-03:

https://www.hmpadmin.com/portal/docs/fha_hamp/sd1003.pdf

Treasury Department Supplemental Directive 10-08:

https://www.hmpadmin.com/portal/docs/news/2010/hampupdate080610.pdf

For questions, please send an email to: setup@hmpadmin.com or call: (866) 939–4469 Monday-Friday from 9:00 am-9:00 pm ET.

________________________________________________________________________________________________________

Leave a Comment