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Guide Bulletin Reflects New Requirements for Completing HAMP Trial Period Plan, Modification Agreement, and ReportingJuly 13, 2009, Single-Family Advisory E-mail

Today, we are following up on our July 6, 2009, announcement that informed you about the U.S. Department of the Treasury's publication of the modified Home Affordable Modification (HAMP) Trial Period and reporting requirements with a Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-19. This Bulletin, which replaces the interim Frequently Asked Questions (FAQ) document you received on July 6, provides detailed information for Freddie Mac Servicers on the Trial Period and Modification Effective Dates and reporting to Freddie Mac and the program administrator, Fannie Mae.

Freddie Mac Servicers are strongly encouraged to review today's Bulletin and the updated Guide Chapter C65 for specific details on the following new requirements that were recently announced:

• When a Trial Period starts and how it is determined.
• When a borrower's first Trial Period payment is due.
• When a Servicer must or may consider a Trial Period Plan offer expired.
• When Servicers must begin reporting to Freddie Mac and the program administrator, Fannie Mae, that they have received the borrower's first Trial Period payment and other Trial Period set up attributes.
• When a Servicer may delay the effective date of the modification and the first modified payment due date by including an interim month.
• Whether and when Servicers and borrowers are entitled to accrue incentive compensation for the interim month.
• When Servicers must modify the Home Affordable Modification Agreement Cover Letter to disclose to borrowers the effects of the interim month on their modification.
• When Servicers may not use the Borrower Qualification Worksheet to determine the final terms of the borrower's modification.

For more information, visit these resources:

• Review the July 13 Guide Bulletin.
• Visit Freddie Mac's Home Affordable Modification program Web site.
• Visit our Learning Center for educational resources on the Home Affordable Modification program.
• Review information for borrowers about the federal Making Home Affordable program on the U.S. Department of Treasury's Web site.