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Latest Supplemental Directive Provides New HAMP Documentation Guidance

October 8, 2009 Single-Family Advisory E-mail

Today, the U.S. Department of the Treasury published a Supplemental Directive for the Making Home Affordable Program (MHA) on HMPadmin.com. Supplemental Directive 09-07 aims to streamline the Home Affordable Modification program (HAMP) documentation requirements and standardize the evaluation process used to determine if a borrower is eligible for a modification under HAMP. All Freddie Mac Servicers must immediately begin following the new requirements in Supplemental Directive 09-07 when working with eligible borrowers who have Freddie Mac-owned mortgages and are 31 days or more delinquent. Additionally, Servicers are strongly encouraged, but not required, to use the new forms prior to March 1, 2010. They may be downloaded from HMPadmin.com later next week.

Specifically, the new Supplemental Directive provides detailed guidance on the following:

• A new HAMP Request for Modification and Affidavit that incorporates borrower financial information, a revised Hardship Affidavit, the SIGTARP fraud notice, and parts of the current Trial Period Plan (Form 3156).
• Updated and simplified income documentation and verification requirements.
• Converting the Trial Period Plan (Form 3156) to a notice that does not require a borrower's signature.
• Servicer responsibilities within 10 business days of receiving the borrower's financial information and within 30 calendars days of receiving the borrower's completed HAMP Request for Modification and Affidavit, Form 4506-T, and all required income information.

Future Single-Family Seller/Servicer Guide (Guide) Update

We are currently working through the policy and operational changes for this Supplemental Directive, and we will communicate any necessary changes to our requirements in a future Guide Bulletin.

Reminder on Temporary Waivers

Servicers are permitted to use any temporary waivers to requirements posted by the program administrator on HMPadmin.com. When temporary waivers are published, Servicers may find them on the Announcements and Updates page.

For more information, visit these resources:

• Review Supplemental Directive 09-07.
• Visit Freddie Mac's Home Affordable Modification program Web site.
• Review information for borrowers about the federal Making Home Affordable program on the U.S. Department of Treasury's Web site.