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Guide Bulletin 2010-6 Extends Availability of Relief Refinance Mortgages

Single-Family Advisory E-mail, March 2, 2010

On March 1 the Federal Housing Finance Agency (FHFA) announced an extension of the Home Affordable Refinance program (HARP) allowing us to continue providing critical support to the housing recovery through our business implementation of HARP, the Freddie Mac Relief Refinance MortgageSM.

Consistent with FHFA's announcement, today's Single-Family Seller/Servicer Guide (Guide) Bulletin 2010-6 announces that the extension applies to our Relief Refinance Mortgage offering. Relief Refinance Mortgages may now have note dates on or before June 30, 2011.

There are no changes to our Relief Refinance Mortgage requirements as a result of this extension.

As a reminder, our Relief Refinance Mortgage offering provides broad market availability with the following two options:

  • Relief Refinance Mortgage – Same Servicer offers simplified appraisal and borrower eligibility requirements and must be originated by the Seller/Servicer that currently services the mortgage being refinanced.
  • Relief Refinance Mortgage – Open Access requires full underwriting by submitting loans for assessment through Loan Prospector®, and may be originated by any Freddie Mac-approved Seller/Servicer.

Both options are designed to help eligible borrowers who are making timely mortgage payments, but have been unable to refinance due to declining property values, take advantage of refinancing options that better position them for long-term homeownership success.

If you have questions about Guide Bulletin 2010-6 please contact your Freddie Mac representative or call 800-FREDDIE.

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© 2012 Freddie Mac

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