Guide Bulletin 2016-10 Revises HAMP Expiration Requirements and More
June 8, 2016
In Single-Family Seller/Servicer Guide (Guide) Bulletin 2016-10, we’re revising requirements related to the Home Affordable Modification Program (HAMP®) expiration, extending the Lender-Placed Insurance (LPI) deductibles mandatory effective date for certain Servicers, and more.
Our shared commitment to servicing excellence means we’re always looking for ways to make things better, one change at a time.
- As the HAMP program winds down at the end of 2016, we're aligning with certain expiration dates and removing HAMP-specific forms and references from our solicitation requirements so we aren’t promoting an imminently-ending program.
- We're extending the mandatory effective date for LPI deductibles for certain Servicers that use American Modern Insurance Group (AMIG) as their LPI provider. The revised effective date for Servicers that use AMIG is on or after July 1, 2017.
- Servicers must use IRS Form 1099-C when reporting a cancellation of debt in connection with a short sale.
- Check out our Summary of Upcoming Requirement Changes document.
- Visit our Freddie Mac Investor Reporting Web page, with a new information spotlight on what to remember for balance correction requests greater than $3,000.00.