In 2017, FHFA required the Enterprises to evaluate possible changes to the existing loss mitigation options for borrowers that include repayment plans, forbearance plans, short sales, and deeds-in-lieu of foreclosure, to reflect the key principles developed for the future of loss mitigation.Ĭurrent Suite of Loss Mitigation Programs: In 2016, the Enterprises developed the Flex Modification, which is described below, with these key principles in mind. Ensuring that there is an appropriate level of oversight. Ensuring that the process is clear and understandable. Offering solutions that resolve the delinquency for the long-term. Providing modification terms that result in meaningful payment relief. Providing a simple proc ess for homeowners to seek assistance. The key principles set forth in the white paper are: Accessibility: The white paper details five key principles for the future of loss mitigation. Guiding Principles for the Future of Loss Mitigation: How the Lessons Learned from the Financial Crisis can Influence the Path Forward.
Department of Housing and Urban Development (HUD) issued a joint white paper entitled, The loss mitigation solutions outlined in the reports are currently being re-evaluated and redesigned to address a more stable economic environment. The success of these efforts is tracked in FHFA's quarterlyįoreclosure Prevention Report which documents the Enterprises’ performance in foreclosure prevention actions for borrowers. Under SAI, the Enterprises developed a broad suite of aligned loss mitigation programs that streamline the delivery of loss mitigation solutions to borrowers. The objective of SAI was to develop consistent servicing policies that would help servicers to do a better job of resolving delinquencies in a consistent, efficient, and expeditious manner with the goal of keeping struggling borrowers in their homes whenever possible while minimizing losses to the Enterprises and taxpayers. Learn about options available for homeowners affected by a hurricane during the 2017 hurricane season or by other natural disasters.įHFA, jointly with the Enterprises, announced the Servicing Alignment Initiative (SAI) in April 2011 with an effective date of October 1, 2011. Our goal is to make sure you have time to focus on your safety. Help for Homeowners Affected by Natural Disastersįederally regulated Fannie Mae and Freddie Mac have come together to get the word out about mortgage relief options for those affected by natural disasters, including hurricanes during the 2017 hurricane season.
0 kommentar(er)
