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Loan Modification News
Loan modification activity, reports and legislation.

Alt-A is Back

Fannie announces Alternative Modifications

March 19, 2010

By staff

A new Alt-A program was announced for government loan modifications.

In Lender Letter LL-2010-04 yesterday, Fannie Mae introduced an alternative to the Home Affordable Modification Program.

Servicers will earn $800 for each modification completed under the plan, according to the Washington, D.C.-based company.

The Alternative Modification is for borrowers who started a HAMP trial modification before March 1, successfully completed the scheduled payments but were not eligible for a permanent HAMP modification.

The program targets borrowers who couldn't meet the required 31 percent housing debt-to-income ratio based on verified income. It enables them to achieve the 31 percent ratio based on streamlined documentation requirements.

Servicers are required to document their HAMP activity, cancel the HAMP modification in the HomeSaver Solutions Network and the U.S. Department of the Treasury's system of record, and send the appropriate HAMP borrower notice. They also need to provide a simplified summary of the loan modification agreement to the borrower, advise the borrower that liquidation will be pursued in the event of a default and "remind the borrower of the consequences of material misstatements."

Alternative Modification cases need to be submitted by Aug. 31 through the HSSN. Servicers have 30 days from yesterday to offer the alternative modifications to eligible borrowers.

Borrowers who are still in a HAMP trial plan need to receive the alternative offer within 10 days of their trial period expiring. Follow-up must be conducted within 15 days of the offer if the borrowers don't respond -- including at least three phone calls and a follow-up letter mailed or delivered. An additional three attempts must occur between the 15th and 30th day after the offer was mailed.

"The policies in this lender letter apply to all conventional mortgage loans held in Fannie Mae's portfolio and to mortgage loans that are part of an MBS pool that have the special servicing option or a shared-risk MBS pool for which Fannie Mae markets the acquired property," the letter said.

read full Fannie Mae Lender Letter LL-2010-04

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