Making Home Affordable Program Updates

• Latest Supplemental Directive provides new HAMP documentation guidance
  On October 8, 2009, the U.S. Department of the Treasury published a Supplemental Directive for the Making Home Affordable Program (MHA) that 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.

• New HAMP requirements for Workout Prospector, reporting, and more
  With our September 18, 2009 Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-23, we provided Servicers with updates to the HAMP requirements, including the mandatory use of Workout Prospector® when evaluating borrowers for a HAMP modification and new reporting requirements for HAMP loans.

• Workout Prospector now available for HAMP loans
  Workout Prospector is now available for you to use when evaluating eligible borrowers for a modification under HAMP. Learn more about using Workout Prospector or requesting for a Workout Prospector account.

• Resources to help with your HAMP implementation
  As you continue to work with more borrowers under HAMP, we want to make sure you have quick and easy access to the most current learning resources that will help your program implementation. Take advantage of our HAMP training opportunities including new resources on the use of Workout Prospector.

• Updated Freddie Mac Relief Refinance Mortgage^SM FAQs now available
  We've updated our Relief Refinance Mortgage FAQs to provide you with the answers to the most frequently asked questions about Relief Refinance Mortgages – including answers to specific questions about the new Relief Refinance Mortgage – Open Access option and eligibility of Relief Refinance Mortgages with LTV ratios greater than 105 percent and less than or equal to 125 percent.

• Live webinar on Relief Refinance Mortgages
  Need help originating and delivering Freddie Mac Relief Refinance Mortgages? Register for a 90-minute interactive webinar on Relief Refinance Mortgages to learn more about the requirements for the Same Servicer and Open Access options available under this offering.

Recent Guide Updates and Announcements

• Guide Bulletin 2009-24 announces updates to underwriting requirements
  With our October 9 Guide Bulletin 2009-24, we announced a series of updates to our mortgage eligibility requirements, offered additional guidance on our existing requirements, and provided important best practice reminders related to property flips.

• New effective dates for recently announced underwriting requirements
  With Guide Bulletin 2009-24, we further extended the effective dates for the changes to our underwriting requirements published in the July 10 Guide Bulletin 2009-18. The new requirements will now be effective for all mortgages with application dates on or after December 14, 2009, and Freddie Mac settlement dates on or after April 1, 2010.

• New effective date for FHFA-required loan-level origination data requirement
  On January 15, 2009, the Federal Housing Finance Agency (FHFA) announced, that Freddie Mac would be required to capture new loan-level origination data for mortgages with application dates on or after January 1, 2010. Freddie Mac, with FHFA's approval, has changed the effective date for this requirement to apply to mortgages with application dates on or after July 1, 2010.

• MISMO for loan delivery planning under way
  Freddie Mac has started the planning process to adopt MISMO version 3.0 for loan delivery and is exploring a fourth-quarter 2010 implementation date.

Originate and Underwrite Loans

• Loan Prospector® September 27 release
  On September 27, Loan Prospector was updated to support the assessment of the Freddie Mac Relief Refinance Mortgage – Open Access.

• A closer look at underwriting borrower capacity
  Disciplined underwriting and good judgment are essential to responsible lending and successful homeownership. This article takes a closer look at how you can properly evaluate a borrower's capacity to repay the mortgage.

Sell and Deliver Loans

• Freddie Mac's Exclusionary List updated on October 2
  Due to technical difficulties, Freddie Mac's Exclusionary List was not updated in our systems as regularly scheduled on October 1, 2009. A new version of the list was updated on October 2 for all access methods. Please ensure that you access and review this updated list through Loan Prospector, Freddie Mac's selling system or MIDANET® on or after October 2.

Service Loans

• Urgent action required for all MIDANET users
  To help you provide more detailed reporting, MIDANET® for the PC will have critical version updates on October 19 and October 26. These updates will require action on your part to ensure you do not experience reporting and loan purchase transmission delays beginning at midnight on October 23.

Valuable Tools, Resources and Training

• Upcoming Freddie Mac Campus® Live event in Bloomington, Minn.
  Plan to join us on November 2-5, 2009, in Bloomington, Minn. for a Campus Live event and learn more about how you can rely on Freddie Mac solutions – from origination to servicing – to help your business and your borrowers succeed in the face of today’s market challenges. Register today and take advantage of early bird and group discounts.

• New consumer brochures will help you prepare borrowers for successful homeownership
  We have developed a full array of high-quality marketing materials that you can customize and online resources to help you guide consumers through the various stages of the homeownership process.