Home Affordable Modification Program
On March 4, 2009, the U.S. Department of the Treasury announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers' monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program.
Guide Bulletin Updates
Our November 2, 2009, Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-26, provides Servicers with updated HAMP forbearance and net present value (NPV) requirements that are effective December 1, 2009. In addition, it reminds Servicers of the changes announced in Treasury's Supplemental Directive 09-07, which included a new streamlined borrower evaluation process and Department of Labor Unemployment Benefit Estimation Tool. Servicers are also reminded that IRS Form 4506T-EZ, which streamlines the income verification process Servicers must complete under HAMP, is now available. The Guide Bulletin also reminded Servicers that Freddie Mac’s Imminent Default Indicator TM (IDI) will be available soon; and the Data Collector is being retired and replaced with the new HAMP Reporting Tool.
Previous Guide Bulletins provide requirements for Servicers to implement, underwrite, and service eligible Freddie Mac-owned mortgages under the program. We urge Servicers to thoroughly review the Guide Bulletins, which are available below, and Guide Chapter C65 for complete requirements.
HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers should begin to solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP, but should not solicit borrowers for this program who are less than 31 days delinquent.
Program Details
- Mortgage and Borrower Eligibility
- Borrower Solicitation
- Underwriting Requirements
- Reporting and Incentives
Servicing Tools
To access these tools, you must use your Mortgage Servicing Products ID and password.*
- Reporting Spreadsheets
- Automated Valuation Model Collateral Values
- Technology Specifications
Guide Bulletins
- November 2, 2009 Guide Bulletin
- September 18, 2009 Guide Bulletin
- July 13, 2009, Guide Bulletin
- May 26, 2009, Guide Bulletin
- April 21, 2009, Guide Bulletin
- April 7, 2009, Guide Bulletin
- March 11, 2009, Guide Bulletin
Training & Education
Additional Resources
- Home Affordable Modification Program Fact Sheet
- Freddie Mac’s Avoiding Foreclosure Resource Center
- Consumer information about the federal Making Home Affordable Program
- Treasury Net Present Value (NPV) Model. A user ID and password are required to use the Model, which Servicers can obtain by completing and submitting the HAMP on Registration Form.
- U.S. Department of Labor Unemployment Benefit Estimation Tool
Single-Family Advisory E-mails
Are you a Homeowner?
If you believe you qualify for this program, please contact the company to whom you make your mortgage payments. Delinquent borrowers eligible for assistance will be contacted by their mortgage Servicer. Read more about how to avoid foreclosure.