Home Affordable Modification Program
On March 4, 2009, the U.S. Department of the Treasury (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.
HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers must solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP, but cannot solicit borrowers for this program who are current or less than 31 days delinquent.
Guide Bulletin Updates
Our February 4, 2010, Single-Family Seller/Servicer Guide (Guide) Bulletin 2010-3 provides Servicers with additional guidance and exceptions for Freddie Mac-owned mortgages with respect to the Treasury's recently published Supplemental Directive 10-01. Servicers must review Guide Bulletin 2010-3 for complete details and requirements when implementing the following:
- A HAMP program change that eliminates stated income Trial Period Plans and requires full verification of borrower eligibility.
- Servicer and borrower timelines for acknowledgement and review of the documents included in the "Initial Package.”
- Additional guidance to resolve stated income Trial Period Plans, including those subject to Supplemental Directive 09-10, "Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010".
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.
Program Details
- Mortgage and Borrower Eligibility
- Borrower Solicitation
- Underwriting Requirements
- HAMP Tools Overview
- Reporting and Incentives
Servicing Resources
To access these secure resources, you must use your Mortgage Servicing Products ID and password.*
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- Reporting Spreadsheets
- Automated Valuation Model Collateral Values
- Technology Specifications and Users' Guides
Guide Bulletins
- February 4, 2010, Guide Bulletin
- January 26, 2010, Guide Bulletin
- December 14, 2009, Guide Bulletin
- November 2, 2009, Guide Bulletin
Training & Education
Additional Resources
- Frequently Asked Questions Home Affordable Modification Program – 2009-2010 Conversion Campaign
- 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 online 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.