The borrower in a Trial Period Plan using the new modified mortgage loan terms. Prior to granting a permanent mortgage loan modification, the servicer must place Provide the borrower a copy of all appraisals and other valuations developed in connection Immediately provide the borrower with notice of the right to receive a copy of allĪppraisals and other valuations developed in connection with the mortgage loan modification, Submission of a BRP, in accordance with applicable law it must: When the servicer submits a request through Fannie Mae's servicing solutions systemįor Fannie Mae's approval of a Fannie Mae Flex Modification based on the borrower's Less than or equal to the pre-modification P&I payment. Less than the borrower's pre-modification P&I payment. If, at the time of evaluation, the mortgage loan is. Loan and may not be a bi-weekly or daily simple interest mortgage loan.Ī monthly P&I payment as described in the following table. Note: An ARM or interest-only mortgage loan must be converted to a fully amortizing mortgage The Fannie Mae Flex Modification must result in. The following table lists additional Fannie Mae Flex Modification requirements. Payment terms, unless a certain step is prohibited by applicable state law. System to deviate from the prescribed steps for determining the new modified mortgage Request Fannie Mae's prior written approval through Fannie Mae's servicing solutions The servicer must follow the procedures in Determining the New Modified Mortgage Loan Terms inį-1-27, Processing a Fannie Mae Flex Modification for determining the borrower's new modified mortgage loan terms. Provide or increase principal forbearance, if applicable as indicated inį-1-27, Processing a Fannie Mae Flex Modification. Loan amortization type and interest rate.Įxtend the term to 480 months from the mortgage loan modification effective date. Set the interest rate to a fixed interest rate that is based on the existing mortgage The servicer's action depending on the post-modification MTMLTV ratio and the delinquency MTMLTV ratio, which must include capitalized arrearages. The servicer must determine the post-modification The servicer must follow the procedures inį-1-27, Processing a Fannie Mae Flex Modification for determining the property value. Modification Trial Period Plan based on the delinquency status at the time of theĮvaluation for the Fannie Mae Flex Modification.ĭetermining the Fannie Mae Flex Modification Terms Of the forbearance plan and, if eligible, must be placed in a new Fannie Mae Flex May subsequently be eligible for a Fannie Mae Flex Modification upon successful completion If the borrower converts from a Trial Period Plan to a forbearance plan, the borrower Of acceptable mitigating circumstances is based on a review of the borrower's complete Is authorized to offer a mortgage loan modification outside of these requirementsīy submitting a request through Fannie Mae's servicing solutions system for reviewĪnd obtaining prior approval from Fannie Mae. The servicer determines there are acceptable mitigating circumstances, the servicer If the eligibility criteria for a Fannie Mae Flex Modification is not satisfied, but The requirements described in Soliciting a Borrower with a Disaster-Related Hardship for a Fannie Mae Flex ModificationĪnd Evaluating a Borrower Who Defaulted After Completing a Disaster Payment Deferral If the borrower has experienced a disaster-related hardship, the servicer must follow Mortgage loan modification without being reinstated. The mortgage loan must not have received a Fannie Mae Flex Modification and becomeĦ0 days or more delinquent within the first 12 months of the effective date of the Note: Converting from a Trial Period Plan to a forbearance plan is not considered a failed Of the mortgage loan modification program or dates of prior mortgage loan modifications. The mortgage loan must not have been modified three or more times previously, regardless The mortgage loan or that was imposed by Fannie Mae after the mortgage loan was purchasedĪn active and performing forbearance plan or repayment plan, unless otherwise directedĪ current offer for another mortgage loan modification or other workout option orĪn active and performing modification Trial Period Plan. The mortgage loan must have been originated at least 12 months prior to the evaluationĪ recourse or indemnification arrangement under which Fannie Mae purchased or securitized That the borrower's monthly payment is in imminent default in accordance with Evaluating a Borrower for Imminent Default for Conventional Mortgage Loan Modificationĭ2-1-01, Determining if the Borrower’s Mortgage Payment is in Imminent Default. The mortgage loan must be at least 60 days delinquent or the servicer has determined Note: The property securing the mortgage loan may be vacant or condemned.
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