in News > Mortgage Servicing
print the content item
Freddie Mac says its Streamlined Modification program is now available to all eligible borrowers nationwide. The initiative was originally schedule to roll out on July 1.

Under the Streamlined Modification program, servicers are required to send modification offers to borrowers who are at least 90 days - but no more than 720 days - delinquent on mortgages that are at least 12 months old and meet other eligibility criteria. These borrowers are not required to submit documentation for a Streamlined Modification, and the modifications become permanent after borrowers demonstrate their ability to make on-time payments during a three-month trial period.

The Streamlined Modification offers the same mortgage terms as Freddie Mac's Standard Modification, which enables servicers to reduce monthly mortgage payments by adjusting interest rates, extending payment terms to 40 years and, in certain cases, provide principal forbearance.

For more details, visit freddiemac.com.




Latest Top Stories

PRIA: Two-Thirds Of County Recorders Now Have E-Recording In Place

More than 1,200 counties - or 68% of the nation's 3,600 recording jurisdictions - now have e-recording systems in place, according to a recent study conducted by the Property Records Industry Association.


Rise Of The Humans: Automation Versus Personalized Service

In lending, the increased adoption of more technology-driven methods of business and support should not overshadow the importance of the human element.


Why It's Time To Market HELOCs And Home Equity Loans

Lenders are and should be promoting home equity products that allow borrowers to tap into that rising equity.


Clear Capital: The College Town Effect On Housing

According to Clear Capital, towns with noteworthy university influence boast home price trends that far outperform the national rates of growth since 2004.


Making The Best Of Your Appraiser Relationships

A well-supported and developed appraisal, prepared by a qualified and competent appraiser, supports informed underwriting decisions.

Urban Lending_id1351
Hse SandyHook
Industry Resource
Play for Pink
SWBC_id1313
MBA-TX_id
NAMFS_id1399
MBATX_id1385