Fannie Mae has introduced Workout Evaluator, a new Web-based technology tool that the company says automates key functions required of servicers to evaluate borrowers for the Home Affordable Modification Program (HAMP).
Workout Evaluator automates the net-present-value test and the modification ‘waterfall’ methodology, generates key data required for HAMP reporting via Fannie Mae's HomeSaver Solutions Network (HSSN) and via the U.S. Treasury Department's HAMP reporting tool, and provides a streamlined HAMP automation option for Fannie Mae loans.
Existing HSSN users have been pre-registered for access to Workout Evaluator, Fannie Mae says. New users may access registration information via the new Workout Evaluator page on efanniemae.com.
The new tool is designed only for use by Fannie Mae servicers modifying eligible Fannie Mae loans under Fannie Mae's HAMP guidelines. Also, servicers using Workout Evaluator must separately execute required HAMP reporting, as there is no automatic data feed from the tool into HAMP reporting systems. There is no fee for using Workout Evaluator.
SOURCE: Fannie Mae