Freddie Mac Modifies Relief Refinance Mortgage Program

Posted by Orb Staff on June 08, 2009 No Comments
Categories : Residential Mortgage

e Mac has announced several changes to its Relief Refinance Mortgage program. Under the program, borrowers can continue to work with their existing servicer to refinance their mortgage. If the borrower chooses to work with another Freddie Mac-affiliated lender, the mortgage will need to be re-underwritten. Freddie Mac will allow the lesser of 4% of the new refinance mortgage amount or $5,000 of closing costs, financing costs and prepaids/escrows to be rolled into the new refinance mortgage. Furthermore, Freddie Mac's standard post-settlement delivery fees, up to a maximum of 2%, will apply to the Relief Refinance Mortgage program. ‘We are responding to consumers' desires to have more refinancing options,’ says Don Bisenius, executive vice president at Freddie Mac. ‘As an added benefit, we are expanding the program and providing greater flexibility in financing closing costs. Freddie Mac is committed to doing everything we can to bring the benefits of the administration's Making Home Affordable program to as many borrowers as possible.’ SOURCE: Freddi

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