HAMP Supplemental Directive Provides Guidance On Borrower Notices

Posted by Orb Staff on November 04, 2009 No Comments
Categories : Mortgage Servicing

The Treasury has published a new Home Affordable Modification Program (HAMP) supplemental directive that provides servicers with guidance on communication requirements regarding borrowers' eligibility status.

‘Designed to help ensure communications about the borrower's HAMP status are consistent, timely and compliant, the supplemental directive provides specific language servicers can use,’ according to a statement released on HAMP's administrative Web site.

The directive instructs servicers on how and when to send specific notices to borrowers who have been evaluated for HAMP but are not offered trial plans, who are not offered an official HAMP modification or who are at risk of losing eligibility for the program because they have failed to provide required financial documentation.

Though the directive doesn't become effective until Jan. 1, 2010, the Treasury is encouraging servicers to implement the necessary changes as soon as possible.

SOURCE: HMPadmin.com

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