Freddie Mac speeds up availability of streamlined loan mods

suggests that lenders and servicers should give greater consideration to the use of principal reduction as one of the loan modification. they would be available only to those who genuinely needed.

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Both Fannie Mae and Freddie Mac also have guidelines for loan programs with a 3 percent down payment that are available to all first-time buyers. the very beginning of the loan process, which.

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The modified terms can include your interest rate, loan duration, and loan type (e.g., changing from an ARM to a fixed-rate mortgage). If you are several months behind on your mortgage, or expect you will fall behind soon, a loan modification can make your monthly payments more affordable and help you avoid foreclosure.

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Two of the biggest mortgage companies in the country, the government-sponsored Fannie Mae and Freddie Mac, have recently teamed up to offer Flex, a new updated loan modification program, in an attempt to make the process simpler and more accessible.

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All Freddie Mac Servicers are delegated to approve a Freddie Mac Standard and Streamlined Modification per single- family seller/servicer Guide (Guide) Sections B65.11 through B65.26. Refer to Guide Chapter 63 for additional informationif the mortgage is secured by a primary residence and the borrower

In the past, Fannie Mae and Freddie Mac offered standard and streamlined modifications to people. Those programs, along with HAMP, were replaced on October 1, 2017 with the Flex Modification program. Under this program, the loan servicer takes a series of steps, which might include lowering the interest rate and extending the term of the loan.

A new Fannie Mae and Freddie Mac streamlined modification program went into effect July 1, 2013, to offer relief to homeowners in danger of a foreclosure. The program is slated to end Dec. 31, 2015.

U.S. stocks shot up from session lows on the report. controlled mortgage finance companies Fannie Mae and Freddie Mac, told Reuters the industry was eager to have a standardized loan modification.

Fannie Mae and Freddie Mac are offering the new Streamlined Modification Program to distressed borrowers before the effective date of july 1.. gses Make New Simplified Mod Program Available.

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