- LEARNING CENTER
The Home Affordable Modification Program (HAMP) is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use. The Home Affordable Modification Program includes incentives for borrowers, servicers and investors.
MHA Handbook & Guidance | Servicer Participation Agreement | Income Calculation Worksheet | Model Borrower Notices | Escalated Case Documents | NPV Model Documents | Annual Servicer Certification | MHA Compensation Matrix | MHA Program Research | IRS Guidance
The MHA Handbook is a consolidated reference guide outlining the requirements and guidelines for the Making Home Affordable (MHA) Program for non-GSE mortgages. The current version of the MHA Handbook replaces and supersedes all effective guidance contained in Supplemental Directives (SDs) and related frequently asked questions (FAQs); to the extent guidance is not effective as of the date of the current version of the MHA Handbook, such guidance is not replaced and superseded. Previous SDs can now be found in the Archives tab on the Program Guidance page.
Making Home Affordable Handbook v5.1 - The MHA Handbook will be updated periodically to include additional guidance on related programs.
Access the MHA Handbook on AllRegs - Open to subscribing and non-subscribing AllRegs customers.
Please note: There may be a time delay for new MHA Handbook publication updates to appear in the AllRegs Library.
Template of the agreement servicers must sign to participate in HAMP, 2MP, Treasury FHA-HAMP, RD-HAMP or FHA2LP for loans that are not owned, securitized or guaranteed by Fannie Mae or Freddie Mac.
Servicers may use the income calculation worksheet for documenting their analyses, assumptions and calculations related to determining monthly gross income.
This matrix provides a summary of servicer, investor, and borrower compensation by program. Frequency, payee/beneficiary, amounts, and timing are provided, as well as the data attributes used for each calculation.
In an effort to continue the dialogue and both reflect and build upon the learning of the past seven years, aspects of the Making Home Affordable (MHA) program provides valuable experiential lessons that can be beneficial for industry stakeholders in preparing for facing what comes next, as well as the establishment of best practices for the mortgage industry.
For a complete listing of all MHA-related rulings, please visit the IRS website.
To assist servicers with Home Affordable Modifications, borrower solicitation guidelines and materials are available below.
Servicers should follow their existing practices, including complying with any express contractual restrictions, with respect to solicitation of borrowers for modifications. Servicers are strongly encouraged to use the documents provided below. They may revise the documents in accordance with the instructions provided in the Making Home Affordable Handbook.
Servicers must require a borrower to submit the required documentation necessary to verify the borrower's eligibility for a Home Affordable Modification before preparing the Home Affordable Modification Trial Period Plan Notice, using the following documents:
Servicers should send the following Cover Letter and the Home Affordable Modification Agreement for execution by the borrower after receipt of the second to last trial period payment:
Servicers have the option of using the Making Home Affordable logo provided below, by itself or together with the servicer's logo, on all envelopes and packages used to send the Home Affordable Modification solicitation materials to borrowers. The servicer's name and return address must be shown on any solicitation materials sent to borrowers. Servicers may download the Making Home Affordable logo for use on envelopes and packages below. Servicers are encouraged to use Making Home Affordable logos together with the servicer's logo on the letters.
For the Home Affordable Modification Program, servicers will have the option to use the provided Making Home Affordable logo, by itself or together with the servicer's logo, on envelopes and packages used to send the Home Affordable Modification solicitation materials to borrowers. The servicer's name and return address must be shown on any solicitation materials sent to borrowers. In addition, servicers are encouraged to use the Making Home Affordable logo, together with the servicer's logo, to co-brand the Home Affordable Modification Cover Letters (the "Home Affordable Modification Cover Letters"), "Counseling Letter," and "Solicitation Letter" attached above.
By accepting the Home Affordable Modification solicitation content and the Making Home Affordable logo, Servicer, as a non-exclusive licensee, agrees that the US Treasury retains all rights in the Making Home Affordable logo, and that Servicer shall only use the Making Home Affordable logo in conjunction with the Home Affordable Modification Cover Letters, Counseling Letter, and Solicitation Letter attached above. Servicer further agrees that it shall not make any material alterations to the content without the prior consent of the US Treasury unless authorized under the Supplemental Directive 09-01 - Home Affordable Modification Guidelines. The US Treasury reserves the right to review Servicer's activities under the Home Affordable Modification Program and may terminate this license at any time.