Federal national mortgage association and you may Freddie Mac computer Increase COVID-19 Origination Recommendations
To your -09 and you can Freddie Mac during the Bulletin 2020-21 revealed the newest servicer extra for their prior to now revealed COVID-19 payment deferral, and temporary standing to other servicer bonuses. Freddie Mac computer offers advice on Household Affordable Modification System (HAMP) good standing getting a beneficial COVID-19 affected borrower, and you will late notices/payment indication letters.
New incentive framework is very effective , with increased details specified from the recommendations. Toward COVID-19 commission deferral and you will basic commission deferral, the fresh new servicer bonus is actually $five hundred. This new extra having a repayment bundle is also $500, and you will Fannie mae specifies various standards. Getting a bend Modification the latest servicer incentive are $step 1,000. Servicer full bonuses each home loan might possibly be capped during the $1,000. However, workout choice inside processes through to the effective time of one’s the latest bonuses may not be at the mercy of the cumulative extra cover. Fannie mae provides examples of the bonus limit in an Appendix so you’re able to Bank Page 2020-09. Fannie mae and additionally given a current style of Financial Page 2020-05 so you’re able to echo the new incentive commission getting a cost deferral.