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Servicing Guide updates include changes and
revisions
As part of the Servicing
Guide update, the Valuation Management System (VMS) Valuation Order
Template has been updated to require the foreclosure sale date be
completed when a servicer is requesting the property valuation for
bidding instructions. Additionally, we’ve revised the Evaluation
Notices and the payment deferral agreement to incorporate
clarifications regarding Home Affordable Mortgage Program (HAMP)
incentives. The Evaluation Notices also include revisions based on
recent policy updates.
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Updates to COVID-19 Lender Letters regarding
payment deferral and servicing
We’ve updated
COVID-19 Payment Deferral Lender letter (LL-2020-07) and Impact of
COVID-19 on Servicing Lender Letter (LL-2020-02) to clarify when a
borrower impacted by COVID-19 remains eligible for any future HAMP “pay
for performance” incentives. In LL-2020-07, we also clarified that a
mortgage loan with an origination date after March 1, 2020 is not
excluded from COVID-19 payment deferral eligibility.
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Payment Deferral Lender Letter updated
We’ve updated
Payment Deferral Lender Letter (LL-2020-05) to clarify that a
borrower’s acceptance of a payment deferral will result in the mortgage
loan’s withdrawal from HAMP and the loss of any future HAMP “pay for
performance” incentives.
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