In Announcement 09-05R, Reissuance of the Introduction of the Home Affordable Modification Program, HomeSaver Forbearance, and New Workout Hierarchy, Fannie Mae announced the eligibility, underwriting and servicing requirements for the Home Affordable Modification Program (HAMP), a uniform loan modification process that requires a trial period for the borrower to demonstrate the ability to make payments under the modified terms prior to the effective date of the modification.
According to Announcement 09-25, it provides additional guidance on the commencement of the trial period; a new option with respect to the commencement of the modification; and updates and clarifications to the reporting requirements for the trial period, loan set up, and modification. The policies outlined in this Announcement update Announcement 09-05R.
