In several previous Announcements, Fannie Mae announced the eligibility, underwriting, and servicing requirements for the Home Affordable Modification Program (HAMP). Under HAMP, servicers use a uniform loan modification process to provide eligible borrowers with sustainable monthly payments for first-lien mortgage loans. On August 13, 2009, the US Department of Treasury (Treasury) published Supplemental Directive 09-05, introducing the Second Lien Modification Program designed to work in tandem with HAMP. On March 26, 2010, Treasury revised that policy guidance in Supplemental Directive 09-05 Revised, which replaced Supplemental Directive 09-05 in its entirety. Together, HAMP and the Second Lien Modification Program (2MP) create a comprehensive solution to help borrowers achieve greater affordability by lowering payments on both first-lien and second-lien mortgage loans. Announcement SVC-2010-14 provides guidance to Fannie Mae servicers for the adoption and implementation of the 2MP for Fannie Mae loans. All Fannie Mae-approved servicers must participate in the program for all eligible Fannie Mae second-lien mortgage loans. Servicers are required to implement the 2MP program no later than January 1, 2011.
