Towards the -09 and you may Freddie Mac in the Bulletin 2020-21 revealed the fresh servicer bonus for their previously revealed COVID-19 commission deferral, and you will brief condition to other servicer bonuses. Freddie Mac also provides guidance on Family Affordable Amendment Program (HAMP) an effective standing for a beneficial COVID-19 affected borrower, and you can later notices/percentage reminder characters.
The new added bonus framework is useful , with information given in the guidance. Towards COVID-19 percentage deferral and basic payment deferral, the fresh new servicer extra was $five-hundred. The fresh new extra getting a fees package is even $500, and you will Federal national mortgage association specifies various conditions. For a flex Modification brand new servicer extra are $1,000. Servicer complete incentives each mortgage loan might be capped during the $step 1,000. Although not, workout selection in techniques through to the effective big date of one’s the fresh incentives are not subject to the brand new cumulative incentive cover. Fannie mae provides types of the newest extra cap within the an Appendix in order to Financial Letter 2020-09. Fannie mae plus approved an updated form of Bank Letter 2020-05 so you’re able to echo brand new added bonus commission getting a cost deferral. Continue reading “Fannie mae and you can Freddie Mac Increase COVID-19 Origination Recommendations”