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US Treasury Programs


Home Affordable Modification Program (HAMP)

RMIC delegates to Servicers, the authority to modify loans under the US Treasury's Home Affordable Modification Program (HAMP) if the modification meets the following parameters:

All non-GSE loans that do not pass the NPV test must be submitted to RMIC in accordance with the Second Look process. Please review MICA's Model Process for non-GSE Modification Programs that use an NPV Model for Loans with Private Mortgage Insurance below.

Reporting
All HAMP loans should be reported to RMIC using the
MICA HAMP Reporting Template on a monthly basis. The following events must be reported, within 30 days:

  • Trial period first payment made
  • Trial period failure or cancellation
  • Execution of the modification

Loans should remain on the report until the modification is complete (Official) or cancelled. Loans that successfully complete the modification should remain on the report until after the second payment is received post-modification and then be removed from the report the following month.


Home Affordable Foreclosure Alternatives (HAFA)

When a retention option will not work, the US Treasury's HAFA program provides additional options to avoid foreclosure and offers incentives to borrowers, servicers, and investors who use a short sale or deed-in-lieu to avoid foreclosures.

RMIC delegates to Servicers, the authority to modify loans under the US Treasury's HAFA program, and will waive any requirement for a borrower contribution, if the short sale or deed-in-lieu complies with the following parameters:

Reporting
All HAFA loans should be reported to RMIC using the
HAFA Reporting Template on a monthly basis, within 30 days of the following events:

  • Pre-foreclosure Sale (Pre-foreclosure Close of Escrow Date)
  • Deed-in-Lieu (Date on which the Borrower executes the Deed)
 
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