Recovery Assistance Program Resources

RMIC’s Program Supporting the HOME AFFORDABLE REFINANCE PROGRAM and the HOME AFFORDABLE MODIFICATION PROGRAM 

On March 4, 2009, Fannie Mae, Freddie Mac, and the U.S. Treasury announced new refinance and modification programs to help families in distress restructure or refinance their home loans as prescribed in the Administration’s Homeowner Affordability and Stability Plan. RMIC fully supports these initiatives and has set up this area to consolidate program information and Lender resources designed to complement and reinforce these programs.  

 

HASP

HARP

HAMP

HARP and HAMP: Eligibility Matrix and Comparison

 

Homeowner Affordability & Stability Plan Overview Overview and summary of the Administration's three-prong plan including the new 2nd lien program. ·         HASP Summary Presentation   RMIC’s Recovery Assistance Program Supports Two Program Options Under HASP: ·         Home Affordable Refinance Program (HARP) allows home owners to refinance their existing mortgages to current low interest rates. ·         Home Affordable Modification Program (HAMP) allows loan modifications to prevent foreclosures for loans that are delinquent or in imminent danger of default with verifiable hardship.

 

RMIC’s Recovery Assistance Program Description: HARP Overview of RMIC’s program supporting Fannie Mae’s DU Refi PlusTM and Freddie Mac’s Relief RefinanceSM programs. Provides eligibility parameters, coverage requirements, premium rates, submission instructions and FAQ supplements.   Same Servicer Option ·         Description ·         FAQ Supplement   New Servicer Option  ·         Description ·         FAQ Supplement ·         Rate Card    Recovery Assistance Program Submission Options & Forms: HARP Same Servicer Option RMIC offers three ways to submit a loan for certificate modification. Lenders can use their existing order system or method and RMIC will identify the loan for certificate modification via social security match. Lenders may also send loans in bulk to RMIC using the Microsoft Excel® spreadsheet provided below. The third option is to submit RMIC's Notice of Modification/Assumption form, also provided below. ·         HARP Bulk Submission Form ·         HARP Bulk Submission Form Field Descriptions ·         Notice of Modification/Assumption Form   RMIC Contract Underwriting Eligibility Matrix for HARP Loans This document provides a summary of the various scenarios and RMIC's eligibility for contract underwriting of insured and uninsured loans including Fannie's DU Refi PlusTM and Freddie Mac's Relief RefinanceSM programs. ·          HARP Contract Underwriting Eligibility

 

Recovery Assistance Program Information & Forms: HAMP Overview of RMIC's program supporting Home Affordable Modification Programs. Provides guidance on delegation, non-GSE modifications, and reporting requirements. ·         HAMP Overview Delegation of Authority RMIC provides delegated authority to our customers modifying loans under the Home Affordable Modification Program (HAMP), if the modification meets one of the following parameters: ·         Fannie Mae’s Home Affordable Modification Program ·         Freddie Mac’s Home Affordable Modification Program  ·         Other loans under the Treasury’s Home Affordable Modification Program passing the Net Present Value (NPV) test   Loan Qualifies for Delegated Authority Yes No Fannie Mae HAMP X   Freddie Mac HAMP X* Non-GSE, Passed NPV Test X   Non-GSE, Failed NPV Test   X   *Complete details of the delegation authority, terms, and limitations are provided in the Freddie Mac Delegation Terms document provided below. ·         Freddie Mac Delegation Terms  Treasury (Non-GSE) Loans Please review MICA’s Model Process for non-GSE Modification Programs that use an NPV Model for Loans with Private Mortgage Insurance. All non-GSE loans that do not pass the NPV test must be submitted to RMIC in accordance with the Second Look process. ·         MICA Model Process for Non-GSE Modification Programs that use an NPV Model for Loans with Private Mortgage Insurance ·         Memorandum of Understanding (Exhibit A) ·         Non-GSE HAMP Delegation Agreement (Exhibit B) ·         RMIC's HAMP Reporting Requirements, Dictionary, & Template (Exhibit C) ·         RMIC's Second Look Request form (Exhibit D) ·         RMIC’s Second Look Bulk Submission Template   Loans Not Meeting HAMP Delegation Guidelines If a loan is not delegated or does not qualify for HAMP, simply submit to RMIC for consideration using this Notice of Modification/Assumption form. RMIC also has other delegation programs available for those not participating in the HAMP program. Please contact us for additional information at HAMPrequests@rmic.com. Reporting Requirements All HAMP loans (Fannie, Freddie, and non-GSE) should be reported to RMIC using Exhibit C (above) 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 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. Program Support For questions regarding delegation or workout approval, please email HAMPrequests@rmic.com or call 800-884-RMIC (7642).   Additional HAMP Information ·         Fannie Mae's Home Affordable Modification Program ·         Freddie Mac's Home Affordable Modification Program ·         Treasury's Home Affordable Modification Program ·         Enhancements to HAMP (Announced March 26, 2010)