On February 18, 2009, President Obama announced the Homeowner Affordability and Stability Plan to offer assistance to homeowners making a good faith effort to keep up on their mortgage payments. As part of the plan, the Treasury Department introduced the Making Home Affordable program. This program encourages institutions to refinance mortgages for distressed borrowers and offers financial incentives for modifying loans based on a borrower’s ability to repay. Learn more about the Making Home Affordable Program.
The Making Home Affordable program is comprised of four key components:
- Making Home Affordable Refinance Program—The program provides access to low-cost refinancing for responsible homeowners suffering from falling home values enabling them to move into a more affordable mortgage.
- Making Home Affordable Modification Program—This program provides consistent guidelines for loan modifications held by Freddie Mac or Fannie Mae and other financial institutions receiving assistance under the Financial Stability Plan.
- Strengthening FHA Programs and Providing Support for Local Communities—An improved Federal Housing Administration (FHA) HOPE for Homeowners (H4H) program provides plans to ease restrictions to encourage servicers to utilize the program.
- Supporting Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac—The program increased the government funding commitment to Fannie Mae and Freddie Mac to help promote stability and liquidity in the mortgage market.
Quickly offer loans through the Making Home Affordable Program with our enhanced suite of mortgage compliance documentation solutions:
- Document Preparation—A robust platform that easily integrates with most loan origination systems to quickly pull data to populate the correct loan modification documents for your borrower based on regulatory, jurisdictional, and business requirements.
- Electronic and Print Forms—Featuring VMP® Mortgage Solutions compliance content that meets regulatory requirements in all 51 U.S. jurisdictions as well as investor guidelines.
- Secure Document Exchange (SDX)—A secure electronic communications tool that allows you to deliver documents to borrowers for e-sign or e-consent, with backup paper fulfillment.
- Settlement Services—Our customizable settlement services streamline portfolio analysis and loan servicing. Fulfill your settlement needs, customize your services, and consolidate your invoice with our user-friendly web site.
- Recordation Services—Accurate and timely recordation services for the loan modification package within any of the 3,600+ U.S. jurisdictions.
