Freddie Mac Relief Refinance (HARP) Mortgage SM Overview for Housing Counselors March 6, 2013

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1 Freddie Mac Relief Refinance (HARP) Mortgage SM Overview for Housing Counselors March 6, 2013 Robin Stout Migala Freddie Mac Housing & Community Outreach Freddie Mac

2 Home Affordable Refinance Program (Freddie Mac Relief Refinance Mortgage) Implemented and further strengthened changes to our Freddie Mac Relief Refinance Mortgage offering in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgages then click on AllRegs Freddie Mac

3 General Eligibility for Relief Refinance (HARP) Mortgages Self-Service Lookup tool: For Freddie Mac owned loans, the purchase date will be displayed on the results page Home Affordable Refinance Program Freddie Mac initiatives for first lien, conventional mortgages that are currently owned by Freddie Mac, in whole or in part, or securitized by Freddie Mac and The mortgage being refinanced must have a Freddie Mac Settlement Date on or before May 31, Freddie Mac

4 Alternatives to Foreclosure Hierarchy HARP Reinstatement and Relief Options HAMP Modification Freddie Mac Standard Modification Expired December 31, 2012 HAFA Short Sale HAFA Deed-in-Lieu Freddie Freddie Mac Mac Standard Short Short Payoff Sale Freddie Mac Freddie Standard Mac Deed-in-Lieu Effective November 1, 2012 Effective March 1, 2013 Foreclosure Evaluation hierarchy, borrower solicitation and communication Freddie Mac

5 Relief Refinance (HARP) Mortgage Requirements Guide Chapter A24 Same Servicer Open Access Guide Chapter B24 Relief Refinance Mortgage Relief Refinance Mortgages has been extended to December 31, To be eligible for refinancing under this offering, mortgages must have note dates on or before December 31, 2013 Freddie Mac

6 Home Affordable Refinance Program Goals Help homeowners who are timely on their mortgage payments, but who are unable to refinance because they have little or no equity in their homes Enables homeowners to obtain a beneficial refinance, despite a decrease in home values Reduce monthly payments, where possible, for homeowners in order to help reduce foreclosures and stabilize communities Be an option for eligible homeowners to get into mortgages with more stable, more affordable payments Expiration date of the program extended to December 31, *The Freddie Mac Relief Refinance Mortgage SM includes Freddie Mac s implementation of HARP solutions. Freddie Mac

7 Freddie Mac Relief Refinance (HARP) Mortgage SM Two Refinance Options: Relief Refinance Mortgage-Same Servicer Homeowner gets refinancing from current participating lender (to whom they make their mortgage payment) and who already has their files and documents Simplified borrower requalification steps, unless the principal and interest payment goes up more than 20 percent No new appraisal is required, in certain cases Relief Refinance Mortgage-Open Access Homeowner gets refinancing from any participating Freddie Mac-approved lender that is offering the Relief Refinance Mortgage Qualification/underwriting is necessary through Loan Prospector automated underwriting service No new appraisal is required, in certain cases Freddie Mac 2013 Eligibility requirements vary based on these two options and the loan-to-value ratio of the new mortgage resulting from the refinance. 7

8 Survey Question Q: The HARP program was established for all first lien mortgages regardless of investor. True or false? True green check False red X Freddie Mac

9 Relief Refinance (HARP) Mortgage What s Changed Option Revised Requirements Effective Same Servicer and Open Access Same Servicer Same Servicer Open Access Reduced income/asset documentation and evaluation requirements when borrower is qualified for the new mortgage Verify reserves equal to 12 monthly PITI payments instead of verifying source of income When borrower is omitted from note, allow remaining borrowers to be re-qualified instead of providing evidence of past 12 months payments No verification of condo project Freddie Mac eligibility (with certain exceptions) Effective Now Freddie Mac

10 Relief Refinance (HARP) Mortgage What s Changed Option Revised Requirements Effective Same Servicer and Open Access Same Servicer and Open Access Same Servicer Same Servicer Aligned requirements for <80% LTV with those >80% LTV. Simplifies requirements Maximum allowable closing costs/prepaids lesser of 4% of UPB, or $5,000. Cash back limited to $250 New mortgage does not have to represent same occupancy as mortgage being refinanced No verification of funds unless borrower is qualified for new mortgage (P&I increases more than 20%) Application Received Date on and after November 19, 2012 Same Servicer Aligned requirements for LTV ratios below, equal to, and above 80%. Seller is not required to represent and warrant that the mortgage being refinanced met Freddie Mac eligibility requirements, value, condition, and marketability of the Mortgaged Premises and certain fraud requirements Freddie Mac

11 Freddie Mac Relief Refinance (HARP) Mortgage SM General Eligibility There is no maximum LTV/TLTV/HTLTV ratio for the existing mortgage If the new mortgage will be an ARM, the LTV is limited to 105% No delinquencies in the most recent six months. No more than one 30-day delinquency in the most recent 12 months on the mortgage being refinanced for Same Servicer. Manual underwriting only for Same Servicer Loan Prospector only for Open Access At least one borrower from the mortgage being refinanced must be retained Freddie Mac

12 Freddie Mac Relief Refinance (HARP) Mortgage SM General Eligibility (cont d) Credit score, documentation, and additional requirements apply if borrower s P&I increases more than 20 percent for Same Servicer 1- to 4-unit primary residence, 1-unit second home, or a 1- to 4-unit investment property for all loans. The mortgage being refinanced and the Relief Refinance Mortgage Same Servicer do not have to represent the same occupancy At least one borrower must have a verifiable source of income or have reserves equal to at least 12 monthly payments of PITI for Same Servicer. Freddie Mac

13 Borrower Benefit The Relief Refinance Mortgage must result in one of the following borrower benefits: A reduction in the interest rate of the first lien mortgage, or A reduction in the monthly principal and interest (P&I) payment of the first lien mortgage, or Replacement of an adjustable-rate mortgage (ARM), interest-only mortgage or a balloon/reset mortgage with a fixed-rate, fully amortizing mortgage, or A reduction in the amortization term of the first lien mortgage Freddie Mac

14 Survey Question Q: In order to be eligible for HARP, the borrower must not have been delinquent on the existing mortgage in the most recent six months. In addition, the borrower must not have more than two 30-day delinquencies in the most recent 12 months. Is this correct? Yes green check No red X Freddie Mac

15 Freddie Mac Relief Refinance (HARP) Mortgage SM Features of the New Mortgage Mortgage insurance not required if existing mortgage has no mortgage insurance and LTV ratio is >80% on new mortgage. Proceeds may be used to pay off the first mortgage, pay related closing costs, financing costs, and prepaids/escrows, and disburse cash out to the borrower not to exceed $250. Freddie Mac

16 Freddie Mac Relief Refinance (HARP) Mortgage SM Lender Participation Some lenders may choose not to offer these mortgages, or they may choose not to implement all of the flexibility available through the HARP component of the changes. However, Relief Refinance Mortgages sold to Freddie Mac at a minimum must meet our requirements. Freddie Mac

17 HARP Participating Lender List Provides greater visibility for HARP lenders Helps borrowers easily identify participating HARP lenders Freddie Mac

18 Bulletin November 2, 2012 Hurricane Sandy For Relief Refinance Mortgages secured by properties in areas affected by hurricanes or other natural disasters, a Freddie Mac Seller is not required to determine if an additional property inspection or a new appraisal is necessary after an initial property valuation has been relied on, provided that the mortgage meets the requirements of Guide Chapter 58, Property Insurance, and any private mortgage insurance company requirements. For mortgages that have application received dates on or before and note dates after November 1, 2012 and are secured by properties located in eligible Disaster Areas affected by Hurricane Sandy, the following temporary requirements apply:» Property valuation documentation, including the estimate from Home Value Explorer (HVE) or the new appraisal, as applicable, must be dated no more than 180 days before the note date.» Any required underwriting documentation including but not limited to, Loan Prospector Feedback Certificates, credit reports, verifications of income, employment and sources of funds, must be dated no more than 180 days before the note date, except that our existing requirements for verbal verifications of employment and verifications of existence of business continue to apply. Freddie Mac

19 Freddie Mac Relief Refinance (HARP) Mortgage SM Freddie Mac Loan Lookup Resources for Housing Counselors Relief Refinance (Same Servicer) Relief Refinance (Open Access) HARP Fact Sheet for Housing Counselors FREDDIE Option 2 Freddie Mac

20 Freddie Mac Relief Refinance (HARP) Mortgage SM Resources for Homeowners Home Affordable Refinance Program (HARP) Fact Sheet English Home Affordable Refinance Program (HARP) Fact Sheet Spanish Freddie Mac

21 Freddie Mac Relief Refinance (HARP) Mortgage SM Resources for Homeowners Borrower HARP Eligibility Tool HARP FAQs for Borrowers General HARP Information for Borrowers Participating Lenders (Open Access) Freddie Mac

22 Freddie Mac Relief Refinance (HARP) Mortgage SM Questions? Freddie Mac

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