Making Home Affordable (MHA) Lenders Home Affordable Foreclosure Alternatives (HAFA) Matrix Summary This matrix summary for non-Government Sponsored Enterprise (GSE) backed loans, (ie: FHA, VA, USDA and conventional portfolio loans) under Making Home Affordable.
The following lenders may also have Fannie Mae/Freddie Mac Government Sponsored Enterprise (GSE) loans.
59 participating lenders were asked by the U.S. Treasury to provide a HAFA Matrix that outlines short sale detail.
In researching all HAFA Matrices content:
59: total Participating Lenders 13: no HAFA Matrix or criteria available 46: lender data being used
41, or 89% of lenders allow Imminent Default 15, or 32.6% of lenders state borrower can be current 30, or 65.21% of lenders state payments required Participating Lenders listed on Making Home Affordable Program HAFA Matrix: h ttp : / / ww w . m a kingho m e a f f o r d a bl e . go v / f o r - p a r t n e r s / und e r s t a n din g - g u id e l in e s /P a g e s / H A F A M a t r i x . a spx
Participating If Payment can be Current, in Imminent Default, Payments Required MHA C: C a n be c u rr e n t ID: Imminent Default PR: Payments Lender/ID/C/P Required R c1.od e AHMSI HAFA eligibility and servicer/investor (10/7/11) requirements: ID Loan is delinquent or default is 2. A m e r i c a n Eligibility Requirements: E a g le Loan is delinquent or default is (10/7/11) imminent ID h t t p : // www .l o a n ad mi n i s t r a ti o n . ne t / p o l i c i e s / h a f ae l i g i b i l it y m a t r i x .pdf 3. A u r o r a Eligibility Requirements: ID Mortgage default or default imminent Documentation Requirements: Imminent Default – Detailed hardship letter explaining hardship as well as documentation which supports the imminent default (divorce papers, unemployment letter etc..) https:// ww w . a u r o r a l e n d i n g . c o m / up l o a d s / p a g e s / h a f a e l i g i b i lit ym a t r i x . p d f 4. B a nk HAFA Basic Eligibility: o f Your first mortgage payment is past due or you believe that A m e r i c a you will miss a payment in the foreseeable future ( L o a n c a n b e (update c u rr e n t) d 6/1/12) Note: Bank of America HAFA Matrix 6/1/12 attached separately. Not B a nk o f located on their website. A m e r i c a h t t p : // h o m e l o anh e l p . b a nk o f a m e ri ca . co m/ en / h o m e - a ff o r dab le -f o r e c l o su re - a l t e r n a ti v e s . h t m l f o r F H A FHA Short Sale: h t t p : // h o m e l o an h e l p . bank o f a m e r i c a . co m / en / f h a - s ho rt - sa l e . h t m l sh o r ts a l e 5. Bank No HAFA Matrix of New 6.O r l eB a a n nks Eligibility Requirements: U n i t e d Loan is 61 days past due OR borrower claims (2/1/13 imminent default for primary residence. ) Mortgage loan is not guaranteed by FHA, HUD, ID/C/PR VA or Rural Development Cannot claim imminent default on an investment property. If the borrower claims imminent default we will require income and asset documentation. PAYMENTS DURING MARKETING PERIOD: Borrowers who face imminent default, y e t a r e c u rr e n t on th e i r l o a n , will be expected to submit payments equal to 31% of their gross monthly income.
% 2 0 F o r e c l o su r e % 20 A lt e r n a t i v e . pdf 7. B a y v i e w Eligibility Requirements: (2/1/13) C u r r e n t B o rr o w e r in danger of Imminent Default: ch o Pay stubs/bank statements (2 pay stubs/bank statements dated within the last 60 days) o Debt Documentation (hardship letter stating the reason for delinquency and if possible verification: such as hospital bill, etc.) https:// www . c i ti m o r t g a g e . co m / M o rt g a g e / pd f / C it i M o r t g a g e_ H o m e_ A f f o r dab l e_ F o r e c l o su r e_ A lt e r n a 14. C i t i z e n s 1 st Etivleig_Mibaitrlixt.ypdf Requirements: N a t i o n a Loan must be >60 days past due and/or in imminent default l B a nk Documentation Requirements: (9/1/11 Imminent Default – Any additional income or asset verification for current ) ID borrowers at risk of imminent default. h t t p : // www . c i t i z en s 1 s t. co m / ha f a e li g i b i li t y m a tri x . pdf 15. Midwest Loan Services???? Community Credi 16. C o t mm u n i t y Eligibility Requirements: C r e d i t 5. The mortgage is delinquent or default is reasonably U nion o f foreseeable. F l o r i d a PAYMENTS DURING MARKETING PERIOD ID/ PR The members should make every effort to continue to make at least partial payments during the marketing period. (Payments not to exceed 17. Eligibility Requirements: C U C Is delinquent on a HAMP modification by M o r t g a ge missing at least two consecutive payments or default is C o r p o r a t i o reasonably foreseeable. n (2/1/13) Needs to be more than 60 days delinquent and have cash ID reserves less than the greater of $5,000.00 or three times their current mortgage payment. Delinquency status including imminent default h t t ps : // www . cc u f l o ri d a . o r g / h o m e / f i F i l e s / s t a t i c / d oc u m en t s / H A F A _e li g i b l i t y _ m a tr i x % 20pd f . pdf 18. Current or non-current requirement not specified D ov e n m u e hl h t t p : // d ov en m ueh l e . co m / S e r v i c e D i s c l o su r e / ha f a . h t m l 19. e D u P a g e Eligibility Requirements: C r e d i t Mortgage delinquency or default is reasonably U nion foreseeable. I mm i n e n t D e f a u l t : (2/1/13) If the loan is less than 60 days past due, DuPage Credit Union will require ID/ C/ the following financial documents (in addition to the documents requested PR above for a Pre-Approval Short Sale Notice): Last two months of bank statements, including all pages even if blank Last two yrs tax returns. If not yet filed verification of extension letter will be required. Debt Documentation (hardship letter stating the reason for delinquency and if possible verification (for example: medical bills)) Payments During Marketing Period: There is a requirement that the member make a monthly payment. Based on the complete Financial Analysis the payment may be based on 31% of the verified gross monthly income, this payment will take into consideration principal, interest, taxes, insurance and assoc. dues if applicable. 20. F i r st B a n k Eligibility Requirements: M o r t g a ge Loan must be 60 or more days (note: delinquent. Payments During Marketing HAFA Period: Matrix Reduced payments are requested during the marketing PDF period. shown at h t t p : // www . f i r s t ba n k m o rt g a g e . co m / f o r e c l o su r e s / bottom of page, will not open/save) 21. F i r st Eligibility Requirements: F e d e r a l Borrower must be experiencing a Financial Hardship, including imminent S a v i n g default. s I mm i n e n t D e f a u lt – (8/10/11) If you are in imminent default please provide one of the following: ID/ PR Copy of Death Certificate for Borrower or Co‐borrowers
Copy of Final Divorce Decree Copy of recorded Legal Separation Agreement
documentation showing Long Term Disability of Illness of borrowers or immediate family members Payments During Marketing Period: Borrower may elect to maintain payments while home is being marketed to prolong or prevent the initiation of 22. F i r st Eligibility Rfoerequcilroesmuernte.s I:f the foreclosure process has already begun, F i n a n c i a l Borrower must be 60 or more days past due or experiencing B a nk imminent default (1/28/13) Documentation required to evidence Imminent Default: ID/ PR • Hardship Affidavit/Request for Modification and Affidavit (RMA) • Evidence of residency • Dodd Frank Certification • Subordinate lien documentation • Form of income verification less than 90 days old and signed Form 4506T- ez • Completed Uniform Borrower Assistance Form • Evidence of one of the borrowers death, disability or divorce
PAYMENTS DURING MARKETING PERIOD Borrowers are legally obligated to make the full amount of their payments; however, reduced monthly payments as stipulated in the SSA may be accepted based on verified income of the borrower. These reduced payments do not constitute a modification of the loan. 23. F r a n k l in Investor does not participate h t t p : // www . f r a n k l i n c r e d i t. co m /l o an S e r v i c e C e n t e r / i n d ex . c f m ? f usea c ti o n = ha f a C r e d i t M a n a g e m e n t 24. G M A C See note to left. (effectiv h t t ps : // www . g m a c m o rt g a g e . co m / e 2/1/13, GMAC loans re now serviced 25. b Gy r e O a tc we L a kn e s Payments During Marketing: C r e d i t You may be required to make a payment on the first day U nion PR of each h t t p : // www . g l c u . o r g / u p l o ads / 132 9 407 0 8 4 . pd f m o n t h while in HAFA. 26. G r e a t e r Eligibility Requirements: Ne v a d a Delinquency status including imminent default M o r t g a ge Documentation Requirements: S e r v i c e s I mm i n e n t De fau l t –Income or asset verification may be required f o r ID/ C/ c u rre n t PR b o rr o wers at risk of imminent default. Payments During Marketing Period: h tt p : / / ww w . gn c u . o r g / c us t o m / f i / g n cu / f b / d i sc l osu r e / h a f a e li g i b il i t y m a t r i x . p df 27. Eligibility Requirements: G r ee n t r e e The loan is in default or default is reasonably foreseen. (1/1/13) Payments During Marketing Period: ID/ Greentree does not r e qu ir e payments during marketing PR period. 28. H o r i c on Eligibility Requirements: B a nk Borrowers must be 60 or more days delinquent at time of (9/19/11) HAFA consideration, or be determined to be in imminent danger ID/ PR of default per HAMP guidelines, if less than 60 days delinquent. I mm i n e n t D e f a u l t : • The hardship and financial condition of the borrower must be verified through documentation. Payments During Marketing Period: Borrower will be required to make full monthly payments during the marketing period, unless; Horicon Bank agrees to establish a short-term forbearance payment plan during the marketing period. (If the borrower qualifies, the payment will not exceed 31% of gross household income.) 29. I C F e d e r a l Eligibility Requirements: C r e d i t The mortgage loan is delinquent or default is reasonably U nion foreseeable. Payments during Marketing Period: (10/15/11) IC will not re q u i r e monthly payments during the pendency ID/ PR of a short Agreement.https:// www . i cc r ed i t u n i o n . o r g / u p l o ad D oc s / 1 / ha f ae li g i b i l i t y m a tri x . pdf to make B a nk No criteria re: if current or not stated. (10/5/11) h t t p : // www . m w b o n l i n e . co m / pd f s / H A F A . pdf 37. Eligibility Requirements: M i d we s The mortgage loan is delinquent, or default is reasonably t L o a n foreseeable. Program cut-off date: Midwest Loan Services has received S e r v i c e s an executed HAFA SSA or (9/15/11)?? DIL Agreement by the borrower on or before December 31, 2012. ID https:// www . w ebp mt . co m / pd f s / H A F A _Ma t r i x _ 9 - 15 - 11 .pdf 38. Mission No HAFA Matrix Federal Credi t 39. National Eligibility Requirements: City/ P N C Loan must be at least 60 days delinquent as dictated (2/1/13) by individual investors guidelines ID/ C/ Documentation Requirements: PR Imminent Default – List any additional income or asset verification f o r current borrowers at risk of imminent default. PAYMENTS DURING MARKETING PERIOD: Depending on their investor, the borrower may be requested to make a monthly payment of 31% of the total 40. N a v y Eligibilhitoyu Rseqhuoildre mgreossnts :income. F e d e r a l Mortgage is delinquent or default is imminent C r e d i t Member requests a short sale/Deed in U nion Lieu PAYMENTS DURING MARKETING (2/15/13) PERIOD: ID/ PR Member will be required to make a payment on the 1st of each month while in HAFA in the amount of 31% of their gross income OR their actual mortgage payment, whichever is less. 41. Eligibility Requirements: O c we n Foreseeable Default and/or Delinquency – Mortgage loan ID is delinquent or default is reasonably foreseeable. https:// www . oc w en c us t o m e r s . co m / oc / do c u m en t s / pd f / H A F A Ma t r i x .pdf 42. O R N L Eligibility Requirements: F e d e r a l The mortgage loan is delinquent, or default is reasonably C r e d i t foreseeable. U nion PAYMENTS DURING MARKETING PERIOD: (9/15/11) Indicate i f , a n d w h e n a payment will be ID/ PR required during the marketing period. 43. P a r k V i e w Eligibility Requirements: F e d e r a l Borrower must be 60 or more days past due or in danger of S a v i n g s imminent default. B a nk Borrower may request Short Sale or Deed- (10/12/11) in-Lieu of Foreclosure. ID/ PR I m m i n e n t D e f a u l t – I f the l o a n i s l e ss t h a n 60 d a y s p a st d u e , the following financial documents are requested ( in addition to the documents for the Preapproval Short Sale): Tax returns, last two (2) years signed tax returns. Pay stubs/bank statements; two pay stubs/bank statements dated less days. Debt documentation, hardship letter stating the reason for delinquency verification such as divorce decree, death certificate and proof of long term disability. PAYMENTS DURING MARKETING PERIOD: B o rr o wer s a r e l e g al l y o b l i g a t e d t o m a k e t h e f u ll a m o un t o f t h e i r m o n t h l y p a y m e n t , however, reduced monthly payments as stipulated in the SSA may be 44. P a t h f i nd e r PAYMENaTccS eDURptedING whic MARh amoKuEntT mINGust nPoEt RexIcOeeDd: 31 % percent of the B a nk B o rr o we r m a y h a ve a m o n t h l y m o rt g a ge payment due (2/28/13 during the marketing period and is responsible for all taxes, ) PR insurance, property maintenance and repair at closing. https:// www . p a t h f i n d e r b an k . co m / c us t o m / f i/ p a t h f i nd e r b a nk / f b / d i s c l o su r e / ha f a e li g i b i l i t y m a tri x . pdf 45. P e nny M a c Eligibility Requirements: (12/17/12) The loan is in default or default is imminent ID/ PR (imminent default is evaluated by PennyMac’s proprietary model) 866-545-9070 Payments During Marketing Period – Not Re q u i r e d 46. Quantum No HAFA Matrix 47. R e s i d e n t i a l Eligibility Requirements: C r e d i t Must be 31 or more days delinquent or pass Imminent Default S o l u t i o n evaluation s Requests a short sale or Deed-In-Lieu of (6/1/12) Foreclosure Documentation Requirements: ID/ PR Imminent Default – Same documents as SSA PAYMENTS DURING MARKETING PERIOD: B o rr o wer s w i l l b e re q u i r e d t o m a k e a p a r t ial p a y m e n t d u r i n g t h e m a r k e t i n g p e r i od a s d e f i n e d in t h e S h o r t S a l e A g r ee m e n t ( SS A) , n ot t o e x c ee d 3 1 % of the housing to income ratio (HTI) which is comprised of the monthly housing expenses (PITIA) divided by the monthly gross income. This will be 48. R o un d p oi n t Eligibileitsyt aRbeliqsuhierde manednt osutlin: ed in the SSA. M o r t g a ge 4) request a short sale or ID/ PR DIL. The Homeowner: Mortgage loan must be delinquent or imminent default. PAYMENTS DURING MARKETING PERIOD: RoundPoint may require the borrower to make full or partial during the agreement period. The amount and timing of the payments required will be based on RoundPoint guidelines. 49. S a x o n Eligibility Requirements: ID/ C A) “Servicer” HAFA Program: C u r r e n t B o rr o w e r in danger of Imminent Default If borrower i s c u r r e n t or less than 60 days delinquent and would like to be considered they may still be eligible. I mm i n e n t D e f a u l t : Paystubs covering at least 4 weeks PAYMENTS DURING MARKETING PERIOD: Optional B) Fannie Mae HAFA Program Please utilize the below link for additional information: h ttps : // ww w . ef a nni e m a e .c o m /s f / s e r vi c in g / h a f a / C) Freddie Mac HAFA Program Please utilize the below link for additional information: h ttp : / / ww w . f r e ddi e m a c .c o m / s ingl e f a m i l y / s e r v i c e / h a f a . h t m l 50. S e l e c t Ehttlpsig:i//b wwwilit y . sax R oe n q mu o i rtr ge am g e e . cont ms /: c o m m o n / h o m e / H A F A _ E l i g i b i l it y _M a t r i x . pdf C/ PR De lin q u e n c y i s no t a r e q u i r e m e nt f o r e lig i bil i t y . C u r r e nt c us t o m e r s should continue to make payments while gathering the required documentation for the program. Payments During Marketing Period: Eligible customers may be offered a repayment plan during the marketing period. The monthly payment would be no more than 31% of the customer's gross income. If the customer's current payment is below 31% of their gross income , t h e y m a y b e r e q u i r e d t o m a k e 51. S e r v i s O ne Eligibil ti t hy e Rire f q u u lli r ce om n e t nt r as c: t u al p a y m e n t . d ba B S I Delinquency status including imminent default F i n a n c i a PAYMENTS DURING MARKETING PERIOD: l , I n c . With either the HAFA short sale or DIL,BSI will not (10/4/11 require a cash contribution or promissory note from the ) ID borrower and must forfeit the ability to pursue a deficiency judgment against the borrower. 52. S p e c i a l i z e d Eligibility Requirements: L o a n Your mortgage loan is 60 days or more past due or default is S e r v i c ing imminent (9/1/11) (loss of employment, divorce, etc.) if less than 60 days past due ID/ PR Documentation Required: I mm i n e n t D e f a u l t - if your loan is less than 60 days delinquent and is owned by FHLMC or FNMA additional documentation may be required to evaluate the potential for imminent default. This documentation could include, but is not limited to: Verification of qualifying hardship: death of borrower or co-borrower, divorce or legal separation, disability Additional income documentation, such as: paystubs, bank statements, tax returns, profit and loss statements for self-employed borrowers PAYMENTS DURING MARKETING PERIOD: You will not be re q u i r e d to make partial payments during the marketing period un l e ss yo u r l o an i s o w n e d 53. T e c h nology Eligibility Requirements: C r e d i t Mortgage loan is delinquent or default is reasonably foreseeable U nion ID https:// www . t e c h c u . co m / P e r s o n a l / H o m e_ Lo ans / H o m e_ A f f o r dab l e _ F o r e c l o su r e_ A l t e r n a t i v e_ H A F A / 54. U n i t e d Eligibility Requirements: B a nk Your loan must be a first mortgage which was either ID/ securitized or guaranteed by Freddie Mac. This means that PR your loan cannot be an in-house United Bank loan. Your loan cannot be a FHA, VA, or a RHS loan. You must be more than 60 days delinquent in the payment of your mortgage. If you are not more than 60 days delinquent, but are facing imminent default, you may be eligible. DOCUMENTATION REQUIREMENTS: If you are facing imminent default, you are required to provide paystubs covering at least the preceding four (4) weeks PAYMENTS DURING MARKETING PERIOD: If you are approved for a short sale agreement, there is a required marketing period of 120 days. You are required to make monthly payments during the marketing period. 55. U S B a nk Eligibility ReqTuhiere rmeqeuntirse:d payment is an interest only payment (10/15/11) The loan is 31 or more days delinquent or default is ID/ C/ PR reasonably foreseeable (loans currently in foreclosure or bankruptcy are eligible); Borrowers with a shelter payment to income ratio less than 31% are not eligible for HAFA. The shelter payment includes principal, interest, insurances, taxes, and homeowner association fees. Documentation Requirements: payments. most recent filed tax return. pay advise (stubs) from the last 90 days, bank and investment Account Statements, documentation of all sources of income. PAYMENTS DURING MARKETING PERIOD Borrowers are required to make their scheduled payments during the marketing period. (Payment not to exceed 31% of borrower gross monthly income.) 56. V a n t i u m Eligibility Requirements: ID/ PR Delinquency status including imminent default Documentation Requirements: Imminent Default – List any additional income or asset verification current borrowers at risk of imminent default. Payments During Marketing Period: Indicate if, and under what circumstances borrowers are required to make partial payments during the marketing period. (Payment not to exceed 31% DTI unless borrower requests to make full payment) h t t p : // www . a c q u r a l s . co m / A c qu r a L o an S e r v i c es_ H A F A _ E li g i b i l it y _M a t r i x . pdf 57. W e l l s F a r g o Eligibility Requirements: ID/ C The mortgage is delinquent or default is reasonably foreseeable. I f a b o r r o w e r i s c u rr e n t or less than 60 days delinquent and would like to be considered, they may still be eligible pending further review of their financial situation. 58. Y a dkin Documentation Requirements: V a ll e y I mm i n e n t D e f a u lt – List any additional income or B a nk asset verification requirements for c u r r e n t b o rr o w e r s at risk of (1/28/13) imminent default. ID/ C/ PR Payments During Marketing Period: Payments will be required monthly not to be greater than 31% of the current verified Debt to income. H o m e w a r d Eligibility Requirements: R e s i d e n t i a l ? ? Loan is at least 60 days delinquent or a financial hardship (9/22/11) makes default imminent. On prior MHA list Loan is not an FHA or VA loan. ID https:// www . go h o m e w a r d . co m / se r v i c i n g / P D F _ f i l e s / H A F A % 20 E li g i b il it y % 20 M a t r i x .pdf