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I realize that people do business with people they trust. I am interested in what is best for you, the client, and am committed to establishing a long-term relationship based on trust. I pride myself on being knowledgeable and staying current with changes in the industry that will affect the success of your transaction. You have worked hard to be able to purchase the home of your dreams. I feel the responsibility to make those dreams a reality and pursue the right solution enthusiastically.

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  MAKING HOME AFFORDABLE PROGRESS REPORT

  May 14, 2009

  1. Fourteen servicers, including the five largest, have now signed contracts and begun modifications under MHA. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, more than 75 percent of all loans in the country are now covered by the program.
  2. The 14 participating servicers have extended offers on over 55,000 trial modifications and mailed out over 300,000 letters with information about trial modifications to borrowers.
  3. Fannie Mae and Freddie Mac have acquired thousands of refinancings for high LTV borrowers under the Home Affordable Refinance Program.

  o Since the launch of its new automated underwriting system on April 4, Fannie Mae has had over 233,000 eligible refinance applications through DU Refi Plus, with over 51,000 of these having LTV's between 80 and 105%. These application volumes indicate the desire of homeowners to take advantage of the Administration’s program. More than 2,150 Home Affordable Refinance loans have closed and been delivered to Fannie Mae.

  o Since Freddie Mac implemented the new Refi program, about 1500 Home Affordable Refinance loans have closed and been delivered to Freddie Mac. These figures do not include material deliveries from Freddie Mac's largest lenders, we anticipate that these customers will begin making substantial deliveries within the next 60 days.

  1. Since the Treasury released guidelines for servicers under the Making Home Affordable program on March 4, close to 3 million borrowers have accessed Fannie Mae and Freddie Mac loan look-up tools online to see if they have a loan eligible for refinancing.
  2. Treasury also launched MakingHomeAffordable.gov, a website to help borrowers learn basic facts about mortgages, homeownership, and resources available, with more than 17.7 million page views in less than two months.

  SERVICER SPECIFIC REPORTS

  May 14, 2009

  Based on information received directly from servicers, following is a sampling of activities that have been undertaken or are currently underway by servicers to implement the Obama Administration’s Making Home Affordable Modification Plan.

  Wells Fargo. In April, Wells Fargo began its efforts by reviewing more than 200,000 customers in loss mitigation who may be eligible for HAMP or any of our other foreclosure prevention solutions. Wells

  Fargo mailed letters and called borrowers in foreclosure to determine their eligibility. Starting this month, Wells Fargo will include information on HAMP in the monthly servicing statements sent to delinquent customers.

  At a summary level (as of 5/8) there are approximately 29,500 loans active in a HAMP template. Of that population, 16,500 are in setup, 10,000 waiting for trial docs to be returned, and about 3,000 are in their trial period. We do not have the precise dollar amount readily available, but if we assume $150k/loan, we can estimate the pipeline value at $4.425 billion.

  Chase. Between January and April, Chase added nearly 1,000 people specifically to assist borrowers with modifications and other foreclosure prevention programs. Chase, on average, responds to between 8,000 and 10,000 calls each day related to the Administration’s modification programs. As of May 10th, Chase had received over 1.1 million visits to the Chase Help for Homeowners site, which provides details on the Administration’s plan and options to help borrowers keep their homes. As of May 7th, Chase has issued over 15,000 Trial Period Plan offers under the Administration’s program.

  GMAC. In preparation for the launch of HAMP, GMAC dropped 170,000 letters to borrowers to obtain updated income information for modification eligibility determination on a portfolio with 290,000 loans that are 30+ days delinquent.

  Saxon. Saxon designed and implemented a point-of-contact workflow tool that allows approval while a customer is on the phone; dedicated a special HAMP Line for customer access; customized workflows to HAMP policies and procedures and hired talent in originations and underwriting to create a customer experience similar to new loan originations; expanded contact center business hours to 7 days-a-week and authorized overtime for all call center employees who are interested; expanded capacity by retaining several outsourcers and adding internal staff, resulting in over 200 more available call center representatives compared to levels before the announcement of HAMP; and mailed over 36,000 letters to customers who are behind on their mortgage payments encouraging them to be evaluated for a potential HAMP modification.

  Obama Administration Announces Financial Incentives and Uniform Process for Short Sales National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics

  Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure. Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors.

  Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

  Incentives. Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).

  Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

  Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.

  Timeline. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

  Commissions. The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.

  No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP.

  Program Expiration. The program is in effect through 2012.

  Deed-in-Lieu of Foreclosure Option. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

   

  Making Home Affordable

  Update: Foreclosure Alternatives and Home Price Decline Protection Incentives

  On Feb.18th the Obama Administration announced the Making Home Affordable (MHA) Program, a comprehensive plan to stabilize the US housing market and offer assistance to up to 7 to 9 million homeowners by reducing mortgage payments to affordable levels and preventing avoidable foreclosures. As promised, two weeks later on March 4th, the Administration published detailed program guidelines and authorized servicers to begin modifications and refinancings under the plan immediately. On April 28th, the Administration announced additional details related to the Second Lien Program and strengthening Hope for Homeowners. Fourteen servicers, including the five largest, have now signed contracts and begun modifications and refinancings under MHA. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, more than 75 percent of all loans in the country are now covered by the MHA program.

  Today we are providing a program update, including additional details on Foreclosure Alternatives and Home Price Decline Protection Incentives. Foreclosure Alternatives will help to prevent costly foreclosures by providing incentives for servicers and borrowers to pursue short sales and deeds-in-lieu of foreclosure in cases where a borrower is eligible for a MHA modification but unable to complete the modification process. This program will assist homeowners who cannot afford to stay in their homes by helping them to avoid foreclosure and relocate to a home they can afford. Building on insights developed by the FDIC, Home Price Decline Protection Incentives will provide additional payments based on recent home price declines, and therefore will incentivize additional modifications in areas where home prices have been falling. By increasing MHA modifications and the use of alternatives to foreclosure, we will reduce the negative impact of foreclosure, minimizing damaging costs for financial institutions, borrowers and communities.

  Home Price Decline Protection Incentives and Foreclosure Alternatives, together with the other comprehensive elements of the Making Home Affordable program, will help to stabilize property values for homeowners in neighborhoods hardest hit by foreclosures. Based on estimates of the relationship between foreclosures and home prices, the Home Affordable Modification program could help to bolster home values for the average homeowner by as much as $6,000.

  Foreclosure Alternatives and Home Price Decline Protection Incentives

  1. Foreclosure Alternatives for Borrowers Eligible for MHA • Short Sales/Deeds-In-Lieu Program to Facilitate Foreclosure Alternatives

  o Incentives for servicers to pursue alternatives to foreclosures

  o Borrower incentives to cover relocation expenses to homes that are affordable

  o Streamlined process combining short sales and deed-in-lieu transactions

  2. Home Price Decline Protection Incentives to Protect Against Falling Home Prices • Incentives to support modifications in markets hardest hit by falling home prices

  o Provides incentives for modifications by providing payments based on recent declines in home prices to reduce the risk of loss to lenders from modifications compared to alternatives that could result in the loss of homeownership

   

  1. Foreclosure Alternatives for Borrowers Eligible for MHA but Unable to Sustain a Modification: For eligible borrowers unable to retain their homes through a Home Affordable Modification, MHA will provide incentives to borrowers, servicers and investors to encourage short sales and deeds-in-lieu. Both allow families and servicers to avoid the costly foreclosure process, and to minimize the negative impact of foreclosures on borrowers, financial institutions and communities.

  Short Sales/Deeds-In-Lieu Program to Facilitate Foreclosure Alternatives

  When a borrower meets the eligibility requirements for a Home Affordable Modification (HAMP) but does not qualify for a modification or cannot maintain payments during the trial period or modification, the servicer may consider a short sale, and if that is unsuccessful, a deed-in-lieu (DIL).

  Both a short sale and a DIL provide an opportunity for borrowers and servicers to avoid the foreclosure process. In a short sale, a servicer allows the borrower to sell the property at its current value, even if the sale nets less than the total amount owed on the mortgage. Approval of a short sale requires the borrower to list and actively market the home at its fair value. The sale must be an arms length market transaction with all proceeds (after selling costs) applied to the discounted mortgage payoff. If the borrower actively markets the property but is unable to sell it within the agreed upon time period, a servicer may consider a DIL. With a DIL, the borrower voluntarily transfers ownership of the property to the servicer – provided the title is free and clear.

  Short sales and DILs are complex transactions involving careful coordination and close cooperation among a number of parties -- servicers, appraisers, borrowers, purchasers, real estate brokers, title agencies and often mortgage insurance companies and junior lien holders. A short sale or DIL usually provides a better outcome for borrowers, investors and communities. However, due to the complexity of and time required for completion of these transactions, servicers historically have often opted to pursue foreclosure instead, even where a short sale or DIL would have provided a substantially better outcome for borrowers, investors and communities.

  The MHA Foreclosure Alternatives Program simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation. To compliment a standardized approach, Treasury provides incentives to borrowers, servicers and investors to pursue short sales and DILs.

  How The Home Affordable Short Sale/DIL Program Works:

  1. Borrower Eligibility. Borrowers will be eligible for the Foreclosure Alternative Program if they meet the minimum eligibility criteria for a Home Affordable Modification but did not qualify for a modification or were unable to sustain payments under a trial period plan or a modification. Prior to proceeding to foreclosure, participating servicers must evaluate each eligible borrower to determine if a short sale is appropriate. Considerations in the determination include property condition and value, average marketing time in the community where the property is located, the condition of the title including the presence of junior liens and a determination that the net sales proceeds are expected to exceed the investor's recovery through foreclosure Incentive Payments.

   

  1. Servicers may receive incentive compensation of up to $1,000 for successful completion of a short sale or DIL.
  2. Borrowers may receive incentive compensation of up to $1,500 to assist with relocation expenses.
  3. Treasury will also share the cost of paying junior lien holders to release their claims, matching $1 for every $2 paid by the investors, up to a total contribution of $1,000 by Treasury.
  1. Standardized Documentation: The program will publish streamlined and standardized documentation, including a Short Sale Agreement and an Offer Acceptance Letter. These documents will outline specific marketing terms, describe the rights and responsibilities of all parties and establish clear timeframes for performance. Creating one standard set of documents that the industry can use is expected to minimize the complexity of these transactions and significantly increase use of the short sale option.
  2. Property Valuation: The servicer will independently establish both property value and the minimum acceptable net return in accordance with investor guidance and will provide instruction to the borrower regarding the list price and any permissible price reductions. The price may be determined based on either: (1) an appraisal performed in accordance with USPAP and/or (2) one or more Broker Price Opinions either of which must be dated within 120 days of the Short Sale Agreement.
  3. Minimum and Maximum Duration: Under the program, servicers will allow borrowers at least 90 days to market and sell the property, with possibly more time based on local market conditions. The property must be listed with a licensed realtor experienced in selling properties in the neighborhood. Marketing of the property may run concurrently with the foreclosure process, however no foreclosure sale can take place during the marketing period specified in the Short Sale Agreement as long as the borrower is acting in good faith to sell the property. There will be a maximum marketing period of 1 year for the property, provided any longer period not otherwise delay foreclosure sale, to ensure diligence by servicers and borrowers in moving as quickly as possible to complete the short sale and deed-in-lieu process.
  4. Selling Commissions and Fees: Reasonable and customary real estate commissions and selling costs that may be deducted from the sales price will be specified in the Short Sale Agreement. The Servicer will agree not to negotiate a lower sales commission after an offer has been received.
  1. Fees and Charges: Servicers may not charge borrowers fees for participation in the Foreclosure Alternative Program.
  1. Property Eligibility: Any junior liens, mortgages or other debts against the property must be cleared for the property to be sold as a short sale or deeded to the servicer. The servicer can proceed with a short sale or deed-in-lieu if there is a reasonable belief that all liens on the property can be cleared.
  1. Program Expiration: Eligible borrowers will be accepted until December 31, 2012. Program payments will be made upon successful completion of a short sale or DIL.

   

  1. Deed-in-Lieu: At the servicer’s option, the Short Sale Agreement may include a condition that the borrower agrees to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time specified in the Agreement or any extension thereof. In this case the borrower would have 30 days to vacate the property and would be entitled to $1,500 to assist with relocation expenses, in addition to any other funds the servicer may provide to the borrower.
  1. Home Price Decline Protection Incentives to Protect Against Falling Home Prices: This initiative provides lenders additional incentives for modifications where home price declines have been most severe and lenders fear these declines may persist. These incentives will encourage servicers to undertake more modifications by assuring that incremental investor losses will be partially offset.

     To encourage the modification of more mortgages and enable more families to keep their homes, the Administration, building on insights pioneered by Chairman Bair and the FDIC, has developed an innovative payment that provides compensation based on recent home price declines, structured as a simple cash payment on every eligible loan. Home Price Decline Protection (HPDP) incentives are designed to address investor concerns that recent home price declines may persist. Together the incentive payments on all modified homes will help cover the incremental collateral loss on those modifications that do not succeed. HPDP payments will be linked to the rate of recent home price decline in a local housing market, as well as the average cost of a home in that market.

     1. Increases Number of Loans that Are Modified: Making Home Affordable will make payments totaling up to $10 billion to to encourage lenders, servicers and investors to modify rather than foreclose by addressing concerns that home price declines will persist in the future. This should increase the number of modifications completed under the MHA program in markets hardest hit by falling home prices.

        How The Program Works:

        1. Payments will be based on the total number of modified loans that successfully complete the modification trial period and remain in the modification program.
        2. Each successful modification will be eligible for a HPDP incentive, up to a cap for HPDP incentives of $10 billion.
        1. If the trial modification remains successful, 1/24th of the HPDP incentive will accrue to the lender/investor each month for up to 24 months. HPDP incentive payments will be made at the end of the first and second year of the modification.
           1. Calculation of HPDP Incentives: HPDP incentive amounts will be calculated based on a formula incorporating:
           1. Declines in average local market home prices over recent quarters prior to the quarter in which the loan was modified based on housing price indices; and
           1. The average price of a home in each particular market, since the potential loss due to a given rate of home price decline will be larger in higher cost areas.
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