The Bulletin also makes a mortgage that meets allrnother HAMP eligibility criteria in the Guide and has a positive Treasury Net PresentrnValue (NPV) test that is an NPV of $0 or greater eligible for HAMP.    Thisrnchange becomes effective on January 2, 2014 and updates SectionsrnC65.5.1, Verification of Eligibility, C65.6, Underwriting thernBorrower, and C65.8, Other General Requirements. </p

Servicers are also reminded that if a borrower isrndetermined to be ineligible because of a negative NPV or for any other reasonrnrelated to an eligibility criteria that borrower must be considered for otherrnforeclosure alternatives.</p

STREAMLINED MODIFICATIONS</p

The Streamlined Modification program was extended tornallow servicers to continue to offer Trial Modification Plans with effective datesrnon or before December 1, 2015.  Thisrnchange is made in accordance with the Servicing Alignment Initiative andrnSection B65.12.1 has been updated to reflect it. </p

FORECLOSURE TIMELINES</p

Deadlines for all foreclosure sales completed on orrnafter September 1, 2013 in the states of Nevada, New Mexico, and Washington arernextended by 30 days.  This updates thernguide Exhibit 83, Freddie Mac StaternForeclosure Time Lines.</p

PAY FOR SUCCESS INCENTIVE</p

Freddie Mac currently pays servicers an annualrnsuccess incentive of $1,000 a year for three years for HAMP-eligible mortgages.  This incentive is being discontinued for HAMPrnmodifications with effective dates on or after April 1, 2014.  Servicers will continue to receive incentivesrnfor mortgages with modification dates prior to the cutoff.  SectionsrnA65.26, Unemployment Forbearance, C65.4, C65.7,rnModificationrnProcess, and C65.9, HAMP Incentives, have been updated to reflect thisrnchange.</p

Thernfollowing reminder was also posted in yesterday’s bulletin pertaining tornBulletin 2013-10:</p

“If arnHAMP-modified Mortgage is repurchased, the Servicer takesrnallrnrights and obligations of the Mortgage,rnincluding the obligation to pay Borrower “Pay for Performance” incentives on eligiblernMortgages as set forth in the HAMP Trial Period Plan. Wernhave updated Sections C65.8 and C65.11, HAMP Activity Reporting Requirements, to reflect thisrnexisting Servicer obligation.rnServicers must continuernto comply with the Program Administrator’srninstructions on reportingrnand cancellation of repurchased Mortgages in the HAMP Reporting Tool.”

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