Fannie Mae modifications help borrowers overcome barriers
More than 11,000 borrowers in trial payment period
Since July 31, all servicers offering streamline modifications on Fannie Mae-owned loans are now in the initial three-month trial payment period, helping more than 11,000 borrowers and as many as 30,000 homeowners who were pre-qualified for the program using the Servicing Management Default Underwriter. Per Fannie Mae:
When the Streamlined Modification program was first announced in March of this year, Fannie Mae immediately began working with servicers to offer the program earlier than July 1, where possible. Servicers using our loss mitigation technology, Servicing Management Default Underwriter, were able to offer streamlined modifications immediately.
Now that all servicers are offering this product to eligible homeowners, we envision that many more families and neighborhoods will be on the road to recovery.