GNMA Option For Mortgage Servicers To Help Struggling Borrowers
HUD is forcing all servicers that service FHA loans to implement the new option for borrowers struggling with high interest rates, starting on January 1st, 2025.
"The Payment Supplement option combines a standalone Partial Claim to bring the mortgage loan current with a new Monthly Principal Reduction (MoPR) that will reduce the borrower's monthly principal payment for a three-year period, without requiring a modification of the mortgage loan".
For each successful resolution, servicer gets an incentive of $1,750.00 per loan. The better news for investors, that the loans will not have to be bought out of the FHA portfolio.
There are 9 months left to implement the workflow, and my firm, DocSolutionUSA, is already working on a solution for servicers through instant doc generation, which allows flexibility on combining Partial Claim mortgage with 3 year table showing P&I adjustment.
Additionally, servicers will need to stream line mini-ATR review, which is ability to repay to qualify for the new loan. This can be done through my OneDiligence, LLC company. One of the requirements to qualify for the new program is for the borrower to indicate that they have the ability to make their portion of the monthly mortgage payment.
Reach out to me if you would like to build state of the art solution together utilizing the latest tech for both document prep and recording as well as Al based underwriting.
HUD is forcing all servicers that service FHA loans to implement the new option for borrowers struggling with high interest rates, starting on January 1st, 2025.
"The Payment Supplement option combines a standalone Partial Claim to bring the mortgage loan current with a new Monthly Principal Reduction (MoPR) that will reduce the borrower's monthly principal payment for a three-year period, without requiring a modification of the mortgage loan".
For each successful resolution, servicer gets an incentive of $1,750.00 per loan. The better news for investors, that the loans will not have to be bought out of the FHA portfolio.
There are 9 months left to implement the workflow, and my firm, DocSolutionUSA, is already working on a solution for servicers through instant doc generation, which allows flexibility on combining Partial Claim mortgage with 3 year table showing P&I adjustment.
Additionally, servicers will need to stream line mini-ATR review, which is ability to repay to qualify for the new loan. This can be done through my OneDiligence, LLC company. One of the requirements to qualify for the new program is for the borrower to indicate that they have the ability to make their portion of the monthly mortgage payment.
Reach out to me if you would like to build state of the art solution together utilizing the latest tech for both document prep and recording as well as Al based underwriting.