Does hpml apply to investment properties

Same Servicer has been extended to allow does hpml apply to investment properties received dates on or before December 31, 2018 and settlement dates on or before September 30, 2019. Same Servicer helps borrowers who are making timely mortgage payments but have been unable to refinance due to declining property values. Same Servicer have additional flexibilities, including no maximum LTV for fixed rate mortgages and relief from certain representation and warranties.

With these flexibilities you can assist even more of your borrowers to refinance into mortgages that better position them for long-term homeownership success. Have a note date on or before May 31, 2009. Be serviced by the Seller or an Affiliate of the Seller. The originator of the new refinance mortgage must have the mortgage file for the mortgage being refinanced and must deliver the 9-digit Freddie Mac loan number for the mortgage being refinanced.

Restructured mortgages are eligible to be refinanced as Relief Refinance Mortgages. Such Relief Refinance Mortgages are eligible to be delivered to Freddie Mac through a flow purchase contract. Freddie Mac modification, it is eligible to be refinanced as a Relief Refinance Mortgage. The value, condition and marketability of the mortgaged premises. The Seller is required to represent and warrant that the mortgage being refinanced met all other Freddie Mac eligibility requirements in its Purchase Documents, including, but not limited to, requirements related to anti-predatory lending and project eligibility for mortgages secured by condominium units, or if permitted by the Seller’s Purchase Documents, Cooperative Share Mortgages. Originated by the Seller or an Affiliate of the Seller.

Conventional 15-, 20- or 30-year fixed-rate, fully amortizing mortgages. Same Servicer may be super conforming mortgages. Application Received Dates on or before December 31, 2018. Freddie Mac settlement dates on or before September 30, 2019. 1- to 4-unit investment properties, mortgage. Flexibility in the use of the refinance proceeds. Same Servicer after the proceeds are applied as described in Guide Section 4302.

The excess amount must be applied as a principal curtailment to the new refinance mortgage at closing and must be clearly reflected on the HUD-1 form or other equivalent closing statement. The proceeds may not be used to pay off or pay down any secondary financing. If the mortgage being refinanced has mortgage insurance coverage, then the same mortgage insurance coverage percentage must be maintained for the Freddie Mac Relief Refinance Mortgage on the entire unpaid principal balance. Seller chooses the option of qualifying the remaining borrower for the new mortgage. At least one borrower must have a verifiable source of income or have reserves equal to at least 12 monthly payments of PITI. A borrower on the mortgage being refinanced may be omitted from the Relief Refinance Mortgage for any reason provided certain requirements are met. If an appraisal is obtained, the Seller is not responsible for the representation and warranties regarding the value, condition, and marketability of the mortgaged premises.

The Seller is not responsible for the completeness and accuracy of the appraiser’s description of the mortgaged premises and the accuracy of, and support for, the appraiser’s opinion of market value of the mortgaged premises. 120 days old as of the note date. Sellers are not required to obtain a new appraisal or a new HVE point value estimate if the Relief Refinance Mortgage is delivered more than 120 days from the note date. To replace an ARM, an interest-only junior lien, or a junior lien with a balloon or call option with a fixed-rate, fully amortizing junior lien. A reduction in the amortization term of the junior lien.

A reduction in the monthly payment of the junior lien. The unpaid principal balance of the new junior lien cannot be more than the unpaid principal balance, at the time of payoff, of the junior lien being refinanced. If the junior lien being refinanced is a fixed-rate junior lien, the new junior lien cannot be an ARM. Same Servicer, regardless of whether the junior lien is refinanced simultaneously with the first mortgage. An increase in the current unpaid principal amount of any junior lien is permitted for reasons not related to the Relief Refinance Mortgage transaction. No new secondary financing is permitted. Sellers may contact eligible borrowers with mortgages owned or securitized by Freddie Mac to inform them of the enhancements to HARP.

Solicitations must be applied equally across the servicing portfolios of Freddie Mac and Fannie Mae. Detailed borrower solicitation rules are outlined in Guide Sections 4301. Sellers must comply with the broad-based refinance practices described in Guide Section 4301. 3 and may not intentionally target Freddie Mac-owned mortgages in advertising or implementing refinance terms. Applicable Credit Fees in Price from Guide Exhibit 19 apply.

For mortgages with LTV ratios less than or equal to 80 percent, the total of all Credit Fees in Price is capped at 200 basis points. 75 basis points for non-investment property fixed-rate mortgages with amortization terms of greater than 20 years. 75 basis points for non-investment property mortgages that are ARMs. 200 basis points for investment properties. Fixed-rate cash contracts for Relief Refinance Mortgages with LTV ratios greater than 105 percent may only include Relief Refinance Mortgages at these higher LTV ratios. Sellers must take out separate fixed-rate contracts based on the specific LTV range for the contract.