Be advised that Mortgagee Letter 2024-02 established the Payment Supplement loss mitigation option. The Payment Supplement will combine a standalone Partial Claim to bring the Mortgage current with a new Monthly Principal Reduction (MoPR) payment. This will temporarily reduce the Borrower’s monthly Mortgage Payment for a period of three years, without requiring the Mortgage to be modified. While Servicers aren’t required to implement the PSA until January 1, 2025, you can implement the program now with WaterfallCalc.
WaterfallCalc’s benefit to servicers was recently highlighted by a valued client in an article by MortgageOrb Magazine:
Essex prides itself on being a leading servicer of GNMA loans, and our partnership with WaterfallCalc has been a key factor in this success,” says Nathan Sands, Chief Servicing Officer at Essex Mortgage – a WaterfallCalc client. “Donna and her team’s exceptional expertise and commitment ensure that we can provide top-tier support to our borrowers. By swiftly implementing innovative programs like the FHA PSA, we are better equipped to assist borrowers facing financial hardships, ultimately helping them retain their homes and achieve financial stability.”
You can read more here: Mortgage Servicers Can Beat FHA Deadline for Payment Supplement Agreement Using WaterfallCalc – MortgageOrb
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