Loss Mitigation: Home Retention Options
HAMP
HAMP — the Home Affordable Modification Program — is part of the US Treasury’s Home Affordability & Stability Plan, designed to help at-risk homeowners. A HAMP loan modification should be offered on every MGIC-insured loan that meets program criteria.
You have delegated authority to modify MGIC-insured loans that meet HAMP criteria set by the US Treasury for Fannie Mae, Freddie Mac and non-GSE loans.
Guidelines
See section 2.04 of MGIC’s Default Servicing Guide.
Reporting
Use MGIC/Link to report the following on a monthly basis:
- HAMP trial status;
- all other HAMP modification status updates; AND
- all completed (official) HAMP modifications.
Submission
Submit a completed MICA HAMP Reporting Template via MGIC/Link Servicing.
Support
Contact MGIC Customer Service, customer_service@mgic.com or
1.800.424.6442.
