Loss Mitigation: US Treasury/GSE Programs
Freddie Mac Programs

Freddie Mac Standard Modification Program

Refer to Freddie Mac Bulletin 2011-16 for information on this program. MGIC has provided delegated authority to Servicers for this program for all loans with primary mortgage insurance coverage only (loans with MGIC Pool Insurance coverage do not have delegated authority and must be submitted individually to MGIC for approval).

Freddie Mac HAMP Backup Modification and Cap-to-Reinstate Modification Programs

Servicers are required to offer the Freddie Mac HAMP Backup Modification and Cap-to-Reinstate programs to all borrowers who have made three timely payments under an active, stated-income HAMP trial modification that began on or before April 1, 2010.

Freddie Mac HAMP Backup Modification

The Freddie Mac HAMP Backup Modification can be offered to borrowers participating in a HAMP trial based on stated income criteria who have subsequently been determined as ineligible for a HAMP modification due to underwriting or documentation requirements.

Freddie Mac Cap-to-Reinstate Modification

If borrowers qualify for a HAMP Backup Modification, but their post-modification LTV is less than 80% and housing DTI is less than 20%, a Cap-to-Reinstate Modification must be offered in place of the Backup Modification.

Reporting Requirements

Use MGIC/Link to report this specific program to MGIC on a monthly basis using our Loan Modification spreadsheet.

• Please select the appropriate program identifier.

Guidelines

Servicers have delegated authority from MGIC to complete modifications on loans that meet Freddie Mac's terms for the Backup or Cap-to-Reinstate programs.

Support

Contact MGIC Customer Service, customer_service@mgic.com or 1.800.424.6442.