3.six.8.5.step 1. There is absolutely no costs so you can possibly individuals otherwise servicers to have HUD-accepted counseling. Servicers may, at the the discernment, have fun with the main servicer incentive compensation to compensate advisors to possess guidance characteristics considering inside conP.

step three.6.nine.step 1. Servicers need certainly to get a review of your own current value of new assets securing the mortgage mortgage getting evaluated to possess HAMP. Servicers are able to use sometimes an automatic valuation model (AVM), provided the newest AVM tends to make an established confidence score, an excellent broker’s rates opinoin (BPO) otherwise an appraisal. An excellent servicer are able to use an AVM provided with among GSEs. As an alternative, servicers can get rely on the inner AVM provided that:

step three.6.9.dos. In the event the good GSE AVM or the servicer AVM struggles to give a value that have a professional trust rating, this new servicer need see a review of the property value using a BPO, an appraisal otherwise a home valuation approach appropriate with the servicer’s Government regulatory manager. Eg assessment must be rendered according to the Interagency Appraisal and Review Assistance (as if such as for instance advice connect with loan modifications). In every times, the home valuation utilized can not be more than ninety days dated at the time of the new big date the latest servicer very first assesses this new borrower to own an effective TPP utilizing the NPV model. All the information will continue to be valid for the duration of the fresh TPP and won’t need to be up-to-date when it comes down to after that NPV review.

3.6.nine.step three. Treasury will not render any compensation having assets valuations. Servicers would be to review investor guidelines to select the relevant possessions valuation compensation rules.

Trust ratings considered realistic by the financial examiners also are thought realistic to have purposes of this method

step 3.eight.dos. If your NPV impact towards modification circumstance is greater than the brand new NPV result with no modification, as a result, considered “positive” together with servicer must provide the amendment. online payday MA In the event your NPV effect with no amendment was greater than NPV result into modification circumstances, the latest modification outcome is considered “negative” and the servicer comes with the accessibility to creating this new amendment within the the discernment. To have mortgage loans serviced with respect to a third-cluster trader whereby the latest modification outcome is considered “bad,” although not, the servicer might not do the modfiication without express consent of the fresh new buyer. In the event the an amendment is not pursued if the NPV outcome is “bad,” the servicer need certainly to send a low-Acceptance Observe (get a hold of Point 2.step three.2) and think about the borrower to other property foreclosure cures choice, and additionally choice amendment programs, deeds-in-lieu, and you may pre-foreclosure selling applications (come across Part 8.7)

step 3.eight.3. Even in the event a modification try pursued, the fresh new servicer need maintain outlined paperwork of NPV design used, all of the NPV enters and you will assumptions and also the NPV efficiency.

The bottom NPV Design might not be utilized by a beneficial servicer to check on financing to possess non-HAMP modification instances

step 3.seven.4.step one. Performing servicers have access to new MHA Legs NPV Design (Foot NPV Model) program into the HMPadmin. The bottom NPV Design Documentation and you can an enthusiastic NPV Model Overview file are also available to the HMPadmin for further guidance and you may representative recommendations.

step three.eight.cuatro.dos. The newest Small print for usage of NPV Design identify one to (i) the fresh new NPV design data may be used simply of the a good servicer concerning servicing duties undertaken pursuant to help you: (a) brand new Spa, otherwise (b) a binding agreement within servicer and Federal national mortgage association or Freddie Mac relative to H (ii) people use of the NPV design data files with other motives is a citation of your Fine print, and you will (iii) the NPV design files commonly getting societal flow or reproduction, whether entirely or in region, and the servicer might not divulge the fresh new NPV model records so you can one 3rd party.