3.6.8.5.step one. There isn’t any charge in order to often individuals or servicers for HUD-approved counseling. Servicers can get, at their discernment, fool around with part of the servicer extra compensation to compensate advisors for counseling functions considering when you look at the conP.

step three.six.9.step one. Servicers must get an assessment of the latest property value the new possessions securing the mortgage loan becoming examined for HAMP. Servicers may use either an automatic valuation model (AVM), so long as the new AVM can make a reliable count on get, a great broker’s speed opinoin (BPO) or an appraisal. An effective servicer are able to use a keen AVM available with among GSEs. As an alternative, servicers can get trust its internal AVM provided that:

3.6.9.dos. In the event the a great GSE AVM or the servicer AVM is unable to promote an esteem having a reputable believe score, the new servicer have to see an evaluation of the property value using good BPO, an appraisal or property valuation strategy acceptable towards servicer’s Federal regulatory management. Such as testing need to be made according to the Interagency Assessment and you may Testing Recommendations (since if such as for instance direction affect loan adjustment). Throughout circumstances, the house or property valuation made use of can not be more than 90 days old since the newest day the newest servicer earliest evaluates the newest debtor having an effective TPP making use of the NPV design. All the info will remain appropriate throughout the brand new TPP and does not have to be updated for then NPV assessment.

3.6.9.step three. Treasury does not provide people compensation to possess possessions valuations. Servicers is comment trader direction to search for the applicable possessions valuation compensation policy.

Trust score considered practical of the lender examiners also are thought practical to own reason for this program

step 3.seven.2. In the event the NPV impact into the amendment situation is greater than the newest NPV impact with no modification, the result is deemed “positive” and also the servicer must offer the modification. In the event the NPV impact for no amendment was higher than NPV effect to the amendment situation, the brand new modification outcome is considered “negative” therefore the servicer comes with the option of undertaking the latest modification into the their discretion. To have mortgages serviced for a third-party buyer where the new modification outcome is deemed “bad,” not, new servicer may well not perform some modfiication as opposed to share consent out of the trader. When the a modification isn’t pursued in the event the NPV outcome is “negative,” brand new servicer need to send a non-Acceptance See (select Part dos.3.2) and you may think about the debtor to other foreclosure prevention alternatives, together with option modification software, deeds-in-lieu, and you can pre-foreclosures marketing applications (find Section 8.7)

3.eight.step three. Even though an amendment are pursued, this new servicer have to take care of outlined paperwork of your NPV model put, all of the NPV enters and you will assumptions additionally the NPV performance.

The beds base NPV Model might not be utilized by good servicer to check a loan having low-HAMP amendment cases

3.eight.cuatro.step 1. Using servicers have access to this new MHA Base NPV Model (Ft NPV Model) program towards HMPadmin. The bottom NPV Model Files and an enthusiastic NPV Design Analysis file can also be found towards the HMPadmin for further recommendations and you may member information.

3.eight.4.dos. The newest Conditions and terms to be used of your NPV Model identify one (i) the newest NPV design records can be used only by a great servicer concerning servicing obligations performed pursuant so you can: (a) the brand new Salon, or (b) a contract between the servicer and you can Federal national mortgage association or Freddie Mac in line with H (ii) one use of the NPV design data for other objectives try a payday loans South Dakota pass of one’s Small print, and you can (iii) brand new NPV design files aren’t to possess social movement or reproduction, whether or not in whole or perhaps in part, additionally the servicer may not divulge new NPV model files to help you one 3rd party.