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US Treasury and GSE programs

US Treasury and GSE programs, along with a variety of other workout options, receive our delegated authority for loans with primary mortgage insurance coverage.

 Unless specified, the programs listed below have delegated authority provided:

  • Individual program requirements are met
  • We receive the appropriate documentation via MGIC/Link Servicing

US Treasury modification programs

Home Affordable Modification Program

Program Options

HAMP, part of the US Treasury Home Affordability and Stability Plan, helps at-risk homeowners by providing a framework for consistently handling modifications.

Delegation Requirements

DELEGATED, provided loans meet US Treasury terms for HAMP Tier 1 and Tier 2.

Reporting

  • Report monthly via MGIC/Link Servicing
  • Submit a completed MICA HAMP Reporting Template to report:
    • HAMP trial status
    • All other HAMP modification status updates
    • All completed (official) HAMP modifications
  • Select HAMP Reporting in the MGIC/Link Servicing main menu

Home Affordable Foreclosure Alternatives (HAFA)

Program Options

HAFA provides additional options to avoid foreclosure and offers incentives to borrowers, servicers and investors who use a short sale or deed-in-lieu to avoid foreclosures.

Delegation Requirements

DELEGATED, provided short sales comply with MGIC delegated guidelines.

See section 10.05 of the Servicing Guide.

Short sales that fall outside of MGIC delegated guidelines must be approved before the sale.

Reporting

For short sales that require MGIC's approval:

  • Submit a request for approval via MGIC/Link Servicing
  • Select Short Sale in the main menu

Home Affordable Unemployment Program (HAUP)

Program Options

HAUP provides assistance to borrowers who are unemployed. Servicers are now required to consider borrowers for this program, which grants a forbearance plan during which regular monthly mortgage payments are reduced or suspended for unemployed borrowers.

Delegation Requirements

DELEGATED, provided loans meet HAUP criteria as set by the US Treasury.

See section 10.03 of the Servicing Guide.

Reporting

No reporting requirements

Hardest Hit Funds (HHF)

Program Options

Most states involved in the HHF program have developed programs that may be administered by the Housing Finance Agency (HFA) within each state to help borrowers with home retention or disposition alternatives to foreclosure.

The basic program types are listed below. (Specific criteria of each program may vary from state to state.)

  • Unemployment Assistance
  • Mortgage Reinstatement Assistance
  • Modifications
  • Transition Assistance
  • Second Lien Reduction Assistance

Delegation Requirements

Participation does not require MGIC approval; however, any loss mitigation workout (loan modification, short sale or deed in lieu) pursued must meet MGIC's delegated guidelines or be approved on a case-by-case basis.

Reporting

If a loan modification program is pursued:

  • Report monthly via MGIC/Link Servicing
  • Submit completed Loan Modification Request spreadsheet
  • Indicate the appropriate program identifier in your request
  • Select Loan Modification in the MGIC/Link Servicing main menu

GSE programs

We provide delegated authority for the following GSE programs.

Fannie Mae

  • Home retention workout programs, including:
    • Repayment plans
    • Forbearance plans
    • Foreclosure postponement
    • Loan modifications
      • Report monthly via MGIC/Link Servicing
      • Submit completed Loan Modification Request spreadsheet
      • Indicate the appropriate program identifier in your request
      • Select Loan Modification in the MGIC/Link Servicing main menu
  • Home liquidation programs, including:
    • Short sale
    • Deed in lieu
  • Military indulgence program

Freddie Mac

Freddie Mac MyCity Modification

Program Options

This program is available to servicers that are approved by Freddie Mac.

Delegation Requirements

DELEGATED, provided loans meet the terms of the program.

Reporting

  • Report monthly via MGIC/Link Servicing
  • Submit completed Loan Modification Request spreadsheet
  • Indicate the appropriate program identifier in your request
  • Select Loan Modification in the MGIC/Link Servicing main menu

Freddie Mac Standard Modification

Program Options

This program is available to servicers that are approved by Freddie Mac.

Delegation Requirements

DELEGATED, provided loans meet the terms of the program.

Reporting

  • Report monthly via MGIC/Link Servicing
  • Submit completed Loan Modification Request spreadsheet
  • Indicate the appropriate program identifier in your request
  • Select Loan Modification in the MGIC/Link Servicing main menu

Freddie Mac Disaster Assistance

Program Options

This program is available to servicers that are approved by Freddie Mac.

Delegation Requirements

DELEGATED, provided loans meet the terms of the program.

Reporting

Forbearance – none required.

Modification

  • Report monthly via MGIC/Link Servicing
  • Submit completed Loan Modification Request spreadsheet
  • Indicate the appropriate program identifier (03 Standard Modification)

Freddie Mac Foreclosure Relief Extended to Servicemembers and Their Dependents in Addition to SCRA Provisions and State Military Relief Laws

Program Options

This program is available to servicers that are approved by Freddie Mac.

Delegation Requirements

DELEGATED, provided loans meet the terms of the program.

Reporting

None required.