![]() Servicers are required to send all eligible borrowers a Flex Modification trial plan offer between 90 and 105 days of a delinquency. ![]() Servicers Must Unilaterally Offer Modifications on Delinquent Loans As a result, during 2017, one is likely to see servicers of Fannie and Freddie loans offer a variety of modification programs, including HAMP modifications where applications were submitted by December 30, 2016. ![]() While servicers can now offer Flex Modifications, they are not required to do so until October 1, 2017. Flex Modifications will be the only modification program offered by servicers of a mortgage loan owned or guaranteed by Fannie or Freddie. This article summarizes the new program and more detail is found on the online version of NCLC’s Foreclosures and Mortgage Servicing § 5.11.3a.įlex Modifications not only replace Fannie Mae and Freddie Mac’s version of HAMP, but also the “Standard” and “Streamlined” modification programs that Fannie and Freddie offered in the past. Now that HAMP is ending, Fannie Mae and Freddie Mac have announced a new “Flex Modification” home loan modification program.
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