Homeowner Affordability and Stability Plan (HASP): Update on its impact to mortgage servicers

Download HASP: Update on its impact to mortgage servicers

On March 4, 2009, the Treasury Department released additional details about its Housing Affordability and Stability program. These details include more clarification of eligibility criteria, processing requirements, and documentation and reporting requirements. In addition, Fannie Mae has released updated guidelines to provide mortgage originators and servicers with supplementary instructions. Although this information serves to further clarify the act, several questions remain, and additional details will continue to be released in the coming weeks.

Our point-of-view document serves to build on our previous publication, Homeowner Affordability and Stability Plan: Preliminary observations of its impact to mortgage servicers, by providing an explanation of the plan's details so that mortgage servicers are prepared for the changes. It focuses on two key components of the plan: the Home Affordable Refinance Program (HARP) and the Homeowner Modification Program (HMP).