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Making Mn Homes Affordable – Are You Eligible? Understanding HAFA Who is Eligible for HAFA? How to Apply for HAFA Details of HAFA HAFA – FAQ – For Minnesota HomeownersLenders and loan servicers participating in HAFA must sign a servicer participation agreement with Fannie Mae — the program administrator and financial agent representing the United States in this case — to participate in HAMP by October 3, 2010 (the previous deadline was December 31, 2009. This was updated March 26, 2010)1 Therefore, most lenders are participating and those who are not have the opportunity to at any time. Lenders are developing comprehensive programs in order to prepare for the expected flood of applications for short sales and deeds-in-lieu of foreclosure that HAFA will unleash.
- Bank of America announced in March its commitment to participate in HAFA when it activates. It has been preparing for a more streamlined process for months though its support of HAMP
- Bank of America’s short sale processor Equator announced the launch of a brand-new best practices software workflow solutions directly related to HAFA2
- Bank of America’s HAFA website gives homeowners details on their support of the program
- Citibank is participating in HAMP, which is a requirement for participating in HAFA
- CitiMortgage has launched a pilot Foreclosure Alternatives Program that assists its borrowers in avoiding foreclosure by offering a deed-in-lieu that allows homeowners to remain in their homes for six months after they agree to sign over their property deeds to CitiMortgage. The pilot program offers relocation counseling and a minimun of $1,000 in relocation assistance. Currently the program is available in Texas, Florida, Illinois, Michigan, New Jersey, and Ohio.3
- Chase has announced their support of HAFA and posted a Short Sale Information Packet on their website
- GMAC has started a program to preemptively contact borrowers who are not eligible for loan modifications under HAMP and offering alternatives through HAFA and claims a three-day turnaround on short sale applications4
- Wachovia is participating in HAMP, which is a requirement for participating in HAFA
- Wells Fargo is participating in HAMP, which is a requirement for participating in HAFA
- Wells Fargo has been ramping up efforts to assist homeowners by actively contacting those who are facing hardships5
- Wells Fargo announced on April 14, 2010 their support of HAFA and ongoing support for foreclosure avoidance programs. Wells Fargo has more than 17,400 U.S. staff focused on home retention and foreclosure avoidance.6
NATIONAL PARTICIPATING SERVICERS
Servicers that participate in HAFA are also participating in HAMP. For a full list of servicers participating in HAMP, visit Making Home Affordable’s Participating Servicers List.
Below is a list of the Non-GSE Participants in HAMP7
| Allstate Mortgage Loans & Investments, Inc. | Schools Financial Credit Union |
| American Eagle Federal Credit Union American | SEFCU Select Portfolio Servicing |
| Home Mortgage Servicing, Inc AMS Servicing, LLC | Fresno County Federal Credit Union |
| Aurora Loan Services, LLC | Glass City Federal Credit Union |
| Bank of America, N.A. | Glenview State Bank |
| Bank United Bay Federal Credit Union | GMAC Mortgage, Inc. |
| Bay Gulf Credit Union | Golden Plains Credit Union |
| Bayview Loan Servicing, LLC | Grafton Suburban Credit Union |
| Carrington Mortgage Services, LLC | Great Lakes Credit Union |
| CCO Mortgage | Greater Nevada Mortgage Services |
| Central Florida Educators Federal Credit Union | Green Tree Servicing LLC |
| Central Jersey Federal Credit Union | Hartford Savings Bank |
| Chase Home Finance, LLC | Hillsdale County National Bank |
| CitiMortgage, Inc. | HomEq Servicing |
| Citizens 1st National Bank | HomeStar Bank & Financial Services |
| Citizens First Wholesale Mortgage Company | Horicon Bank Horizon Bank, NA |
| Community Bank & Trust Company | Iberiabank |
| CUC Mortgage Corporation | IBM Southeast Employees’ Federal Credit Union |
| Digital Federal Credit Union | IC Federal Credit Union |
| DuPage Credit Union | Idaho Housing and Finance Association |
| Eaton National Bank & Trust Co | iServe Residential Lending LLC |
| Farmers State Bank | iServe Servicing Inc. |
| Fidelity Homestead Savings Bank | J.P. Morgan Chase Bank, NA |
| First Bank First Federal Savings and Loan | Lake City Bank |
| First Keystone Bank First National Bank of Grant Park | Lake National Bank |
| Franklin Credit Management Corporation | Litton Loan Servicing |
| Metropolitan National Bank | Los Alamos National Bank |
| Midwest Bank & Trust Co. | Marix Servicing, LLC |
| Mission Federal Credit Union | Servis One Inc., dba BSI Financial Services, Inc. |
| MorEquity, Inc. | ShoreBank |
| Mortgage Center, LLC | Silver State Schools Credit Union |
| Mortgage Clearing Corporation | Sound Community Bank |
| National City Bank | Specialized Loan Servicing, LLC |
| Nationstar Mortgage, LLC | Spirit of Alaska Federal Credit |
| Navy Federal Credit Union | Union Stanford Federal Credit |
| Oakland Municipal Credit Union | Union Sterling Savings Bank |
| Ocwen Financial Corporation, Inc. | Technology Credit Union |
| OneWest Bank | Tempe Schools Credit Union |
| ORNL Federal Credit Union | The Golden 1 Credit Union |
| Park View Federal Savings Bank | U.S. Bank National Association |
| PennyMac Loan Services, LLC | United Bank of Georgia |
| PNC Bank, National Association | United Bank Mortgage Corporation |
| Purdue Employees Federal Credit Union | Urban Trust Bank |
| QLending, Inc. | Vantium Capital, Inc. |
| Quantum Servicing Corporation | Verity Credit Union |
| Residential Credit Solutions | Vist Financial Corp. |
| RG Mortgage Corporation | Wells Fargo Bank, NA |
| Roebling Bank | Wealthbridge Mortgage Corp. |
| RoundPoint Mortgage Servicing Corporation | Wescom Central Credit Union |
| Saxon Mortgage Services, Inc. | Yadkin Valley Bank |
Not a CDPE? Find out more about earning the designation, becoming a member, and serving troubled homeowners in your community.
If you’re a homeowner looking for answers, or would like to determine if you qualify for HAFA, find a CDPE near you.
Last updated: 17 May 2010
Sources:
- Making Home Affordable. Supplemental Directive 09-09 “Background” p. 1 (2010): https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf
- PR Newswire. “Equator Launches HAFA Solution” (2010): http://www.prnewswire.com/news-releases/equator-launches-hafa-solution-88226552.html
- Citigroup Inc. “Citi to Pilot Foreclosure Alternatives Program to Help Distressed Borrowers” (2010): https://www.citimortgage.com/Mortgage/misc/ForeclosureAlternativesProgramPressRelease.pdf
- HousingWire. “Servicers Streamlining Short Sales as HAFA Nears” (2010): http://www.housingwire.com/2010/03/22/servicers-streamlining-short-sales-as-hafa-nears/
- Wells Fargo. “Wells Fargo Doubles HAMP Completions and Continues Modification Efforts” (2010): https://www.wellsfargo.com/press/2010/20100217_hamp_updates
- Wells Fargo. “Wells Fargo Continues to Deliver Modifications to More Borrowers and Focus on Home Retention Effort” (2010): https://www.wellsfargo.com/press/2010/20100414_HAMP
- Making Home Affordable. “Servicer Perfomance Report Through April 2010″ (2010): http://www.financialstability.gov/docs/April%20MHA%20Public%20051710%20FINAL.pdf
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