Who is Supporting HAFA?

May 24, 2010

hafa

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Lenders 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

  • 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

  • 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

JP Morgan Chase

GMAC Financial Services

  • 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

  • Wachovia is participating in HAMP, which is a requirement for participating in HAFA

Wells Fargo

  • 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:

  1. Making Home Affordable. Supplemental Directive 09-09 “Background” p. 1 (2010): https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf
  2. PR Newswire. “Equator Launches HAFA Solution” (2010): http://www.prnewswire.com/news-releases/equator-launches-hafa-solution-88226552.html
  3. Citigroup Inc. “Citi to Pilot Foreclosure Alternatives Program to Help Distressed Borrowers” (2010): https://www.citimortgage.com/Mortgage/misc/ForeclosureAlternativesProgramPressRelease.pdf
  4. HousingWire. “Servicers Streamlining Short Sales as HAFA Nears” (2010): http://www.housingwire.com/2010/03/22/servicers-streamlining-short-sales-as-hafa-nears/
  5. Wells Fargo. “Wells Fargo Doubles HAMP Completions and Continues Modification Efforts” (2010): https://www.wellsfargo.com/press/2010/20100217_hamp_updates
  6. 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
  7. Making Home Affordable. “Servicer Perfomance Report Through April 2010″ (2010): http://www.financialstability.gov/docs/April%20MHA%20Public%20051710%20FINAL.pdf

Possibly Related:

  1. Details of HAFA

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