HAMP Standard and Alternative Modification
Waterfalls
Training Presentation for Servicers
Making Home Affordable | June 2012
Agenda
1
Overview of HAMP Eligibility
2
HAMP Tier 1 – Standard Modification Waterfall
3
HAMP Tier 1 – Alternative Modification Waterfall
4
HAMP Tier 2 – Standard & Alternative Modification Waterfalls
5
Prohibitions on Modification Waterfall Steps
6
Net Present Value (NPV) Model
7
Resources
8
Discussion/Questions
Making Home Affordable | June 2012
2
Overview of HAMP Eligibility
HAMP
Tier 1
HAMP
Tier 2
Guidance applies to MHA-participating servicers of mortgages not owned,
guaranteed, or insured by Fannie Mae, Freddie Mac, FHA, VA, or USDA.


Origination
The mortgage loan is a first lien originated on or before January 1, 2009.


Unpaid
Principal
Balance
Limits
The unpaid principal balance, prior to capitalization, must be less than or
equal to:
 $729,750 for a one-unit property
 $934,200 for a two-unit property
 $1,129,250 for a three-unit property
 $1,403,400 for a four-unit property


Property
Condition
The property securing the mortgage loan has not been condemned.


Financial
Hardship
The borrower must be able to document a financial hardship.


Criteria
Guideline
Servicer,
Investor,
Insurer
Making Home Affordable | June 2012
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Overview of HAMP Eligibility
HAMP
Tier 1
HAMP
Tier 2
The borrower is a “natural” person. Mortgage loans made to business
entities are not eligible for assistance under HAMP.


Occupancy
The mortgage loan is secured by a single family property that is occupied
by the borrower as his or her principal residence.


Occupancy
The mortgage loan is secured by a single-family property that is used by
the borrower for rental purposes only and not occupied by the borrower,
whether as a principal residence, second home, or vacation home.
Borrower may not own more than five single-family properties in
addition to the principal residence.
---

Criteria
Guideline
“Natural”
Persons
Making Home Affordable | June 2012
4
Overview of HAMP Eligibility
HAMP
Tier 1
HAMP
Tier 2
The mortgage loan securing the principal residence is not delinquent,
but default is reasonably foreseeable.


Delinquency
The mortgage loan securing the principal residence is delinquent.


Delinquency
The mortgage loan securing the rental property is delinquent.
---

Criteria
Guideline
Delinquency
Making Home Affordable | June 2012
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Overview of HAMP Eligibility
HAMP
Tier 1*
HAMP
Tier 2
The borrower’s monthly mortgage payment, PITIA, (including principal,
interest, taxes, insurance, and when applicable, association fees, existing
escrow shortages) is greater than 31 percent of the borrower’s verified
monthly gross income.


The borrower’s monthly mortgage payment, PITIA is less than or equal to
31 percent of the borrower’s verified monthly gross income.
---

Criteria
Guideline
Minimum
Payment
Ratio
Minimum
Payment
Ratio
*Only single family properties occupied by borrowers as principal residences qualify for HAMP Tier 1.
Making Home Affordable | June 2012
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Overview of HAMP Eligibility
HAMP
Tier 1*
HAMP
Tier 2
The mortgage loan has never received a TPP or been modified under
HAMP.


Previous
HAMP Tier 1
Trial
The mortgage loan received a HAMP Tier 1 TPP on which the borrower
defaulted. (Tier 2 TPP must be at least 10% less than failed Tier 1 TPP.)
---

Previous
HAMP Tier 1
Modification
The mortgage loan received a HAMP Tier 1 permanent modification on
which the borrower defaulted. (Additional eligibility criteria include:
demonstrable change in circumstances or 12 or more months since
effective date of HAMP Tier 1 modification.)
---

Previous
HAMP Tier 2
Trial or
Modification
The mortgage loan received a HAMP Tier 2 TPP or permanent
modification on which the borrower defaulted.
---
---
Criteria
Guideline
Previous
HAMP Trial
or
Modification
*Only single family properties occupied by borrowers as principal residences qualify for HAMP Tier 1.
Making Home Affordable | June 2012
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HAMP Tier 1 - Standard Modification Waterfall
What Is it?
The Standard Modification Waterfall is
a stated order of successive steps that
must be applied until the borrower’s
target monthly mortgage payment
ratio is reduced to 31%.
STEP 1
Capitalization
STEP 2
Interest Rate
Reduction
STEP 3
Term
Extension
NOTE: Steps must be performed in sequence
STEP 4
Principal
Forbearance
Making Home Affordable | June 2012
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HAMP Tier 1 - Standard Modification Waterfall
Loan Information
Current UPB
Delinquent Interest
Current Remaining Term
MTMLTV ratio –
property valuation
Data Inputs
Taxes, insurance,
homeowner association
dues, and escrow shortage
Funds remaining in the
existing suspense account
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Capitalization
The following items must be capitalized:
• Accrued interest;
• Out-of-pocket escrow advances to third parties;
• Required escrow advances that will be paid to third parties during the trial
period;
• Mortgage insurance payments that are due.
Advances for expenses incurred in performing servicing obligations, such as
foreclosure fees and costs, must also be capitalized. These costs must:
• Be consistent with the security instrument.
• Be allowable under GSE guidelines.
• Not be prohibited by applicable law.
Note: Late fees should not be capitalized!
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Capitalization Worksheet Example
Current UPB
Out-of-Pocket Escrow Advances
Projected Escrow Advance during trial period
Delinquent Interest
Late Fees
Adjusted Gross UPB

$ 274,965.19
$ 3,500.00
$ 1,000.00
$ 7,526.07
$
250.00
$ 286,991.26
Gross Monthly Income
Desired PITIA @ 31% ($3667.10 x .31)
Taxes & Insurance
HOA Payment
Future Escrow Shortage Payment
Target Monthly Mortgage Payment
$
$
($
($
($
$
3,667.10
1,136.80
337.11)
100.00)
10.00)
689.69
Original payment (Pre-modification)
Current payment
Remaining Term
Current Interest Rate
$
$
1,774.61
1,872.96
284 months
5.875%
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Capitalization - Monthly Mortgage Payment Ratio Calculation
Current payment
Taxes & Insurance
HOA Payment
Future Escrow Shortage Payment
$ 1,872.96
$ 337.11
$ 100.00
$
10.00
Total PITIA:
$ 2,320.07
Total PITIA payment:
$ 2,320.07
÷
Gross Monthly Income:
$ 3,667.10
X 100 =
Current Monthly Mortgage Payment Ratio:
63.3%
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Interest Rate Reduction
Reduce the borrower’s interest rate:
 In increments of 0.125% or 1/8 percent.
 Until the target monthly mortgage payment ratio is reached.
 Interest rate floor is 2%.
 Incentives will not be paid for reducing the rate lower than the
2% floor.
 If the resulting rate is below the Interest Rate Cap (Freddie Mac
Primary Mortgage Market Survey, PMMS, Rate), then the reduced
rate will not increase for the first five years.
The ending rate does not have to be a multiple of one-eighth.
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Interest Rate Reduction Scenario
Adjusted Gross UPB
$ 286,991.26
Current Interest Rate
5.875%
Current Term
284 months
Gross Monthly Income
$
3,667.10
Desired PITI @ 31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage
$
10.00
Target Payment
$
689.69
Note:
Use Current
Interest Rate
as the
starting point
NEW INTEREST RATE
2.0%
46.8%
PROJECTED PAYMENT
$
1,269.32
If the 31% target monthly mortgage payment ratio cannot be reached by lowering the interest rate to the 2% floor,
then reduce the interest rate to the 2% floor and proceed to Step 3, Term Extension.
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Term Extension
Extend the term:
 In one-month increments.
 Up to 480 months, which is the cap.
 As of the data collection date.
When the loan converts to a permanent modification, the term extension
should be as of the Modification Effective Date instead of the data
collection date.
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Term Extension Scenario
Adjusted Gross UPB Amount
$ 286,991.26
NEW Interest Rate
2.0%
Current Term
284 months
Gross Monthly Income
$
3,667.10
Desired PITI@31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage
$
10.00
Target Payment
$
689.69
Note:
Current term is the
number of months
between modification
effective date and
maturity date.
Term length for target
monthly mortgage
payment ratio
determination may
not go beyond 480
months.
NEW TERM
480 months
35.8%
PROJECTED PAYMENT
$
869.08
If extending the term to 480 months does NOT achieve the 31% target monthly mortgage payment ratio, or if the
investor does NOT allow term extension or re-amortization, proceed to Step 4, Principal Forbearance.
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Principal Forbearance
Principal forbearance amount:
• Is non-interest bearing;
• Is non-amortizing;
• Results in a balloon payment fully due and payable upon the earliest of
the borrower’s transfer of the property, payoff of the interest bearing
UPB, or at maturity of the mortgage loan.
Forbearance Limits
The greater of the following:
• 30% of the UPB after capitalization; or
• An amount resulting in a modified interest bearing balance that would
create a current MTMLTV equal to 100%.
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Principal Forbearance Scenario
Adjusted Gross UPB Amt
$ 286,991.26
NEW Interest Rate
2.0%
NEW Term
480 months
Gross Monthly Income
$
3,667.10
Desired PITI@31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage
$
10.00
Target Payment
$
689.69
Note:
Adjusted Gross
UPB Amount
INTEREST BEARING UPB AMT
is reduced
incrementally
until the
NEW Interest Rate
Principal
Forbearance
Amount
$ 227,751.85
2.0%
NEW Loan Term
480 months
PRINCIPAL FORBEARANCE AMT
$
59,239.41
NEW ACTUAL PAYMENT
$
689.69
brings the
target monthly
mortgage
payment ratio
to 31%
31%
The principal forbearance calculation assumes 2% interest and a term length of 480 months. If the investor does
not allow term extensions, additional steps are necessary to calculate the correct forbearance amount.
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Final Results and Evaluation
Monthly
Payment Ratio
Payment
63.3%
$ 1,872.96
46.8%
$1,269.32
STEP 1
Capitalization
STEP 2
Interest Rate Reduction
STEP 3
Term Extension
480 Months
35.8%
$869.08
STEP 4
Principal Forbearance
$59,239.41
31%
$689.69
31%
$689.69
Target
2%
Making Home Affordable | June 2012
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HAMP Tier 1 – Standard Modification Waterfall
Acceptable Deviations
A borrower may be provided with more favorable modification terms than
required by HAMP. Deviations from the Standard Waterfall must be noted
in the servicing system or mortgage file.
Acceptable deviations may include:
• Interest rate does not increase after five years or is reduced to less than 2%.
• Additional principal forbearance is substituted for term extension.
• Reducing the monthly mortgage payment ratio lower than 31%.
Incentive payments will be based on only the terms that reflect the Standard
Modification Waterfall and the target monthly mortgage payment ratio!
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
What Is it?
STEP 1
Capitalization
STEP 2
PRA
STEP 3
Interest Rate
Reduction
STEP 4
Term
Extension
STEP 5
Principal
Forbearance
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
When to Use It
The Alternative Modification Waterfall:
 Is applied in addition to the Standard Modification Waterfall for loans that
have an MTMLTV ratio greater than 115%.
 Will determine whether reducing the MTMLTV to 115% will produce a
positive NPV result.
 Can be used on any loan with an MTMLTV ratio greater than 105%.
 Is used to determine the target monthly mortgage payment ratio of 31%,
once the MTMLTV is reduced to 115%.
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
Loan Information
Current UPB
MTMLTV Ratio –
property valuation
Current Remaining Term
Data Inputs
Delinquent Interest
Taxes, insurance,
homeowner association
dues, and escrow shortage
Funds remaining in the
existing suspense account
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
Capitalization Worksheet Example
Current UPB
Out-of-Pocket Escrow Advances
Projected Escrow Advance during trial period
Delinquent Interest
Late Fees
Adjusted Gross UPB
Gross Monthly Income
Desired PITIA @ 31% ($3667.10 x .31)
Taxes & Insurance
HOA Payment
Future Escrow Shortage Payment
Target monthly mortgage payment
Original payment (Pre-modification)
Current payment
Remaining Term
Current Interest Rate

$ 274,965.19
$ 3,500.00
$ 1,000.00
$ 7,526.07
$
250.00
$ 286,991.26
$
$
($
($
($
$
3,667.10
1,136.80
337.11)
100.00)
10.00)
689.69
$ 1,774.61
$ 1,872.96
284 months
5.875%
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
PRA
The current UPB is reduced by an amount necessary to reach either:
 An MTMLTV ratio equal to 115%, or
 A target monthly mortgage payment ratio of 31%.
The PRA amount:
 Is initially treated as a non-interest bearing principal forbearance;
 Is separate and exclusive of any other forbearance;
 Will be reduced over time if borrower remains in good standing.
Offering PRA is encouraged and must be applied in accordance with a written
PRA policy.
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
PRA Scenario
Current Property Value
$ 210,000.00
Adjusted Gross UPB
$ 286,991.26
PRINCIPAL REDUCTION NEEDED
TO REACH 115% MTMLTV
$ 45,491.26
115% MTMLTV UPB
$ 241,500.00
NEW INTEREST BEARING UPB
$ 241,500.00
Current Interest Rate
5.875%
Current Term
284 months
Gross Monthly Income
$
3,667.10
Desired PITI@31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage Payment
$
10.00
Target Payment (31%)
$
689.69
Note:
The 115% MTMLTV
ratio is reached,
but the monthly
payment ratio is
55.1%.
“WORKING” P & I PAYMENT
$
1,576.08
If the 31% target monthly mortgage payment ratio cannot be reached by reducing principal under Step 2, proceed
to Step 3, Interest Rate Reduction.
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
Interest Rate Reduction Scenario
Adjusted Gross UPB Amount
$ 241,500.00
Current Interest Rate
5.875%
Current Term
284 months
Gross Monthly Income
$
3,667.10
Desired PITI @ 31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage Payment $
10.00
Target Payment
Note:
$
689.69
Use Current
Interest Rate
as the
starting point
NEW INTEREST RATE
2.0%
41.3%
PROJECTED PAYMENT
$
1,068.11
If the 31% target monthly mortgage payment ratio cannot be reached by lowering the interest rate to the 2% floor,
reduce the interest rate to the 2% floor, then proceed to step 4, Term Extension.
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HAMP Tier 1 - Alternative Modification Waterfall
Term Extension Scenario
Adjusted Gross UPB Amount
$ 286,991.26
New Interest Rate
Current Term
2%
284 months
Gross Monthly Income
$
3,667.10
Desired PITI@31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage Payment
$
10.00
Target Payment
$
689.69
Note:
“Current term”
is the number of
months between
modification
effective date and
maturity date.
NEW TERM
480 Months
Term length for
target monthly
mortgage payment
ratio determination
may not go beyond
480 months.
35.8%
PROJECTED PAYMENT
$ 869.08
If extending the term to 480 months does not achieve the 31% target monthly mortgage payment ratio, or if the
investor does not allow term extension, proceed to Step 5, Principal Forbearance.
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
Principal Forbearance Scenario
Adjusted Gross UPB Amount
Adjusted Gross UPB less
Principal Reduction Amount
$ 286,991.26
$ 241,500.00
Interest Rate
Loan Term
5.875%
284 months
Gross Monthly Income
$
3,667.10
Desired PITI@31%
$
1,136.80
Tax and Insurance
$
337.11
HOA Payment
$
100.00
Future Escrow Shortage
$
10.00
Target Payment
$
689.69
Note:
New UPB is
reduced
until the
forbearance
amount
brings the
target
monthly
mortgage
payment
ratio to 31%
Step 1
Capitalization
$ 286,991.26
Step 2
Principal Reduction
$ 45,491.26
Step 3
Interest Rate Reduction
Step 4
Loan Term Extension
Step 5
INTEREST BEARING UPB
$ 227,751.85
PRINCIPAL FORBEARANCE
$ 13,748.15
ACTUAL PAYMENT
$
2.0%
480 months
31%
689.69
The principal forbearance calculation assumes 2% interest and a term length of 480 months. If the investor does
not allow term extensions, additional steps are necessary to calculate the correct forbearance amount.
Making Home Affordable | June 2012
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HAMP Tier 1 - Alternative Modification Waterfall
Final Results and Evaluation
STEP 1
Capitalization
STEP 2
PRA
STEP 3
Interest Rate Reduction
STEP 4
Loan Term Extension
480 months
STEP 5
Principal Forbearance
$ 13,748.15
31%
$ 286,991.26
$
45,491.26
2.0%
Interest Bearing UPB Amount
$ 227,751.85
Target Payment
$
689.69
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HAMP Tier 1 - Alternative Modification Waterfall
Principal Reduction Limits
If principal is forgiven in an amount equal to or greater than 5% of the premodification UPB, either:
• Elect not to reduce the interest rate all the way to the 2% floor
before applying a term extension; or
• Apply term extension prior to the interest rate reduction.
The interest rate must be fixed and treated as the modified rate.
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HAMP Tier 2 Standard & Alternative Modification Waterfalls
Capitalization
Outstanding UPB + Accrued Interest + Escrow Advances.
Interest Rate
Adjustment
PMMS Rate + Risk Adjustment (expressed in basis points).
Term
Extension
480 months and re-amortize from the Data Collection Date.
Principal
Forbearance/
Forgiveness
If pre-modification MTMLTV ratio is greater than 115%.
Forbear or forgive an amount equal to the lesser of:
• A post-modification MTMLTV ratio of 115%
• 30% of the post-modification UPB.
Alternative
Modification
Waterfall
Principal Forbearance is replaced with PRA.
Steps
performed
by NPV
Model
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HAMP Tier 2 Standard & Alternative Modification Waterfalls
Affordability Requirements
The NPV model will calculate whether:
• The modified P&I payment is reduced by at least 10% compared to
the pre-modification monthly P&I payment; and
• The post-modification DTI ratio is within the Acceptable DTI Range
(25%-42%).
Loans that do not meet both affordability requirements will be ineligible
for HAMP. When this is the case:
• Send the borrower a Non-Approval Notice; and
• Consider the borrower for alternative loss mitigation options.
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Prohibitions on Modification Waterfall Steps
General
Performing certain steps in the Waterfall may be restricted by:
• Pooling & Servicing Agreement (PSA).
• General Investor Servicing Agreement or Guideline.
When this is the case, skip the step, continue with the Waterfall, and
document in the loan file:
• Source of the restriction.
• Proof of reasonable efforts to seek a waiver.
• Evidence of approval or denial from the investor.
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Prohibitions on Modification Waterfall Steps
Capitalization
If Capitalization is not permitted, for modifications under HAMP Tier 1 and
Tier 2, if allowable:
• Forgive the amount that would otherwise be capitalized; or
• Establish a non-interest bearing balloon payment “forbearance” in
the amount that would have been capitalized, which is due at
maturity.
Note: Negative amortization after the Modification Effective Date is
prohibited!
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Prohibitions on Modification Waterfall Steps
Interest Rate Adjustment
If the interest rate cannot be modified below a certain rate:
• For HAMP Tier 1 loans - adjust the rate to the greater of the restriction rate
or the rate required to achieve the target monthly mortgage payment.
• For HAMP Tier 2 loans - adjust the rate to the greater of the restricted rate
or the HAMP Tier 2 Rate.
If the interest rate cannot be permanently modified:
• For HAMP Tier 1 loans - adjust the rate to one required to achieve the
target monthly mortgage payment for the maximum period allowed and
then step up the rate.
• For HAMP Tier 2 loans - convert the interest rate to a fixed rate.
Note: If an adjustable rate cannot be converted to a fixed rate, the loan is
not eligible for a HAMP modification under Tier 1 or Tier 2.
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Prohibitions on Modification Waterfall Steps
Term Extension
If the term extension is limited or not permitted for HAMP Tier 1 and Tier 2:
• Extend the term as far as allowable; and/or
• Re-amortize the loan using the remaining term.
If the remaining term is equal to or greater than 480 months:
• Skip this step;
• Enter the remaining term in the NPV input field “Amortization Term after
Modification”.
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Net Present Value (NPV) Model
NPV will be run as a single evaluation process. The standardized NPV test will be
run simultaneously for both HAMP Tier 1 and Tier 2 if the borrower meets the
eligibility requirements for HAMP Tier 1.
Occupancy Eligibility
Owner-Occupied,
HAMP Tier 1 Eligible
Rental Property or other
HAMP Tier 1 Ineligible
Tier 1 Result
Tier 2 Result
Offer
Positive
Positive
Tier 1
Positive
Negative
Tier 1
Negative
Positive
Negative
Negative
N/A
Positive
Tier 2
N/A
Negative
Tier 2 (optional)
Tier 2
Tier 1 (optional)
Tier 1 or Tier 2
(optional)
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Net Present Value (NPV) Model
NPV Codes for Investor Restrictions
As previously stated, the NPV model will run the Waterfall for HAMP Tier 2 loans. In
the event of Investor Restrictions on a Waterfall step(s), completion of the following
inputs must be added to the NPV Model, prior to running the Waterfall.
Used for
investor
restrictions
on any
steps in the
Waterfall.
Used for
investor
restrictions on
modifying the
interest rate.
Used for
investor
restrictions
on term
extension.
Used for investor
restrictions on
forbearance
amount.
Used to report
additional PRA
amount over
what NPV
calculates.
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Net Present Value (NPV) Model
Timeline
Run Waterfall
Run NPV Test
HAMP Tier 1
HAMP Tier 1 & Tier 2
• Capitalized UPB and
Remaining Term should
be as of the Data
Collection Date for NPV
Evaluation.
• Determine NPV results
for HAMP Tier 1 & 2.
• NPV Model calculates
Tier 2 Waterfall terms.
Run Stand Alone
Waterfall
HAMP Tier 1 & Tier 2
• Tier 1 & 2 Project UPB and
remaining term as of the
Modification Effective Date
to determine trial period
payment and for reporting
Trial Loan Set-Up.
• Tier 2: Use rate and term
from NPV Test results.
• Tier 2: Recalculate Principal
Forbearance/Forgiveness, if
applicable.
HAMP Evaluation
Trial Period
Permanent
Modification Boarding
NPV evaluation is not permitted after the borrower is approved for trial modification
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Summary
 Overview of HAMP Eligibility
 HAMP Tier 1 - Standard Modification Waterfall
 HAMP Tier 1 – Alternative Modification Waterfall
 HAMP Tier 2 – Standard & Alternative
Modification Waterfalls
 Prohibitions on Modification Waterfall Steps
 Net Present Value (NPV) Model
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41
Resources
Additional Resources
Servicer Integration Team
HAMP_Integration_Team
@fanniemae.com
HAMP Solution Center
support@hmpadmin.com
www.HMPadmin.com
•
•
•
•
Training resources
NPV tools and documents
Reporting resources
Live webinar training calendar
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Discussion/Questions
Thank You
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