To find out if a loan is Fannie Mae or Freddie Mac, use the corresponding lookup tool under Resources.

Both GSEs provide streamlined modifications. Typically, the servicer sends the borrower a solicitation for the Streamlined Modification program within 15 days of the borrower becoming eligible. The solicitation lists the amount of monthly payments that would be due under a Standard Modification and requires the borrower to contact the servicer to accept.

Streamlined Modifications are only offered to borrowers who are at least 90 days in default, but less than 720 days in default. Additionally, the borrower cannot be involved in another loss mitigation option, such as an active and performing trial payment period (TPP), forbearance, repayment plan, or approved liquidation workout.

The terms of the Streamlined Modification are calculated in the same way as Standard Modifications, including the same mark to market loan-to-value (MTMLTV) analysis. Streamlined Modifications must create a principal and interest payment reduction, but because the modification is provided without an application, the debt-to-income (DTI) range requirement does not apply.

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