- LEARNING CENTER
In August 2010, the Department of Agriculture's Rural Housing Service (RHS) published its final rule providing guidance for certain modifications to loans in its Single Family Housing Guaranteed Loan Program (referred to as Special Loan Servicing) to provide assistance to borrowers to modify their mortgages to provide more affordable payments. Under Chapter VI of the MHA Handbook, RHS-guaranteed first lien mortgage loans that are modified under Special Loan Servicing are eligible for certain incentive payments from Treasury.
The incentive eligibility guidelines for RD-HAMP are detailed further in the servicer documents listed below.
Making Home Affordable Handbook v5.1
Chapter VI of the MHA Handbook provides guidance to RHS servicers for adoption and implementation of RD-HAMP, which provides for pay-for performance incentive compensation to borrowers and pay-for-success incentive compensation to servicers for RHS-guaranteed first lien mortgages that are modified pursuant to RHS's final rule on Special Loan Servicing and that meet Treasury's eligibility requirements.
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