Federal Housing Finance Agency issued its Servicing Alignment Initiative (SAI) on April 28, 2011, directing Fannie Mae and Freddie Mac to implement consistent mortgage loan servicing and delinquency management requirements.
Fannie Mae's implementation of this policy was reissued on September 2, 2011, with Announcement SVC-2011-08R and is reflected in Fannie Mae's 2012 Servicing Guide. This policy directs servicers to reach out to borrowers earlier, communicate more frequently and clearly, and provide relief. It mandates sending a Borrower Solicitation Package to borrowers at specific times during the delinquency. This package can be customized but must contain the same content as the following documents:
For borrowers eligible for the Home Affordable Modification program (HAMP), servicers must include the HAMP Government Monitoring Data (Form 710A) in the Borrower Solicitation Package.
The documents the borrower must return are called the Borrower Response Package. This includes the Uniform Borrower Assistance Form (Form 710), along with all required income and hardship documentation as specified on Form 710, and Internal Revenue Service Short Form Request for Individual Tax Return Transcript (Form 4506T-EZ).
Note: The requirements provided in Announcement SVC-2011-08R apply equally to Fannie Mae HAMP and Fannie Mae non-HAMP borrower outreach, solicitations, and documentation. For historic forms, including the Fannie Mae Hardship Affidavit (Form 194) and Fannie Mae Trial Period Plan Notice (Form 195), please visit our Selling & Servicing Guide Forms page.