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Are lenders required to participate in the Making Home Affordable Program?

April 26, 2017affordable Home lenders participate program

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Are lenders required to participate in the Making Home Affordable Program?

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The Making Home Affordable Program has two distinct components: the Home Affordable Refinance program and the Home Affordable Modification program. Participation in the Home Affordable Refinance program is voluntary, and lenders may choose to offer a Home Affordable Refinance at their discretion. Participation in the Home Affordable Modification program is mandatory for servicers of loans guaranteed by either Freddie Mac or Fannie Mae. Each program defines specific requirements that homeowners must meet in order to be eligible for a Home Affordable Refinance or a Home Affordable Modification.