When should a servicer use a “cancel” versus a “decline” when reporting to the Treasury system of record?
There is not a “decline” field in the Treasury system of record. If a loan is being cancelled and it is already a permanent modification, then the servicer should perform an “official cancellation transaction” and then a “trial cancellation transaction.” Home Affordable Modification Program – 2009 Conversion Campaign FAQs – Page 8 Q1208-05 If the servicer has multiple reasons for a borrower not receiving a HAMP offer or falling out of a HAMP trial period or permanent modification, how should the servicer report those reasons to the Treasury system of record as required by Supplemental Directive 09-06? When more than one reason code under Schedule IV of Supplemental Directive 09-06 is applicable, the servicer must report the prevalent reason for the non-approval, non-acceptance or fallout. Pursuant to Supplemental Directive 09-08, the non-approval notices must comply with all applicable laws and regulations, including Regulation B when applicable to the transaction. Q1207-01 May a servi
