Ginnie Mae Announces New Changes to Advanced Loan Modification Program

On January 21, Ginnie Mae issued a new memorandum announcing that they are streamlining its documentation requirements for servicers participating in the Federal Housing Administration’s (FHA) Advanced Loan Modification program (ALM). Specifically, the new changes, effective for all ALMs, remove the requirement for recordation and title insurance. The new policy is intended to create more efficiency, so that servicers can help more homeowners transition from forbearance to permanent modification. The streamlining of requirements aligns with the Biden Administration’s goal of assisting homeowners negatively impacted by the COVID-19 pandemic.

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