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FREDDIE MAC ANNOUNCES PLANNED CHANGES TO RELIEF REFINANCE PROGRAM expand its Relief Refinance Mortgage program by aligning separate mortgage requirements. The GSE will align requirements for Freddie Mac announced in late July plans to mortgages with loan-to-value (LTV) ratios that are equal to or less than 80 percent with those for mortgages with LTV ratios greater than 80 percent. The move is expected to eliminate many of the selling lender's representation and warranty responsibilities on loans being refinanced. Details are scheduled to be announced to lenders by mid-September, allowing them to start taking applications for loans to be delivered as early as January 1 of next year. In addition, Freddie Mac said it is evaluating lenders other than their current one. The upcoming Relief Refinance changes are the Relief Refinance program by focusing on its Open Access offering and determining the best approach to maximize the program's reach. The Open Access option allows eligible borrowers with Freddie Mac loans to apply for Relief Refi- nance mortgages, including HARP 2.0, through expected to streamline the program so lenders can make refinancing more accessible to bor- rowers with mortgages owned or guaranteed by Freddie Mac. The planned changes are based on feedback received from lenders regarding HARP 2.0.Paul Mullings, SVP and interim head of Freddie Mac's single-family business, said the GSE's program adjustments will help build on the success already seen from HARP 2.0 and the GSE's own Relief Refinance Mortgage program, which have helped more than 1.3 million borrow- ers take out new home loans. "Once implemented the changes will give THE LEADER IN DEFAULT SERVICING NEWS lenders a new measure of certainty and ease when they help borrowers with Freddie Mac owned- or guaranteed-mortgages take advantage of today's historically low mortgage rates," Mullings said. DEADLINE TO REQUEST INDEPENDENT FORECLOSURE REVIEW EXTENDED AGAIN Foreclosure Review got its second extension in less than two months. On June 21, the deadline was pushed back The deadline to request an Independent from July 31 to September 30, 2012. Now, borrowers have until December 31, 2012, to request a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve announced in August. As of June, the OCC reported 193,630 servicers to hire independent consultants to conduct a comprehensive review of foreclosure activity in 2009 and 2010 to identify borrowers who were potentially financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process. If the review finds that financial hardship people requested a free independent review. The review is for those who believe they suf- fered financial harm due to errors in a foreclo- sure action in 2009 or 2010. According to the joint statement, the dead- line extension provides more time to increase awareness about the review and to encourage as much participation as possible. As part of enforcement actions issued in April 2011, the OCC called for 14 mortgage KNOW THIS As of June, the mortgage banking and brokerage sectors employed 276,600 people, according to the U.S. Bureau of Labor Statistics. 38 Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. did result from an error, the borrower may be compensated through a lump-sum payment, which can range from $500 to $125,000, plus equity, according to guidance issued by the agencies. Other forms of compensation include rescis- sion of one's foreclosure, correction of credit reports, or a loan modification. The independent foreclosure review is separate from the national mortgage settlement reached between federal and state officials and five of the largest servicers.