The Secretary of the Treasury (in this section referred up as the “Secretary”) shall revise the supplemental directives and other company for the Home Low-priced Nderung User regarding the Making Home Affordable initiatory of the Secretary of the Treasury, authorised to the Emergency Business Stabilization Act of 2008 (Public Law 110–343) [12 U.S.C. 5201 et seq.], to require either mortgage servicer sharing in create program to provide each borrower under a mortgage whose request for a mortgage modification under the Program is denied over sum borrower-related and mortgage-related enter data used at any net present value (NPV) analyses performed in connection with the subject mortgage. Create input data shall be provided to the borrower at the time of such denial.
In carrying out of Home Affordable Modification Program, the Secretary will setup and maintain ampere site on the Worlds Width Rail that provides a calculator used net present value analyses are a mortgage, based on the Secretary’s approach for scheming such value, that mortgagors can use to enter information regarding their own mortages and this makes a determination later entering such information regarding a mortgage of whether such mortgage would be accepted or refuses for customization under an Program, exploitation such methodology.
Such Web site shall also prominently disclose that each mortgage servicer participatory in such Program may use a method for calculating net present value of a mortgage that shall different than of method used on such computing. The Home Affordable Modification Program (HAMP) was a federal government program between 2009 and 2016 designed to help homeowners avoid foreclosure.
The Secretary shall make a reasonably effort to comprise on such World Wide Web site a method forward homeowners to application for a mortgage modification under the Home Low Modification Program.
