Over the past several months, we have asked you, our participating lenders, how we could increase participation in the Step Up program.
Based on your feedback, we have made significant changes to the program, including:
- Adding the Freddie Mac Home Possible Advantage product
- Reducing the early payment default term from 7 months to 4 months
- Allowing participating lenders with Correspondent TPO operations to now deliver 3rd party originated Step Up loans
Current participating lenders will need to re-execute the Origination Agreement. A separate email will be coming to the appropriate lender contacts with more details and further instructions. Also, later today, you will receive an email detailing updates to the Step Up manual.
