Common use of HAMP Modifications Clause in Contracts

HAMP Modifications. The Credit Union shall take all necessary action to ensure that (i) from and after the date the Credit Union or any Credit Union Subsidiary that services residential mortgage loans has 100 or more residential mortgage loans not owned or guaranteed by ▇▇▇▇▇▇ ▇▇▇ or Freddie Mac which have been past due for 60 or more days, the Credit Union or such Credit Union Subsidiary shall, to the extent such programs are open for participation, (A) participate in the United States Department of the Treasury’s Making Home Affordable (“MHA”) program, including MHA’s Second Lien Modification Program and (B) immediately execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (in such form as may be set forth on the MHA website at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ from time to time) with ▇▇▇▇▇▇ ▇▇▇ (acting as the United States Department of the Treasury’s fiscal agent) and (ii) if the Credit Union or any Credit Union Subsidiary owns mortgage loans that are serviced by a non-affiliated mortgage servicer, the Credit Union or such Credit Union Subsidiary shall consent to any MHA modification request made by such mortgage servicer.

HAMP Modifications. The Credit Union shall take all necessary action to ensure that (i) from and after the date the Credit Union or any Credit Union Subsidiary that services residential mortgage loans has 100 or more residential mortgage loans not owned or guaranteed by ▇▇▇▇▇▇ ▇▇▇ or Freddie ▇▇▇▇▇▇▇ Mac which have been past due for 60 or more days, the Credit Union or such Credit Union Subsidiary shall, to the extent such programs are open for participation, (A) participate in the United States Department of the Treasury’s Making Home Affordable (“MHA”) program, including MHA’s Second Lien Modification Program and (B) immediately execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (in such form as may be set forth on the MHA website at ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ from time to time) with ▇▇▇▇▇▇ ▇▇▇ Mae (acting as the United States Department of the Treasury’s fiscal agent) and (ii) if the Credit Union or any Credit Union Subsidiary owns mortgage loans that are serviced by a non-affiliated mortgage servicer, the Credit Union or such Credit Union Subsidiary shall consent to any MHA modification request made by such mortgage servicer.