Fannie Mae 2011 Annual Report Download - page 56

Our Role as Program Administrator
Treasury has engaged us to serve as program administrator for HAMP and other initiatives under the Making
Home Affordable Program. Our principal activities as program administrator include the following:
• Implementing the guidelines and policies of the Treasury program;
• Preparing the requisite forms, tools and training to facilitate efficient loan modifications by servicers;
• Creating, making available and managing the process for servicers to report modification activity and
program performance;
• Calculating incentive compensation consistent with program guidelines;
• Acting as record-keeper for executed loan modifications and program administration;
• Coordinating with Treasury and other parties toward achievement of the program’s goals, including
assisting with development and implementation of updates to the program and initiatives expanding the
program’s reach; and
• Performing other tasks as directed by Treasury from time to time.
In our capacity as program administrator for the program, we support over 100 servicers that have signed up to
participate with respect to non-agency loans under the program. To help servicers implement the program, we
have provided information and resources through a Web site dedicated to servicers under the program. We have
also communicated information about the program to servicers and helped servicers implement and integrate the
program with new systems and processes. As program administrator, we have taken the following steps to help
servicers implement the program:
• dedicated Fannie Mae personnel to work closely with participating servicers;
• established a servicer support call center;
• conducted ongoing conference calls with the leadership of participating servicers;
• provided training through live Web seminars and recorded tutorials; and
• made checklists and job aids available on the program Web site.
On January 27, 2012, the Administration announced an extension of HAMP for an additional year through
December 31, 2013. The Acting Director of FHFA has directed us to continue modifying loans under HAMP
through that date, and our role as program administrator will be extended accordingly.
OUR CUSTOMERS
Our principal customers are lenders that operate within the primary mortgage market where mortgage loans are
originated and funds are loaned to borrowers. Our customers include mortgage banking companies, savings and
loan associations, savings banks, commercial banks, credit unions, community banks, insurance companies, and
state and local housing finance agencies. Lenders originating mortgages in the primary mortgage market often sell
them in the secondary mortgage market in the form of whole loans or in the form of mortgage-related securities.
During 2011, approximately 1,000 lenders delivered single-family mortgage loans to us, either for securitization
or for purchase. We acquire a significant portion of our single-family mortgage loans from several large
mortgage lenders. During 2011, our top five lender customers, in the aggregate, accounted for approximately
60% of our single-family business volume, while our top five lender customers accounted for approximately 62%
of our single-family business volume in 2010. Three lender customers, Wells Fargo Bank, N.A., JPMorgan
Chase Bank, NA and Bank of America, N.A., including their respective affiliates, in the aggregate accounted for
more than 48% of our single-family business volume for 2011. In this report, we may refer to Bank of America,
N.A. and its affiliates, collectively and individually, as “Bank of America.”
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