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Repayment OptionsFollowing a COVID-19Forbearance Plan

Table of ContentsOverview. 3Refinancing a Mortgage in COVID-19 Forbearance,Deferment or Loss Mitigation. 4Reinstatement. 5Short-term Repayment Plan. 6Payment Deferral Programs.7FHA . 8Fannie Mae . 9Freddie Mac .10Loan Modification . 11Standard Loan Modification .14

OverviewIf you are nearing the end of your COVID-19 related forbearance plan, there are several optionsavailable to get you back on track. We put this guide together to give you a brief overview ofpost-forbearance programs. The list is not exhaustive, and the options available to you aredependent on your unique situation. That is why it is important to contact one of our Homeoption that is right for you.All loan types have reinstatement and repayment options available. In nearly all cases,reinstatement or making a “lump sum” payment of all past due amounts will not be required.options that may be available based on your situation. New programs are being releasedfrequently, and we will update you as they become available.Most investors, insurers and guarantors have programs available to help you resolve any pastdue amounts at the end of the forbearance without submitting any additional documentation!You will simply be required to answer a few questions either online at my.hpfc.com or by phonewith the most important question being whether your hardship has been resolved.If your circumstances dictate that you need to submit a mortgage assistance application, youapplication here, which provides all of the forms that will need to be completedand outlines the documentation you’ll need to submit.Steps to Move ForwardBy calling us at 1-800-686-2404 and answering a few questions,

OPTION 1Who is this best for?Under the temporary Fannie Mae and Freddie Mac eligibility criteria,Mortgage in COVID-19Forbearance, Defermentor Loss Mitigationto lowering your payment if currentmortgage rates are better than the rateyou are currently paying.What you need to know:A new loan application isrequiredmany borrowers exiting forbearance plans or who had recentlyentered loss mitigation options. However, both Fannie Mae and Freddie Mac have announced temporary eligibilityThere are income andunderwriting requirementsaffected by a COVID-19 hardship.If you were in a forbearanceplan and remained currentor reinstated your loan, youcould now be eligible toqualify for a conventionaltake advantage of improved loan terms. With rates at or nearkeeping your existing loan.How it worksIf you entered into arepayment plan, deferraloption or loss mitigationoption and make threeconsecutive paymentsunder the plan, youcould now qualify for aloan with new terms. The new terms may have a lower interestrate or other attributes that will make it preferable to your oldprocess online at apply.homepoint.com .What are my options?When you apply for your loan, you will work with your loanset of terms for you.BENEFITS May lower your interest rate Changes the term of your loan May change the loan type Normally a combination of theabove will lower your monthlypaymentDRAWBACKS Increases the time it takes to payoff your home Typically requires closing costs Could take up to three monthsto complete May lower your credit score

ˇʼ ˁ ʥˊ ˢ ˢ ʲ ʶ ˢˠ ˡ Ѓˡ ˡ ˬ ˢ ˢ pay their entire balance in one payment.Customers with certain types of loansthat are not eligible for other options.Reinstatementˊ ˬˢ ˡ ˢ ˡˢ ʭ A reinstatement means you pay yourcurrent balance due including any pastpayments.Conventional loans throughFannie Mae , Freddie Mac and loans insured by FHA, VAor USDA do not require you toreinstate or pay a “lump sum”amount when your mortgageforbearance ends. There arealternative options available.ʻˢ ˢ You can make a payment by logging into your account atmy.hpfc.com or by calling us at 1-800-686-2404. You can ˢ ˠ ˬˢ ˣ ˬˠ ˡ ʟ ˬˢ ˢ Ѓ ˢˡЃ ˠ ˬˢ ˢ amount due by checking your balance online or calling us.ʵʸˁʸʹʼˇˆ Brings you immediately currentʷ ʴˊʵʴʶʾˆ Options that do not require a“lump sum” payment may beavailable for your circumstances

OPTION 3Who is this best for?A repayment plan is best if you are notbehind more than three payments andcan temporarily make higher paymentsto catch up.Short-termRepaymentPlanWhat you need to know:You must be behind on yourmortgage paymentsWe may conduct anaffordability determinationA repayment plan is an agreement thatenables you to temporarily pay a highermonthly mortgage payment to catch up onpast due payments over a short time period.Amount of payment cannotexceed 150% of your currentmortgage paymentHow it worksMust become currentwithin six monthsYou can contact a Home Point payment specialist to requesta short-term repayment plan or set one up online by logginginto your account at my.hpfc.com. Home Point will conduct anaffordability calculation to determine your ability to repay themissed payments. If you agree to a repayment plan, you willbe sent an agreement outlining the terms, which allows you to“catch up” by paying extra each month if you have fallen behind.What are my options?Homepoint offers up to six months for a short-term repaymentplan. If a repayment plan is not right for you, all investors, insurersand guarantors of federally-backed mortgage loans have specialprograms for those affected by a COVID-19 hardship.BENEFITS Spreads the amount owed acrossan extended period Helps to establish a path tobecome currentDRAWBACKS Higher monthly payments Only available if you can becomecurrent in six months or less Total payment cannot exceed 150%of your current monthly payments Options that do not require highermonthly payments may beavailable for your circumstances

ˇʼ ˁ ʧPayment DeferralProgramsDeferrals or other similar programs are for customers who haveresolved a temporary hardship. These programs are for customersthat can resume monthly contractual payments but cannot affordeither a full reinstatement or repayment plan to bring theloan current.Simply put, a deferral will take your past due payments and bundle them into a non-interestbearing account and make them due whenever you pay off the loan.ˊ ˬˢ ˡ ˢ ˡˢ ʭInvestors decide whether to offer these programs and requirements to qualify may changedepending on investor.ˊ ˠˬ ˢˣ ˢˡ ʲThe availability of this option, and similar ones, depends on your loan type. If you don’t knowyour loan type, you can contact us via phone, and we will provide that information and more onwhat options might be available. FHA COVID-19 Standalone Partial Claim Program Fannie Mae COVID-19 Payment Deferral Solution Freddie Mac COVID-19 Payment Deferral Solutionˇ ˉʴ ˡ ˈˆʷʴ ˢ ˡ ˠ ˡ ˢ ˡ ˠˢ Ѓ ˢˡ ˣ ˢ ˠ ˢ ˢ ˢ ˡ forbearance plans.If you have a loan with a different investor or insurer, please contact us to discuss your options.

OPTION 4 - FHAWho is this best for?FHA COVID-19Standalone PartialClaim ProgramThe Federal Housing Administration has recently announced aStandalone Partial Claim Program for borrowers affected by COVID-19who have previously entered COVID-19 forbearance programs. Apartial claim is a zero interest, no fee, junior lien on your propertythat will become payable when you sell your home, pays off yourmortgage, or your mortgage otherwise terminates. This program isavailable to customers whose forbearance programs are ending andwho have regained the ability to make their monthly payments. If youdo not qualify for the COVID-19 Standalone Partial Claim, FHA offersother tools to help you repay your missed payments over time.How it worksYou must contact a Homepoint payment specialist to let us knowyou can resume making payments on your mortgage loan. You doHomepoint willhepaperwork that needs to be signed to participate in the program.Once you have completed the paperwork, any amounts owed duringforbearance will be placed into the Partial Claim.An FHA COVID-19 Standalone PartialClaim is only for customers with loansinsured or guaranteed by the FHA andwho do not wish to reinstate the loan ormake higher monthly payments througha repayment plan. The Program is bestfor those whose hardships have endedand can return to making their regularmonthly mortgage payments.What you need to know:Your loan must beinsured or guaranteedby the Federal HousingAdministrationYou must occupy thepropertyYou must have regainedyour ability to continuemaking your monthlypaymentsIf you do not qualify for an FHA COVID-19Standalone Partial Claim, you will beevaluated for all Loss Mitigation HomeRetention Options and Home DispositionOptions offered by FHA, including theWhat are my options?If you meet the eligibility requirements, you can be immediatelyapproved for the Partial Claim Program. If you do not meet therequirements, you are eligible to be evaluated for all FHA Home Retentionand Home Disposition Options. Contact Homepoint to learn more aboutyour options. This can be done via phone at 1-800-686-2404.BENEFITSDRAWBACKS Brings your loan current It does not need to be paid until thematurity of your original mortgage loan,You may only use this program oncefor a COVID-19 related hardship There is no additional interest chargedon the Partial Claim amountIf you have had prior Partial Claimsthrough FHA for previous hardship,your total partial claim amount maybe capped

OPTION 4 - FANNIE MAE Who is this best for?The COVID-19 Payment Deferral is forcustomers who cannot reinstate theloan or make higher monthly paymentsthrough a repayment plan. The COVID-19Payment Deferral is best for those whosehardships have ended and can returnto making their regular monthlymortgage payments.Fannie Mae COVID-19Payment DeferralWhat you need to know:On May 13th, 2020, Fannie Mae announced the COVID-19 PaymentDeferral for borrowers affected by COVID-19 hardship. The paymentrelief option is available to customers who have regained the ability tomake their monthly payments. The workout option allows you to returnyour mortgage to a current status by moving up to eighteen months offorbearance payments to the end of your loan term with no additionalinterest charge.How it worksYou must contact a Homepoint payment specialist to let us knowyou can resume making payments on your mortgage loan. You doHomepoint willndyou the agreement to participate in the program. Once you sign andreturn the Payment Deferral agreement, any amounts that were notpaid during forbearance will be placed into a non-interest bearingbalance that will be due when you pay off your loan at the end of theWhat are my options?If you meet the eligibility requirements, you can be immediatelyapproved for the option. If you do not meet the requirements, you are stilleligible to be evaluated for other programs offered by Fannie Mae .BENEFITS Brings your loan current The balance does not need to bepaid until the maturity of your originalsell your home There is no additional interest chargedon the deferred amountYour loan must be ownedby Fannie Mae You must have experiencedhardshipYou must have regainedyour ability to continuemaking your monthlypaymentsYou must have beencurrent or less than 31days delinquent on yourmortgage payment as ofMarch 1, 2020You must be 30 or moredays (one month)delinquent but less thanor equal to 18 monthsdelinquent as of thedate of evaluationDRAWBACKS Customers who were more than 31days delinquent as of March 1, 2020,who have experienced a COVID-19hardship will need special approvalfrom Fannie Mae to participate