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FDIC issues Loan Modification Program GuideMortgagePress.comFDIC, loan modifications, IndyMac FSB, servicers The Federal Deposit Insurance Corporation (FDIC) has published a loan modification program guide to assist bankers, servicers, and investors with making affordable loan modifications. The guide aims to use the FDIC's experience establishing a loan modification program at IndyMac Federal Bank, FSB (IndyMac) to create a model program for other financial institutions. To this effect, the guide: • Describes the modification program terms implemented by the FDIC at IndyMac; • Offers insights into the specific portfolio characteristics that drove modification modeling at IndyMac; • Provides a framework modification program for other financial institutions; • Provides general direction on the loan modification process and the marketing of loan modifications; • Outlines the proposed modification terms; and • Includes samples of marketing materials, investor reporting tools, modification agreements, counseling agreements, and income verification forms. For a copy of the guidelines, click here.