Restoring Stability: A Save the Dream Ohio Initiative Servicers 
Your participation is critical to the success of Restoring Stability: A Save the Dream Ohio Initiative.
As a servicer of mortgage loans in Ohio, you can help more homeowners remain in their homes while reducing your losses and maintaining your current lending portfolio simply by participating in Restoring Stability. Through this program, Ohio Housing Finance Agency (OHFA) will administer up to $570.4 million in federal funding from the U.S. Department of Treasury's Housing Finance Agency Innovation Fund for the Hardest-Hit Markets to help approximately 53,000 homeowners who have experienced a financial hardship avoid foreclosure. As a participating servicer, you will receive payments from OHFA's fiscal agent, Ohio Homeowner Assistance, LLC (OHA), on behalf of your homeowners who are eligible and approved for Restoring Stability programs.
Restoring Stability: A Save the Dream Ohio Initiative Programs
Your homeowners may qualify for one or more of the Restoring Stability: A Save the Dream Ohio Initiative programs:
- Rescue Payment Assistance
This program provides your institution with a one-time payment on behalf of the homeowner to help bring them current on their first mortgage. In exchange, your institution will credit the homeowner's account, reinstate the mortgage loan and dismiss foreclosure action if filed. - Mortgage Payment Assistance
Your institution will receive the full mortgage payment on behalf of your borrower for up to 15 months. In exchange, your institution will credit the homeowner's account monthly and agree to offer qualified homeowners an Unemployment Program (UP) forbearance after assistance through Restoring Stability ends. - Mortgage Modification with Contribution Assistance
Restoring Stability will provide a payment to reduce a homeowner's mortgage principal or arrearages in connection with a loan modification. Your institution is encouraged to match the payment one-to-one through principal forgiveness or forbearance, resulting in an affordable monthly payment for the homeowner. You may decide to participate in this program on a case-by-case basis. - Transitional Assistance
Your institution may receive a $1,000 incentive payment to complete a short sale or deed-in-lieu agreement which you may choose to waive. Restoring Stability will make a $4,000 payment ($5,000 if the servicer waives the incentive) to the homeowner to assist in relocation. Restoring Stability may also make payments up to $2,500 as incentive for second lien holders to release their lien. The homeowner must leave the property in good condition. You must release the homeowner from future obligations or judgments. You may decide to participate in this program on a case-by-case basis. - Lien Elimination Assistance
Your institution agrees to extinguish your loan for a lump sum payment. Your institution is encouraged to match the payment one-to-one. Restoring Stability will seek to eliminate second liens as well. To qualify for Lien Elimination Assistance, the homeowner must demonstrate the ability to stay current on any remaining liens attached to the property, property taxes and homeowner’s insurance.
Servicer Enrollment Documents
For information on how your company can participate in Restoring Stability: A Save the Dream Ohio Initiative, please review the following document:
- Servicer Enrollment Forms & Procedures (2.28 MB Adobe PDF File)
Servicer Materials and Resources
For more information concerning the Restoring Stability: A Save the Dream Ohio Initiative program, please refer to the following documents:
- Servicer Webinar: OnBoarding for Servicers and the Common Data File (620 KB Adobe PDF File)
- Provides details regarding how the HHF and Servicers exchange information through the Common Data File.
- Restoring Stability Programs-At-A-Glance (280 KB Adobe PDF File)
- View a list of approved Housing Counseling Agencies by County (631 KB Adobe PDF File)
- Restoring Stability Participating Mortgage Servicers (548 KB Adobe PDF File)
Ohio HHF Servicer Onboarding Orientation Webinars
This webinar will orient servicers to the Ohio HHF program, servicer procedures, and the HHF Common Data File. Ohio uses the HHF Common Data File to send and receive information with servicers participating in the HHF program. The webinar will include specific examples and exercises using the HHF Common Data File.
Register for a session now by clicking a date below:
Once registered you will receive an email confirming your registration with information you need to join the Webinar.
Mortgage Servicer Introduction to Changes in Ohio's Restoring Stability Program Webinar – 12/1/2011
This webinar provided participating mortgage servicers an introduction to Ohio's proposed changes in the Restoring Stability program. Servicers received the revised terms sheets and a matrix illustrating the changes for use during the webinar. This webinar was recorded during the Servicer Roundtable Session on December 1 at the Ohio Housing Conference.
Please click on the link to be directed to the GoToWebinar webpage:
