The Uniform Borrower Assistance Form (UBAF), commonly known as Form 710, is a standardized application designed by Fannie Mae and Freddie Mac to streamline the process for homeowners seeking mortgage relief. This form enables borrowers to provide comprehensive financial information to their mortgage servicer when requesting assistance to avoid foreclosure. Options may include loan modifications, payment forbearance, or short sales.
Before the creation of the UBAF, each mortgage servicer had their own forms, which made the process confusing and overwhelming for homeowners in distress. Fannie Mae and Freddie Mac developed this uniform form to simplify loan assistance applications, ensuring consistency regardless of the lender.
To begin the loss mitigation process, borrowers must contact their mortgage servicer to report financial difficulties. The servicer then provides the Uniform Borrower Assistance Form along with a packet of required documents. Completing the form accurately, with supporting paperwork such as pay stubs, tax returns, and bank statements, is critical for timely review and approval.
Form 710 collects detailed information, including:
- Borrower and property details such as names, addresses, and loan numbers.
- A hardship affidavit explaining the cause and timeline of financial hardship (e.g., job loss, illness).
- Income and monthly expenses to assess affordability.
- Assets and liabilities, including savings, other properties, and debts.
- Additional information such as prior bankruptcies or assistance received.
Accuracy and honesty are essential when filling out the form, as mortgage servicers verify the data. Incomplete or incorrect submissions can lead to processing delays or denial of assistance.
Following submission, under Consumer Financial Protection Bureau (CFPB) regulations, servicers must respond within 30 days with a decision on eligibility. If the application is incomplete, servicers have five days to notify the borrower of missing information.
While legal or counseling assistance is not mandatory, homeowners are encouraged to work with HUD-approved housing counselors. These professionals offer free guidance and can increase the likelihood of a favorable outcome.
For more detailed guidance, see the official Uniform Borrower Assistance Form documents available from Fannie Mae here and Freddie Mac here, as well as the CFPB’s explanation of loss mitigation at consumerfinance.gov.