The FHFA is launcing new representation and warranty framewokr making HARP 2 loans easier and more accessible for consumers.

The new changes will take effect on January 1st 2013 and will lessen the burden lenders face when a borrower defaults on a loan.

Under the new framework HARP 2 loans will be eligible for representation and warranty relief after the borrower has made on time payments for 12 months following the date Fannie Mae or Freddie Mac purchases the loan.

"Ultimately, better quality loan originations and underwriting, along with consistent quality control, help maintain liquidity in the mortgage market while protecting Fannie Mae and Freddie Mac from loans not underwritten to prescribed standards," said Edward J. Demarco, Acting Director of FHFA.

Keep your eyes open for more information regarding this situation in the coming months and be sure to visit the Selling Guides for Fannie Mae and Freddie Mac on their respective websites for more information.