The Treasury Department has explained how to use a new Web site that allows homeowners to learn about Obama administration's new housing plan and whether they can qualify for a loan modification.

The new MakingHomeAffordable.gov Web site has a calculator that allows homeowners to estimate how they could benefit from a modification.

"Be sure to check out the calculator that allows homeowners to estimate the reduction to their monthly mortgage that they might get under the plan," a White House blog says.

Meanwhile, agency officials are working on a net present value (NPV) test that servicers will use to determine if a loan should be modified.

They plan to roll out a standard NPV model soon that provides some flexibility for servicers. For example, a servicer with a low re-default rate would not have to use the national rate.

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