HAMP Guidelines Updated to Improve Loan Modification Conversion Rate
January 28, 2010 – 2:51 pmPosted To: MND NewsWire
The Treasury Department and the Department of Housing and Urban Development have announced another attempt to streamline procedures under their Home Ownership Made Affordable Program (HAMP.) The program has enrolled over 850,000 homeowners who are seriously delinquent in their mortgage payments in a trial modification period but has encountered significant problems in converting those trials into permanent loan modifications. Today the two departments released updated guidance for the mortgage servicers who initiate the modifications and monitor the trial periods. The guidance refines the documentation requirements and other procedures in order to expedite conversions of current trial modifications to permanent ones. Earlier reports on the progress of HAMP have indicated that many of the conversion...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.