Agencies Issue Final Rule On HAMP Mods

Posted by Orb Staff on November 16, 2009 No Comments
Categories : Mortgage Servicing

The federal bank and thrift regulatory agencies have issued a final rule providing that mortgages modified under the Treasury Department's Home Affordable Mortgage Program (HAMP) will generally retain the risk weight appropriate to the mortgage loan prior to modification.

The agencies – the Office of the Comptroller of the Currency, the Federal Reserve System Board of Governors, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision – adopted as final their interim final rule issued June 30, with one modification. The final rule clarifies that mortgage loans whose HAMP modifications are in the trial period, and not yet permanent, qualify for the risk-based capital treatment contained in the rule.

The final rule will take effect 30 days after publication in the Federal Register, which is expected shortly.

SOURCE: Federal Deposit Insurance Corp.

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