Bank Of America: 160,000 Modifications In Six Months

Posted by Orb Staff on July 20, 2010 No Comments
Categories : Mortgage Servicing

http://www.bankofamerica.com]Bank of America[/link] has announced it completed loan modifications for approximately 160,000 homeowners during the first six months of 2010. According to the bank, this brings its total of modified home loans to 650,000 since January 2008. The bank also predicts that the upcoming Home Affordable Modification Program (HAMP) performance report from the Department of Treasury will show that is is leading all servicers with more than 72,000 permanent HAMP modifications completed through June, up from 63,000 reported by Treasury the month before. ‘We continue to work through our remaining inventory of ongoing active HAMP trial modifications to complete underwriting reviews and make determinations on customers' eligibility for permanent solutions,’ says Rebecca Mairone, default servicing executive for Bank of America Home Loans. SOURCE: Bank of

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