Reflecting a slowdown in its Home Affordable Modification Program (HAMP) conversion activity, Bank of America completed 79,859 HAMP modifications through the end of August – up from the more than 76,300 HAMP mods reported through the end of July.
‘Our HAMP results in recent months show a reduced number of customers starting new trial modifications, due mainly to the implementation of a full-documentation requirement,’ says Rebecca Mairone, default servicing executive at Bank of America Home Loans. ‘As a result, we are seeing a smaller increase in completed HAMP modifications month-over-month at this time."
The bank also says it completed more than 600,000 proprietary modifications from January 2008 through August 2010. Bank of America offers second-look modifications to homeowners who do not meet the qualifications for permanent HAMP modifications but have demonstrated the willingness and ability to sustain more affordable payments.
SOURCE: Bank of America