BofA: More Than 20K Borrowers On HAMP’s ‘Final Steps’

Posted by Orb Staff on January 14, 2010 No Comments
Categories : Mortgage Servicing

Bank of America says it has finished the processing and underwriting of more than 20,000 Home Affordable Modification Program (HAMP) files, placing those homeowners on the final steps to obtaining a completed modification.

More than 12,000 of these customers have been sent their final modified loan documents under HAMP to be signed and returned to Bank of America, the company says. Nearly 3,200 of the borrowers have signed and returned the final loan modification documents and now have a completed HAMP modification, as the bank has reported to the Treasury Department for its monthly progress report, which is due out on Friday.

At the end of November 2009, Bank of America, whose HAMP-eligible 60+ day delinquencies were estimated at about 1.02 million, had recorded 98 permanent modifications, according to the Treasury's December report.

‘We applaud the government's decision to extend the time allowed for homeowners to provide the documentation required to convert from a trial to a completed modification, which has allowed us to continue to help our customers achieve a long-term mortgage solution,’ says Jack Schakett, credit loss mitigation strategies executive for Bank of America Home Loans. ‘As a result of the extensions, none of the Bank of America customers who successfully completed a trial payment plan has been eliminated from the program for failing to meet a government deadline for documents."

The company also notes that it has become the first servicer to surpass 200,000 customers entering HAMP trial modifications. More than 34,000 borrowers entered the trial phase in December alone.

Through HAMP and non-government programs in 2009, the bank completed over a quarter of a million modifications.

SOURCE: Bank of America

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