BofA Passes 70K HAMP Permanent Mods, Cites ‘Reporting Issues’

Posted by Orb Staff on June 16, 2010 No Comments
Categories : Mortgage Servicing

f America says it has completed more than 70,000 permanent modifications under the federal government's Home Affordable Modification Program (HAMP), converting more than 16,000 homeowners from trial to permanent contracts in the past month. ‘Bank of America continued to make significant progress in converting HAMP trial modifications to completed modifications last month,’ states Rebecca Mairone, default servicing executive for Bank of America Home Loans. ‘However, we do not expect these modifications will be fully reflected in the Treasury Department's monthly progress report because of issues that we experienced in uploading some files to the computerized reporting system." The company says it is likely that more than 7,000 permanent modifications were not recorded as complete. As a result, the Treasury's report for May is expected to reflect about 63,000 permanent HAMP modifications by Bank of America through May. SOURCE: [link=http://newsroom.bankofamerica.com/index.php?s=43&item=8728]Bank of America

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