The number of Bank of America borrowers in Home Affordable Modification Program (HAMP) trial modifications grew from 136,994 at the end of October to more than 160,000 at the end of November, the company says.
Ahead of the Treasury's HAMP servicer performance report, which expected this week, Bank of America issued a press statement detailing its loss mitigation activities.
‘As we focus on assisting our customers to successfully convert to permanent modifications, we are making extensive efforts – through phone, mail and face-to-face contact – to help our customers know exactly what documentation is required and the risks of not responding by the government's program deadlines,’ says Jack Schakett, credit loss mitigation strategies executive at Bank of America Home Loans.
Non-HAMP loan modifications this year total about 225,000. Through the Home Affordable Refinance (HARP) Program, more than 100,000 Bank of America borrowers have refinanced their loans. In total, through HARP and other programs, the bank has provided $215 billion to refinance existing mortgages for some 949,000 borrowers.
The company also notes that its default management staff has expanded to 13,000 and that hundreds of loan officers have been reassigned to serve as case workers to assist customers in converting from trial modifications to permanent mods.
SOURCE: Bank of America