Litton Loan Servicing Joins HAMP

Posted by Orb Staff on August 07, 2009 No Comments
Categories : Mortgage Servicing

n Sachs' servicing unit, Houston-based [link=https://www.littonloan.com][u]Litton Loan Servicing[/u][/link], has agreed to participate in the Home Affordable Modification Program (HAMP). The company, which services approximately 370,000 mortgages nationwide, announced its HAMP admission in a company statement that did not include information on Litton's incentive cap under the program. Litton says that, since March, it has offered 38,000 modifications to borrowers using terms in accordance with the broad principles of HAMP and has built infrastructure to fully implement the program. "In the 12 months prior to the announcement of the Home Affordable Modification program, we modified more than 44,000 loans, representing about 10% of our loan portfolio," company CEO Larry B. Litton Jr. said in the statement. "As the details of the federal program emerged, we continued to modify loans, and by adopting this program, we will continue to make every effort to keep homeowners in their homes." The Treasury has also revised the HAMP contract for JPMorgan Chase. According to the department's most recent [link=http://financialstability.gov/docs/transaction-reports/transactions-report_08042009.pdf][u]transaction report[/u][/link], the HAMP agreement with Chase Home Finance LLC, which carried an incentive cap of roughly $3.55 billion, has been terminated and is superseded by new agreements with JPMorgan Chase Bank and EMC Mortgage Corp., which is wholly owned by JPMorgan Chase. Under the updated contract terms, JPMorgan Chase Bank's incentive cap is approximately $2.69 billion, and EMC's cap is $707 million. SOURCES: [link=https://www.littonloan.com]Litton Loan Servicing[/link], [link=http://financialstability.gov]FinancialStability.gov

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