Skip to main content

Bank of America: 21,000 permanent mods completed under HAMP

NationalMortgageProfessional.com
Mar 12, 2010

Bank of America has announced that it has completed nearly 21,000 mortgage modifications under the federal government's Home Affordable Modification Program (HAMP), according to the bank's latest monthly progress report to the U.S. Department of Treasury. "We are in a position to show strong results in completion of permanent HAMP modifications as we move into spring," said Jack Schakett, loss mitigation strategies executive for Bank of America Home Loans. "We have a strong pipeline of modifications in the trial payment period, under review for conversion to permanent status, and out for final signature." From January 2008 through last month, Bank of America completed more than 500,000 mortgage modifications under its own programs.  When the government releases its monthly report on HAMP progress by all participating mortgage servicers, Bank of America will show 20,666 permanent HAMP modifications, up from 12,761 a month earlier. Another 22,303 additional permanent HAMP modifications are pending, awaiting the customers' notarized signatures on their modified loan documents to finalize the process. Bank of America leads the mortgage servicing industry with more than 240,000 active trial modifications under HAMP. Added to the more than 520,000 HAMP and non-HAMP completed modifications, 760,000 Bank of America Home Loans customers have had the opportunity to modify their mortgages since January 2008. Bank of America is also preparing systems for implementation of two additional components of the government's Making Home Affordable program. The bank was the first servicer and remains the only major bank to sign an agreement to participate in the Home Affordable second lien modification program. In addition, the bank will participate in the Home Affordable Foreclosure Alternatives program (HAFA), which provides streamlining of the short sale process to give customers who can't afford to keep their home an alternative to foreclosure. HAFA is similar to a cooperative short sale program that Bank of America has been testing for several months. For more information, visit www.bankofamerica.com.
Published
Mar 12, 2010
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021