iServe Servicing Inc., one of the nation’s leading residential mortgage special servicers of performing, sub-performing, non-performing and bank-owned assets, has announced it has received certification for immediately participation in the U.S. Department of the Treasury’s Home Affordable Modification Program (HAMP). HAMP, a key component of the Obama Administration’s Making Home Affordable Program, was established to help financially struggling homeowners avoid foreclosure by modifying residential loans to a level that is affordable and sustainable for borrowers over the long term.
“Beginning in 2007, the management of iServe Servicing understood the undeniable need to work with homeowners to essentially re-underwrite loans and make every effort to help stabilize their position and promote long-term viability," said iServe Chief Executive Officer Richard Cimino. "We have always understood that continued homeownership, whenever possible, is an obvious benefit to the homeowner, but is also a tremendous advantage for the underlying mortgage investor because a successfully modified and performing loan presents significantly more value than a foreclosure. With a team of highly trained loss mitigators that work a low caseload and use cutting edge technology solutions, we believe we have the right model that can help homeowners maintain their dignity, support home values in communities and let lenders focus on financing future homeowners."
Cimino added, “We are proud to participate in the HAMP program and apply our unique approach to loan servicing and loss mitigation for institutions and private investors that are looking to work within the HAMP guidelines and also for larger servicers that are looking for a specialized partner to help them with component servicing mandates.”
iServe Servicing has significant loss mitigation experience in servicing non-performing, delinquent and sub-performing residential loans with an average of 60-plus days delinquency. In order to ensure that homeowners have consistent and direct contact with an experienced servicing specialist, each iServe Servicing loss mitigation specialist manages less than 200 cases at any one time.
For more information, visit www.iservecompanies.com.