Skip to main content

Bank of America completes 160,000 mods in first half of 2010

NationalMortgageProfessional.com
Jul 20, 2010

Through the first half of 2010, Bank of America has completed mortgage modifications providing homeownership retention solutions for about 160,000 homeowners who face difficulties in making their monthly payments due to economic conditions. That brings the bank's total of modified home loans to 650,000 since January 2008. The upcoming Home Affordable Modification Program (HAMP) performance report from the U.S. Department of Treasury is expected to show that Bank of America continues to lead all servicers with more than 72,000 permanent HAMP modifications completed through June 2010, up from 63,000 reported by Treasury the month before. "Although our total HAMP modifications slowed this month compared to previous periods, we had a particularly strong month in completing proprietary modifications outside of HAMP," said Rebecca Mairone, default servicing executive for Bank of America Home Loans. "This included solid performance in providing alternative solutions through our second look program to homeowners who did not qualify for a permanent HAMP modification." The bank completed nearly 17,000 non-HAMP modifications in June, bringing the total for the year to nearly 88,000. Since January 2008, close to 580,000 proprietary modifications have been completed for Bank of America Home Loans customers. "We continue to work through our remaining inventory of ongoing active HAMP trial modifications to complete underwriting reviews and make determinations on customers' eligibility for permanent solutions. Simultaneously, since mid-April, we have been implementing a revised government policy requiring full documentation and underwriting of new trial modification plans," Mairone said. "During this transition period, we anticipate a slower rate of growth in the number of completed HAMP modifications. For more information, visit www.bankofamerica.com.
Published
Jul 20, 2010
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021