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Tag Archives: HAMP

Radian Gives $200,000 to HOPE LoanPort for Foreclosure Assistance

Mortgage insurer Radian Guaranty Inc. has made a $200,000 grant to HOPE LoanPort to be used by borrowers, non-profit counselors, servicers, and other organizations to improve the execution of loss mitigation activities, including those under the Home Affordable Modification Program (HAMP). Radian's contribution will be used to support HOPE LoanPort in its mission to address some of the hurdles borrowers face when seeking foreclosure alternatives.

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Largest Servicers Get Low Scores in HAMP Audits

The Treasury Department has instructed three of the nation's largest mortgage servicers to make changes to the way they solicit distressed borrowers for the government's loan modification program and evaluate applicants for eligibility. In Treasury's latest report card on the Home Affordable Modification Program (HAMP), JPMorgan Chase, Wells Fargo, and Bank of America were called out by name as receiving sub-par grades in complying with the program's guidelines.

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Regulatory Report Shows Increases in Completed Foreclosures and Mods

The credit quality of first-lien mortgages serviced by the nation's largest banks and thrifts remained steady during the second quarter of 2010, according to a new regulatory report. Mortgage delinquency levels were relatively flat but elevated after rising for several quarters. Completed foreclosures were up by 7 percent from the previous quarter, but mortgage modifications increased 18 percent, and the report found that newer mods are showing significantly lower re-default rates.

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Bank of America Mortgage Modifications Increase to 680,000

Bank of America reports that it has provided mortgage modification assistance to more than 680,000 homeowners since January 2008, 79,859 of which have been completed through the administration's Home Affordable Modification Program (HAMP). According to the company, it leads the industry in HAMP modifications. BofA officials say HAMP results have slowed in recent months due to the implementation of a full documentation requirement prior to initiating a trial mod plan.

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New Dodd-Frank Requirement Issued for Making Home Affordable

The Treasury issued a new directive of the Making Home Affordable (MHA) program this week. Also known as the Dodd-Frank Certification Requirement, it provides guidance on borrower certification for non-GSE loans participating in the program. The new requirement states that borrowers are not eligible to receive assistance through MHA if they have been convicted of felony larceny, theft, fraud, or forgery; money laundering; or tax evasion in connection with a mortgage or real estate transaction within the last 10 years.

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Permanent HAMP Mod Conversions Down 27%

The administration released new data on the Home Affordable Modification Program (HAMP) Wednesday. Just over 33,000 homeowners received a permanent HAMP mod in August. That's 27 percent below the number of permanent conversions the month before. So far, about 468,000 permanent modifications have been granted to distressed homeowners under the federal program. The latest report also included the results of servicer compliance reviews conducted by Freddie Mac.

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Genworth Reports Nearly $4.8B in Mortgages Saved from Foreclosure

Mortgage insurer Genworth Financial saved almost $4.8 billion in mortgages from foreclosure in the 12 months ending June 30, 2010. These statistics represent a nearly 80 percent increase from the same period last year. More than half of total mortgage dollars saved were the result of the administration's Home Affordable Modification Program (HAMP). Genworth reports that it completed more than 30,000 mortgage workouts nationwide during the period via its homeowner assistance program.

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GSEs’ Short Sales and Deeds-in-Lieu up 27% in Q2

Nearly 31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu of foreclosure during the second quarter of this year. The figure represents a 27 percent increase over the previous three-month period. The GSEs also reported that their volume of permanent modifications under the administration's Home Affordable Modification Program (HAMP) increased 65 percent, but at the same time, foreclosure starts and foreclosure sales were also up by double digits.

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Loan Modifications Surpass One Million Mark for 2010

The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW. The organization also reports that since January of this year, mortgage delinquencies of 60 days or more past due have dropped 20 percent, but the data supports the assumption that the decline is simply the byproduct of an increase in foreclosures. July's foreclosure starts outpaced loan mods during the month by nearly 90 percent.

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RiskSpan, Inc. Hires Bank of America Default Exec

RiskSpan, Inc., a provider of integrated risk and valuation solutions, announced Wednesday that Allen H. Jones is the company's new managing director of its Washington, D.C., federal services consulting practice. Jones has more than 25 years in mortgage lending and housing finance. Previously, he was Bank of America's government lending executive, managing the transition and integration of Countrywide under the BofA umbrella, before becoming the bank's executive for default management public policy and national outreach.

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