Bank of America Quadruples Completed HAMP ModificationsSubmitted by bobbyw24 on Wed, 02/17/2010 - 08:05
More than 12,700 Bank of America customers now have a permanent loan modification under the Home Affordable Modification Program (HAMP), according to the bank’s monthly report to the Department of the Treasury.
Up from 3,200 completed modifications reported in December, Bank of America quadrupled its number of permanent HAMP modifications in just 30 days. In addition, another 13,700 permanent modifications are pending. This means final modified loan terms have been approved, and documents have been sent for the customers’ signatures, which will be the final step to a completed modification.
“In the past month, our concerted customer outreach initiative has driven a substantial increase in the rate of conversions from trial to permanent modifications, as we anticipated in our recent reports of HAMP progress,” said Jack Schakett, credit loss mitigation strategies executive for Bank of America Home Loans. “These results are attributable to the resources — including expansion of our default management staffing to more than 15,000 — and focus we have placed in support of this and other homeownership retention programs.”