Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Treasury HUD update guidance for mortgage mod program
WASHINGTON (1/29/10)—An official from the U.S. Department of Housing and Urban Development (HUD) said in a release Thursday that while the administration is meeting goals with its Home Affordable Modification Program (HAMP), new guidance should enable servicers to” transition borrowers more quickly and easily from trial to permanent modification." According to administration numbers, more than 850,000 homeowners have been helped under HAMP with trial and permanent modifications to their troubled mortgages. However, William Apgar, HUD’s senior advisor for housing finance, said, "While we continue to meet our goals to provide immediate assistance, the updates announced today should enable servicers to transition borrowers more quickly and easily from trial to permanent modification." The new guidance from the agencies with HAMP oversight addresses two major issues regarding converting a HAMP trial modification to a permanent one:
* New Requirements that Documentation be Provided Before Trial Modification Begins: A simple, standard package of documents will be required prior to the servicer's evaluation of the borrower for a trial modification. This process will be required for all new HAMP modifications that became effective after June 1, although mortgage servicers may implement it sooner; and * Converting Borrowers in the Temporary Review Period to Permanent Modifications: Describes the proper procedures for conversion of those borrowers who are current on their monthly payments to permanent modifications.
Use the resource link below for more HAMP information.
Other Resources

RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
12 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
16 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
17 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
17 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
18 hours ago