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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.
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