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March Figures Show 15% Rise in HAMP Permanent Mods

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The Department of Treasury issued figures in its report on servicer performance for March 2010 that showed that there was a 15% increase in permanent Home Affordable Modification Program (HAMP) modifications completed since February.

“As we continue to streamline the application process, reduce lost or missing paperwork and qualify more borrowers for the HAMP program, we expect to see a further increase in trial modifications becoming permanent,” HOPE NOW’s Executive Director Faith Schwartz said regarding Treasury release. “Additionally, we are actively signing up more servicers and housing counselors to HOPE LoanPort, our proprietary web portal designed to upload fully completed loan modification applications, such as those required for HAMP, directly to servicers for easier decision making.”

Schwartz added that by collaborating with the government and non-profit housing counselors, the industry has expanded its outreach to borrowers through regional events, satellite loss mitigation centers in the hardest hit areas and the Homeowner’s HOPE™ Hotline (888) 995-HOPE.
Armed with these tools, the industry has been able to complete 2.7 million loan modifications since 2007 and 6.7 million total workout solutions.”

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