How Can Servicers Sign Up for the HAMP?by Tim Manni
One of our regular readers emailed in this morning and asked us for some information on how lenders can go about participating in the Federal loan modification program:
Will you please discuss how a small lender can get into the home modification process. I have one mortgage loan, and the man is more than 3 months behind. Foreclosing is a losing proposition.
Lenders and servicers interested in participating in the Federal loan mod program should visit this website for more information. The “Administrative Website for Servicers” provides information on enrollment — including the proper registration form — as well as the program’s guidelines. For additional technical resources, click here.
While we often direct consumers to MakingHomeAffordable.gov for more information on the president’s Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP), that site is borrower specific. Lenders and/or servicers should visit the above mentioned site (www.hmpadmin.com).
Note: The Federal loan mod program is executed by your mortgage servicer (”the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan”). While your mortgage lender is typically also your servicer, that’s not always the case.
Borrowers, click here to find out more information, such as, ‘Who is your servicer?’ and ‘What should I do if my servicer tells me that the investor is not participating in the Making Home Affordable Program?’.