Bank of America has completed 20,666 permanent mortgage modifications under the federal government's Home Affordable Modification Program (HAMP), according to the bank's latest monthly progress report to the Treasury Department.
In February, the Treasury report showed that Bank of America had completed 12,761 permanent modifications. Another 22,303 additional permanent HAMP modifications are pending, awaiting the customers' notarized signatures, the bank says.
‘We are in a position to show strong results in completion of permanent HAMP modifications as we move into spring,’ comments Jack Schakett, loss mitigation strategies executive for Bank of America Home Loans. ‘We have a strong pipeline of modifications in the trial payment period under review for conversion to permanent status and out for final signature.’
Between HAMP and non-HAMP modifications, approximately 760,000 Bank of America Home Loans customers have had the opportunity to modify their mortgages since January 2008, the company adds.
In a company statement, Bank of America also noted that it is preparing its systems for implementation of the federal government's second-lien modification program, 2MP, and the Home Affordable Foreclosure Alternatives program, which the bank says is similar to a cooperative short-sale program it has been testing for several months.
SOURCE: Bank of America