Credit Union Servicers Join HAMP

ield, Mich.-based Mortgage Center LLC and San Diego-based Mission Federal Credit Union have signed federal contracts admitting the companies into the federal Home Affordable Modification Program (HAMP). According to a transaction report from the Treasury, Mortgage Center's incentive cap is $4.21 million and Mission FCU's is $860,000. Mortgage Center, a Credit Union Service Organization, manages mortgage accounts for over 70 credit unions, according to its Web site. The two companies bring HAMP's total servicer count to 34. The program's total cap on incentives is now approximately $20 billion. SOURCE: FinancialStabil

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