Bank Of America Boosts Loan Modification Efforts In March
Bank of America stepped up its mortgage modification efforts in March, completing 60 percent more than a month ago.
The nation’s largest bank performed 20,666 loan modifications in March under the government’s Home Afforable Modification Program (HAMP). That is up from 12,761 in February.
Bank of America also said it now has 240,000 active trial modifications open under HAMP. Homeowners must go through a trial modification period in the HAMP program before the modification is made permanent.
“We are in a position to show strong results in completion of permanent HAMP modifications as we move into spring,” said Jack Schakett, loss mitigation strategies executive for Bank of America Home Loans.
Bank of America said that 22,303 of the open trial modifications are in the final stages of becoming permanent HAMP modifications; many just needing notarized signatures by customers before being final.
Since January 2008, Bank of America said it has modified 760,000 loans through its own private programs and those of the government.
More than 72,000 new HAMP modifications were extended to U.S. homeowners in February, according to a Treasury Report.
Currently there are more than a million borrowers receiving an average savings of $500 a month through HAMP, the report said
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