March 12, 2010
HOPE NOW PLEASED WITH LATEST TREASURY LOAN MODIFICATION REPORT
Alliance to Continue to Ramp up its Collaborative Efforts with the Government to Keep Borrowers in Their Homes
(WASHINGTON, DC) – The HOPE NOW Alliance applauded the results contained in the latest report on the Home Affordable Modification Program (HAMP) February data, issued today by the United States Department of Treasury.
Faith Schwartz, Executive Director of HOPE NOW issued this statement:
“We are obviously very pleased to see that the number of permanent HAMP modifications increased significantly from January to February. HOPE NOW’s servicer members have worked very hard with the government in order to make trial loan modifications become permanent ones, and their efforts clearly paid off in February.
In 2010, we will continue to work with the government to help it achieve its goals for both trial and permanent modifications. With our enhanced face to face outreach efforts, coupled with HOPE LoanPort™, our counselor-based web portal which allows servicers to receive completed HAMP packages in timely manner, we fully expect to see continual increases in the number of HAMP trial modifications becoming permanent.
Additionally, we will be issuing our own non-HAMP data shortly which we believe will reinforce the fact that the industry’s efforts are showing significant progress across the board.”
HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association, that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes. For more information go to www.HopeNow.com or call the free Homeowner’s HOPE™ Hotline at (888) 995-HOPE.
following companies are members of the HOPE NOW
American Home Mortgage Services Co.
Aurora Loan Services, Lehman Brothers
Carrington Mortgage Services
Litton Loan Servicing
Mortgage Electronic Registration System
Nationstar Mortgage LLC
Ocwen Loan Servicing
PMI Group, Inc.
Residential Credit Solutions
RoundPoint Financial Group
Saxon Mortgage Services/ Morgan Stanly
Select Portfolio Servicing
Strategic Recovery Group
Wilshire Credit Corporation, ML Home Loan