Thursday, September 30, 2010

Largest Servicers Get Low Scores in HAMP Audits

In Treasury’s latest report card on the Home Affordable Modification Program (HAMP), JPMorgan Chase, Wells Fargo, and Bank of America were called out by name as receiving sub-par grades in complying with the program’s guidelines for reaching out to delinquent borrowers and considering them for a HAMP modification.

“Non-compliance rates for both Wells Fargo and JPMorgan Chase were above the average and resulted in requiring the servicers to make changes to their solicitation and eligibility processes,” Treasury said in the report, adding that further evaluations have been conducted to ensure the companies are making the mandated changes.