Bank of America said that another 13,700 permanent modifications were pending, meaning final modified loan terms have been approved and documents have been sent for the customers’ signatures, which will be their final step to a completed modification.
Since January 2008, Bank of America has helped 700,000 customers with a loan modification through our own programs and with trial and completed modifications through the Administration’s Home Affordable Modification Program (HAMP).
Bank of America is also a lender-participant in the Home Affordable Refinance Program. Nearly 152,000 Bank of America customers have benefited through the enhanced loan-to-value and streamlined provisions of that prong of the Making Home Affordable initiative. In total, Bank of America helped more than 1.1 million customers refinance their home in 2009.
Jack Schakett, credit loss mitigation strategies executive for Bank of America Home Loans, said: “In the past month, our concerted customer outreach initiative has driven a substantial increase in the rate of conversions from trial to permanent modifications, as we anticipated in our recent reports of HAMP progress. These results are attributable to the resources including expansion of our default management staffing to more than 15,000 and focus we have placed in support of this and other home ownership retention programs.
“Bank of America is a strong proponent of the home retention goals of the Making Home Affordable program, and we have placed HAMP at the center of our broad-based mortgage modification efforts. Recently, we became the first servicer to formally agree to participate in the HAMP second-lien modification program, further demonstrating our commitment to putting as many financially struggling homeowners as possible into a more affordable and sustainable situation.”
