OneWest Bank, a Pasadena-based bank, has decided to implement the Obama Administration’s Home Affordable Modification Program (HAMP) across its entire loan portfolio as well as all eligible loans that it services for third parties.
OneWest has claimed that since opening its doors in March 2009, it has modified nearly 15,000 loans under the FDIC modification program and 3,600 under HAMP for loans serviced on behalf of Fannie Mae and Freddie Mac.
Going forward, the bank will provide HAMP modifications to all eligible borrowers in its portfolio. OneWest has added that though HAMP may not provide a solution for every borrower, it does offer help to a significant number of homeowners who are challenged by the current economic environment.
Terry Laughlin, president and CEO of OneWest Bank, said: From Day 1, OneWest embraced the FDIC’s loan modification programs and we are pleased to roll out HAMP to eligible borrowers across our entire portfolio. We have made, and will continue to make, significant investments in our servicing operations in order to help homeowners who qualify under these programs.
