More Borrowers Qualifying for Permanent Modifications Faster

The US Department of Treasury released their Making Home Affordable Program Performance Report Through June 2011 last week showing that more borrowers are qualifying for permanent loan modifications in less time. The data presented in the report revealed that “The rate of modifications moving from trial to permanent status under the HAMP [Home Affordable Modification Program] umbrella is up to 74 percent.” Other improvements discovered in the report included shorter trial periods, adherence of income verification guidelines for program approvals, and overall declining default rates as servicers work to “reach more borrowers upstream in the process.”

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