Bank Of America Lagging Behind In HAMP Modifications

Recent data released by the government reveal that Bank of America, for all its touting as a loan modification leader,  is the least responsive to beleaguered homeowners in need of mortgage assistance.

The numbers show that Bank of America has offered only 24% of homeowners whose HAMP modifications were cancelled alternative modifications while the big eight servicers have offered 44.5 % of this group alternative modifications. Further, where trial modifications have been denied, the big eight have offered 33% of these folks alternative modifications while Bank of America has offered only 11% of this group alternative modifications.

As for HAMP modifications, fifty percent of Bank of America’s trial modifications are still ongoing after six months even though the government specifically has ordered the banks to either convert the trials to permanent modifications or cancel them in three months. Only 26% of all Bank of America’s trial modifications have been converted to permanent ones.

Bank of America talks a good game and releases its own figures just prior to the time when the government releases its numbers. While Bank of America does have the greatest number of permanent modifications, this figure is misleading since it has the largest number of eligible loans out of any other servicer.

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2 Responses to “Bank Of America Lagging Behind In HAMP Modifications”

  1. The Association of Mortgage Investors said securities trustees should conduct an investigation “in the wake of reports about serious irregularities in the processing of legal affidavits by the nation’s largest mortgage servicers” when foreclosing on homes.Mortgage-bond trustees should probe whether loan servicers are doing their jobs “properly” and “audit and review the resulting losses to hold servicers accountable for negligence in maintaining the assets of trusts,” the Washington-based trade group said today in an e-mailed statement.

  2. Bank of America loan modifications has worst track record…

    Bank of America brags it has completed nearly 700,000 permanent modifications including more than 85,000 under the government’s HAMP program — the most of any servicer. However, that number is misleading when compared to the performance of …

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