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Gearing Up for HAMP
IMF Publications, Sep 2009, Minutes: 120
Through the government’s Home Affordable Modification Program (HAMP) servicers have made 360,000 trial mods and offered 570,000 more, but there’s still disagreement over which kinds of mods are the most effective, as re-default rates remain high.
Hear from major mortgage industry players on HAMP's implementation and challenges as well as how the incentive payments work with this Inside Mortgage Finance audio conference.
Challenges remain in implementing and scaling up the complex program, but the Treasury Department and lawmakers are leaning hard on servicers to significantly increase their HAMP activity. The government also plans to require servicers to report the reason for modification denials, both to the agency and borrowers, and greater disclosure of the NPV evaluation.
Still, some industry analysts believe a short sale or a revamped HOPE for Homeowners program may be more successful. Find out about the latest HAMP modification activity, best practices and more.
Topics for This 2-Hour Session Included:
- What's working for servicers today (or not);
- How incentive payments are being handled;
- What are the issues with implementation;
- Migrating from traditional loan mods to HAMP;
- Qualifying borrowers for HAMP;
- Identifying potential HAMP borrowers;
- Determining net present value (NPV);
- Measuring re-default and self-cure rates;
- Managing expectations—how many borrowers can HAMP really help;
- Current practices to communicate with borrowers.
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