Bank of America (BAC) has conceded it incorrectly uploaded numbers to the Treasury Department’s electronic reporting system used for tallying permanent modifications under the Home Affordable Modification Program (HAMP), leading to a numerical mismatch. When BofA reported 70,000 permanent modifications conducted under HAMP through May, it blamed an uploading error for the 7,000 permanent modifications that the bank claims will be missing on the Treasury report later this month. BofA missed a six-day window to report any pending modifications set to become permanent. The Treasury usually takes these numbers and credits them to that month, but because BofA missed the window, the 7,000 permanent modifications will bet tacked on to the June total and not the May one, according to an official at the Treasury. No other servicer had problems uploading their numbers for May, which as one spokesperson for BofA said “had more to do with our inputting method than anything. The Treasury official did not provide an exact date for when the May HAMP report would be released. Borrowers must make three monthly payments and submit all documentation during the trial stage before receiving a permanent modification to their mortgage. In April, the participating servicers in HAMP reported 300,000 permanent modifications through HAMP. Write to Jon Prior.
Most Popular Articles
Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
CIS Credit Solutions, which provides credit services for mortgage lenders, is adding a big name to its newly formed advisory board. The company announced Tuesday morning that former Speaker of the House Paul Ryan is joining the company’s board.