iServe Servicing to Modify Mortgages Under HAMP
iServe Servicing has received certification to participate in the Home Affordable Modification Program (HAMP). The US Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure. After a year of the program, more than 1m homeowners have been put into three-month trial periods, and more than 170,000 trials were converted to permanent status. iServe Servicing is an affiliate of National Asset Direct, an asset management firm, and has been servicing performing and non-performing loans with an average 60-plus day delinquency since 2007. iServe Servicing caps the amount of assets per specialist at 200 cases at any one time. “We are proud to participate in the HAMP program and apply our unique approach to loan servicing and loss mitigation for institutions and private investors that are looking to work within the HAMP guidelines and also for larger servicers that are looking for a specialized partner to help them with component servicing mandates,” said iServe CEO Richard Cimino. The Treasury currently allocates $39.8bn to the 115 servicers participating in the program. The Treasury recently made a major change to HAMP, encouraging principal write-downs as part of the servicing waterfall. Before, servicers made interest rate reductions, extended the term of the loan or forbore on the principal. Write to Jon Prior.