List of HAMP Servicers Grows to 88
The number of servicers participating in the Home Affordable Modification Program (HAMP) grew to 88, according to the latest report from the US Treasury Department. Under HAMP, the Treasury allocates capped incentives for the modification of loans on the verge of foreclosure. Currently, the 88 servicers could receive a potential $27.4bn in capped incentives, but the details of the program make room for $50bn. Of the newcomers, Phoenix-based Marix Servicing earns the highest cap at $20.3m. The Idaho Housing and Financing Association, based in Boise, receives a $9.4m in capped incentives. In third place is the Golden 1 Credit Union, based in Sacramento, earning $6.1m in capped incentives. Fidelity Homestead Savings Bank, based in New Orleans, receives $2.9m in capped incentives. Based out of Spokane, Wash., Sterling Savings Bank earned a $2.2m cap. Silver State Schools Credit Union, out of Las Vegas, received a $1.8m cap. American Eagle Federal Credit Union, based in East Hartford, Conn., can receive $1.5m in incentives. First Keystone Bank from Media, Penn. receives up to $1.2m in incentives. Community Bank & Trust Company from Clarks Summit, Penn. received $380,000 in incentives. Spirit of Alaska Credit Union, based in Fairbanks, received $360,000. And both Home Financing Center in Coral Gables, Fla. and Bay Gulf Credit Union of Tampa earned $230,000. Recently, the Treasury reported 30,000 permanent modifications under the program through November. Over 1m trial modifications have been extended. The low conversion rate has spurred some to call HAMP “destined to fail.” Write to Jon Prior.