List of HAMP Servicers Moves Past 100
The US Treasury Department added four new servicers to the Home Affordable Modification Program (HAMP), raising the total number of participants to 103, according to the latest Troubled Asset Relief Program (TARP) transaction report. Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. To date, the 103 servicers receive a potential $27.4bn in adjustable capped incentives, but the Treasury plans to spend $50bn. Of the new additions, Iberiabank, based in Sarasota, Fla., receives the highest initial capped incentive of $4.2m. Grafton Suburban Credit Union, from North Grafton, Mass. received a cap of $340,000. Tempe Schools Credit Union, based in Tempe, Ariz., received a $110,000 cap, and Eaton National Bank & Trust Company, out of Eaton, Ohio, received a $60,000 cap. According the latest progress report from the Treasury, the servicers permanently modified more 31,382 mortgages through December. The Treasury urged servicers to shift focus to permanent conversions, meaning more document collection and clarification of the terms of modifications. Write to Jon Prior. Disclosure: the author holds no relevant investments.