MRG Releases Loan Modification Packages
MRG Document Technologies, a technology vendor to mortgage originators, released document packages for lenders that comply with the Home Affordable Modification Program (HAMP) launched March 4. HAMP is part of the Homeowner Affordability and Stability Plan (HASP), designed to aid at-risk US homeowners in modifying or refinancing mortgages originated on or before Jan. 1, 2009. “It has been our experience that the program has evolved over the last few months, and lenders need to continuously update their documents to maintain compliance,” said Laura LaRaia, director of customer service at MRG, in a corporate statement. HAMP requires a 90-day trial period for borrowers before the modification can take effect. Lenders lead borrowers through a two-step document process. The first outlines the terms of the trial period, when borrowers must make three monthly payments at the adjusted amount and remain current up to the 90th day. The second process defines the terms of the actual modification. Write to Jon Prior.