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Servicer performance in processing HAMP loan modifications: a survey of Massachusetts-based counseling agencies

Author

Listed:
  • Prabal Chakrabarti
  • Ana Patricia Munoz

Abstract

The Home Affordable Mortgage Program (HAMP) attempts to help homeowners avoid foreclosure by compensating servicers that allow borrowers to modify the terms of their mortgages. To understand the seemingly troubled HAMP process, the Community Development unit of the Boston Federal Reserve Bank of Boston administered surveys to loan-modification counselors. The results indicate that the process takes much longer than the guidelines indicate and that servicers frequently claim the applications are incomplete. The surveys were run twice to assess any improvements.

Suggested Citation

  • Prabal Chakrabarti & Ana Patricia Munoz, 2011. "Servicer performance in processing HAMP loan modifications: a survey of Massachusetts-based counseling agencies," New England Community Developments, Federal Reserve Bank of Boston, pages 1-7.
    • Handle: RePEc:fip:fedbcd:y:2011:p:1-7:n:1
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    File URL: http://www.bostonfed.org/commdev/necd/2011/issue1/hamp-modfications-survey.pdf
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