Mortgage Servicers Encouraged to Act Quickly

MortgageOrb says the U. S. Treasury Department has revised incentive payments to mortgage servicers under the Home Affordable Modification Program (HAMP).  The new directive calls for a sliding scale form of payment that will be instituted October 1.  The later in delinquency a loan enters the program, the less the servicer is paid.  For loans up to 120 days late, the servicer receives $1600.  Up to 210 days out, the incentive falls to $1200.  Beyond 210 days, the loans that enter a trial period plan (TPP) will garner the servicer only $400.  Incentives to borrowers and investors, and pay for success incentives, will remain the same.

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