Mortgage Servicers to Get Scorecard on Their Performance

HousingWire reports that the Treasury Department will begin grading mortgage servicers in April as to their performance through the Home Affordable Modification Program (HAMP).  Assistant Treasury Secretary Tim Massad said a scorecard will be issued quarterly on the compliance of the ten largest HAMP servicers.  Through February, 600,000 modifications to loans have been made through the program, which began in 2009.  He noted the department does not have the authority to reprimand or fine the servicers, but it can withhold funding from those who do not measure up.  The House of Representatives is scheduled to vote to end the program.  One of the harshest critics of the program, Richard Nieman, New York Superintendent of Banks, said ending the program would be worse than maintaining the status quo.

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