The Home Affordable Modification Program will expire at the end of this year, and experts from the industry talked about its replacement: One Mod: Principles for Post-HAMP Loan Modification at the Mortgage Bankers Association annual conference this week.
The MBA revealed its new program proposal at the end of September. While the Federal Housing Finance Agency already created a new program to replace the Home Affordable Refinance Program, nothing is in place to take over for HAMP.
The new program, “One Mod: Principles for Post-HAMP Loan Modifications,” draws upon the experiences of lenders familiar with HAMP to formulate universal principles that should be applied to a future program, the MBA stated in its announcement.
Through the program, eligible borrowers can receive at least a 20% payment reduction while also not having to undergo to the “excessive documentation requirements that have caused hardship for HAMP applicants.”
Both HAMP and the Home Affordable Refinance Program were originally launched in 2009 to provide relief to borrowers by lowering their monthly payments. Although both were set to expire on Dec. 31, 2013, both have since continuously moved around, with HAMP slated to end this year and HARP on Sept. 30, 2017.
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