MBA Task Force Calls for Standardized Loan Modification Processes as HAMP Winds Down
September 29, 2016
A task force convened by the Mortgage Bankers Association proposed universal principles for loan modification programs across government guarantors, the government-sponsored enterprises and perhaps non-agency mortgages. The “One Modification” standards published late last week aim to provide servicers with a “cohesive framework” to complete loan mods when the Home Affordable Modification Program largely ends after this year. “MBA’s task force recognizes...