REALTORMag
The Mortgage Bankers Association revealed a new program proposal on Friday that is designed to be successor program to the Home Affordable Modification Program, which is scheduled to wrap up at the end of this year.
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.”
