Mortgages are Transferring for Loan Modifications
Foreclosure News highlights Treasury Department’s data indicating that there were 35,000+ loans in Home Affordable Modification Program trials that had been transferred to Seterus, which is the Bank of America’s IBM servicing arm.
The operating assets of mortgage servicer, Wilshire Credit Corp., have been bought by the Armonk – a company based in New York – from BofA in March of 2010 and was given a new name, Seterus, by IBM in July . No loans have been transmitted in the deal during that time.
Foreclosure News reveals that BofA’s HAMP report from Treasury in November exhibited -32,714 new trial modifications for the recent month. It has also been revealed in a footnote by the Treasury that there had been an approximate of 35,000 modifications to Seterus coming from the Bank of America. No feedback had been released by IBM or BofA.
It was also found out that Fannie Mae has bought back mortgage servicing rights from BofA in the third quarter. Due to problems at the bank’s servicing department, the unpaid principal covered by the mortgage servicing reached $74 billion. Report say that Fannie Mae had the intention to transfer the loans to specialty servicing shops like Seterus. Contracts between the servicers and government-sponsored companies which grant such compromise are being reviewd by the FHFA.
The 35,000 HAMP trials transferred to Seterus would almost place it to the top 10 biggest servicers in the program. American Home Mortgage Servicing provided extensions for the 42,000 HAMP trials, which is the 10th largest among servicers.
Since the program started in March 2009, 527,000 three-month HAMP trials have been offered by BofA and 171,000 of those HAMP trials have been converted into permanent modifications. An estimate of 184,000 HAMP-eligible mortgages are being held by BofA.
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