The Obama Administration recently released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance, and expand transparency around the initiative.
More than 400,000 modification offers have been extended and more than 230,000 trial modifications have begun, according to the report. At the current pace, the program is on track to offer assistance to up to 3 to 4 million homeowners over the next three years.
The report also shows that although servicers covering more than 85 percent of loans in the country are already modifying loans under the program, servicer performance has been uneven. The Administration has asked servicers to ramp up implementation to a cumulative 500,000 trial modifications started by Nov. 1, 2009. This would more than double in three months the number of trial modifications started in the first five months of the program.
More info: Making home Affordable program
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