Lessons from HAMP are shaping the future of loss mitigation
The mortgage servicing industry has learned some lessons from the government’s Home Affordable Modification Program (HAMP), which expired in December. And it is applying those lessons to design more effective loss-mitigation programs.
The Federal Housing Finance Agency (FHFA) was thinking of HAMP when it designed its new Flex Modification framework. That got the agency looking at sustainability, accessibility, transparency, and affordability.