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Lessons from HAMP are shaping the future of loss mitigation

Mar 1 2017

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.

“One of the big takeaways from the housing crisis is that government can be impactful,” says Prasant Sar. The FHFA policy analyst joined  a panel discussion at the recent Mortgage Bankers Association (MBA) National Mortgage Servicing Conference & Expo in Dallas, TX.

HAMP, he says, showed the industry the importance of standardization. Before the emergence of HAMP, that wasn’t on the radar for the mortgage industry. And HAMP has done more than that. It has brought “a massive sea-change” in the way mortgage servicers reach out and assist delinquent borrowers.

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