Ocwen Financial Corporation [1] has initiated over 14,000 trial modification plans to borrowers under the U.S. Department of the Treasury’s [2] streamlined modification program in six months since the program was launched in January 2016, according to an announcement from Ocwen.
Over 4,100 of these trial plans granted to homeowners having difficulties with their mortgage payments were then converted to permanent modifications. These trial plans were introduced under Treasury’s Home Affordable Modification Program (HAMP), which was first launched in 2009 in response to the crisis and was broadened in January to include a “streamlined” modification process designed to more readily support borrowers meeting the HAMP eligibility criteria but not yet entering into the initial program.
“The success of the HAMP program has proven to be a huge benefit to both homeowners and communities hard hit by the housing crisis. We are proud to be an integral part of that success, and we intend to dedicate the necessary resources to ensure that the program continues to accomplish its goals in the final year,” stated Ron Faris, President and CEO of Ocwen.
Ocwen has been a HAMP participant since the program’s initiation in 2009 as well as an early adopter of the streamlined modification program. According to Treasury, through March 31, 2016, Ocwen has assisted homeowners in the ability to remain in their homes by modifying approximately 320,000 loans through HAMP. Modifications finalized by Ocwen stand as 20 percent of the total modifications completed by the mortgage servicers within the program.
“Ocwen is excited about the additional families we have been able to reach through this new HAMP program. We will continue to assist struggling homeowners prior to the sunset of the HAMP program,” said Faris. “Ocwen is proud of its commitment and ability to help its customers remain in their homes, and this streamlined modification process allows more borrowers to obtain financial assistance through responsible loan modifications.”