In an announcement Monday, Irving, Texas-based ""iServe Servicing, Inc."":http://www.iservecompanies.com/servicing.html, a residential mortgage special servicer of[IMAGE]
performing, sub-performing, non-performing, and bank-owned assets, said it has received certification to participate in the Home Affordable Modification Program (HAMP).
HAMP, a key component of the administration's Making Home Affordable Program, was established to help financially struggling homeowners avoid foreclosure by modifying residential loans to a level that is affordable and sustainable for borrowers over the long term. The program was implemented in March 2009 with a goal of helping 3 million to 4 million troubled homeowners. However, only[COLUMN_BREAK]
170,207 borrowers had received permanent loan modifications as of February 28, 2010, according to Treasury's most recent monthly HAMP report card.
iServe Servicing hopes to increase that number. The company, an affiliate of ""National Asset Direct, Inc."":http://www.nationalassetdirect.com/, said it has significant loss mitigation experience in servicing non-performing delinquent and sub-performing residential loans with an average of 60-plus days delinquency.
According to Richard Cimino, CEO of iServe Servicing, the company believes it has the right model that can help homeowners maintain their dignity, support home values in communities, and let lenders focus on financing future homeowners.
iServe Servicng uses a customer-centric philosophy coupled with state-of-the-art technology solutions. And in order to ensure that homeowners have consistent and direct contact with an experienced servicing specialist, each of the company's loss mitigation specialists manage less than 200 cases at any one time.
""We are proud to participate in the HAMP program and apply our unique approach to loan servicing and loss mitigation for institutions and private investors that are looking to work within the HAMP guidelines and also for larger servicers that are looking for a specialized partner to help them with component servicing mandates,"" Cimino said.