The U.S. Treasury Department has released the names of four more servicers who have ""officially signed on"":http://www.financialstability.gov/docs/transaction-reports/transaction_report_04-24-2009.pdf to participate in the administration's Home Affordable Modification Program. Joining the list of participants is Wilshire Credit Corporation, Pittsburgh's Home Loan Services, Countrywide Home Loans, and Bank of America.
So far 11 mortgage lenders and servicers have inked their commitment to the government program. The companies have agreed to follow federal guidelines to lower monthly mortgage payments for struggling homeowners in exchange for incentives from the government.
The administration also issued ""initial allocations"":http://www.financialstability.gov/docs/transaction-reports/transaction_report_04-24-2009.pdf of the capital payments each institution is expected to receive for their participation, but noted that the amounts are subject to adjustment dependent on individual servicers' execution of the program. Wilshire is eligible to receive $366 million in incentive payments. Home Loan Services is expected to get $319 million for its participation. Countrywide could receive up to $1.864 billion for the loan modifications it makes, and Bank of America is eligible for $799 million.
""Already signed on"":http://dsnews.comindex.php/home/news_story/2852 to the federal loan mod program are ""Ocwen"":http://dsnews.comindex.php/home/news_story/2871, Chase Home Finance, Saxon Mortgage, GMAC, Wells Fargo, CitiMortgage, and Select Portfolio Servicing. Altogether, these first 11 companies are slated to receive nearly $14 billion of the $75 billion set aside for incentive payouts.
The administration said it expects the Home Affordable Modification Program to provide much needed mortgage relief for three to four million struggling homeowners.