On January 28, the Obama administration issued revised guidelines to help boost the number of trial loan modifications that can be converted to permanent modifications under the Home Affordable Modification Program. The new rules require that key documents, including proof of income, be obtained at the front end of the modification process. The now guidance also states that servicers must follow required time frames for acknowledging and reviewing the borrowers Initial Package and indicating eligibility.
HAMP rules revised to get income documentation upfront Anonymous Mortgage Banking; Mar 2010; 70, 6; Docstoc pg. 10 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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