EYE ON THE INDUSTRY

Making Home Affordable Overview

In an effort to stabilize the housing market and help nearly 9 million Americans in jeopardy of default, the government has announced a new loan modification program. Making Home Affordable Loan Modification Program will help responsible mortgagors whose payments are current, but may have problems staying current due to increased interest rates, payment shock, or loss of income.

As part of the program, incentives will be offered to lenders and services willing to modify loans with at–risk borrowers who have not missed payments. Given the state of the mortgage industry, most every organization will need to address loan modifications. You’ll want to carefully consider the best approach for you and your borrowers. Read More

COMPLIANCE SPOTLIGHT

FinCEN Issues Loan Modification Scam Advisory

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory describing loan modification and foreclosure rescue scams. FinCen hopes the advisory will help financial institutions assist law enforcement when filing Suspicious Activity Reports (SARs).

IN THE NEWS

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Solutions for Making Home Affordable Program

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