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Bank of America to clarify HAMP terms for customers

Bank of America hopes to clear up terms of mortgage modifications with a “clarity commitment” for its customers

Clarity commitment refers to the bank’s “easy-to-understand, one-page summary of key terms” of the Treasury’s Home Affordable Modification Program (HAMP), Bank of America said.

“Modified mortgages may have considerably different terms than the original contract. As our customers transition to their new affordable payment, it is important that they have this simple and concise explanation of the terms of their modified loan,” said Rebecca Mairone, national servicing executive for Bank of America Home Loans.

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Bank of America is trailing behind other major lenders in trial modifications underway as a percentage of eligible borrowers, according to the Treasury’s most recent HAMP update for November.

Of the top four lenders participating in HAMP – each with more than 100,000 mortgage modification trails underway – Bank of America had the lowest percentage of customers with 15 percent out of 1.018 million deemed eligible.

Citigroup, Chase and Wells Fargo reported 43 percent, 31 percent and 30 percent, respectively.

Bank of America services 14 million residential mortgages, more than any other financial institution.

According to Bank of America, its clarity commitment summaries for loan modifications will include:

  • The new principal balance and all charges included in it.
  • The new interest rate.
  • The total monthly payment at the outset of the loan and, if applicable, at each point that the rate and payment will adjust through the life of the loan.
  • The initial amount of any escrow payment included for such things as taxes and insurance, with an explanation that these charges may change during the life of the loan.
  • On eligible HAMP modifications, the incentive payments homeowners may earn toward reducing their principal balance, if they make timely payments over the first five years.

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Source: http://ecreditdaily.com/2009/12/bank-america-seeks-clarify-hamp-terms/

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

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Related posts:

  1. Bank of America faces pressure from faith-based groups over loan modifications
  2. 14-percent of Wells Fargo trial modification customers fail to make all three payments
  3. Bank of America loan modification program blames borrowers for low approval rate
  4. Bank of America planning more principal reductions to qualified homeowners
  5. Q: Do home loan modifications get approved by Bank of America?

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2 Responses to Bank of America to clarify HAMP terms for customers

  1. John Wright on 13/04/2010 at 23:29

    Please help me send a message to BofA which states, that we will no longer tolerate their potentially irregular, fraudulent and abusive business practices. In the end, the American tax payer did not fail to deliver the BofA bail out in record time, but BofA failed to deliver the American Tax Payer’s bail out in the form of a loan modification. BofA reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.

    http://www.youtube.com/watch?v=MIopI2isIKc&feature=related</P

    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.

    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.

    In their ties with all their backing
    They don't care what goes on around
    In their eyes there's something lacking
    What they need's a damn good whacking.

    Everywhere there's lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.

    Bank of America Lawsuit At: http://news.yahoo.com/s/prweb/20100323/bs_prweb/prweb3766544_1

    When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

    Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

    Divided we might have fell America, but united we must stand!

    Please send your email directly to Bank of America and include the following:

    1. Your name
    2. Your complaint concerning your experience with Bank of America.
    3. Please end your email “I support John Wright vs. BofA Lawsuit!”
    4. Please send a copy of your email to [email protected]

    I will view your comments and see if there is anything that would add to the class action suit United Law Group might be filing.

    Please send your email today to Bank of America at:

    https://www3.bankofamerica.com/contact/?lob=general&contact_returnto=&state=VA

  2. John Wright on 05/06/2010 at 14:37

    Evidence of Brian Moynihan, Bank of America Racketeering Filed with Law Enforcement, US Congress -Read link to story at piggybankblog.com

    WHERE IS OUR LOAN MODIFICATION BANK OF AMERICA?

    If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!

    BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.

    http://www.youtube.com/watch?v=NTmeHM-Hojg&feature=related

    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.

    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.

    In their ties with all their backing
    They don’t care what goes on around
    In their eyes there’s something lacking
    What they need’s a damn good whacking.

    Everywhere there’s lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.

    So please send your email directly to Bank of America and include the following:

    1. Your name
    2. Your complaint concerning your experience with Bank of America.
    3. Please end your email “I support John Wright vs. BofA Lawsuit!”
    4. Please send a copy of your email to [email protected]
    5. Please send your email to BofA CEO Brian Moynihan:
    [email protected]

    I HAVE HAD ENOUGH AND I AM FIGHTING BACK!

    Divided we might have fell America. UNITED WE MUST STAND!

    John Wright
    piggybankblog.com

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