HAMP Web Portal Now Active

The Hope Now servicer alliance has launched a new web portal to expedite the collection of borrower documentation needed to approve permanent modifications under the government's Home Affordable Modification Program. HAMP appears to be floundering because of the document process. Housing advocates claim servicers are not set up to process origination documents and keep losing them -- forcing borrowers to send the same document multiple times. HAMP servicers are hoping the new portal will enable HUD-approved housing counselors to help homeowners in modification trials fill out the necessary forms and send in pay stubs and tax returns. "This new web portal will help homeowners get a faster answer, via their housing counselor, on whether or not they qualify for a HAMP loan," said Hope Now executive director Faith Schwartz. There are nearly 700,000 borrowers in trial modifications and only 31,382 borrowers received a permanently modified mortgage, according to the Treasury Department. Treasury estimates that 20% of borrowers have not submitted any documentation to their servicer while 37% have submitted incomplete documentation.