Ocwen Records 4,100 Permanent HAMP Streamlined Modifications
Ocwen Financial Corp. in West Palm Beach, Fla., has converted more than 4,100 trial plans into permanent modifications through the Treasury Department's streamlined modification program.
Since the Home Affordable Modification Program's streamlined process went into effect in January, Ocwen has initiated more than 14,000 trial plans, the company said Friday.
"This streamlined modification process allows more borrowers to obtain financial assistance through responsible loan modifications," Ocwen President and Chief Executive Ron Faris said in a news release.
"Ocwen is excited about the additional families we have been able to reach through this new HAMP program. We will continue to assist struggling homeowners prior to the sunset of the HAMP program."
The expanded streamlined modification process, which was announced in July 2015, was created to help borrowers who meet HAMP criteria but have not applied for a modification to receive one.
Overall, Ocwen has been one of the most active HAMP participants since the program was created in 2009. Ocwen has modified roughly 320,000 loans through HAMP, representing 20% of all modifications completed by servicers through the program, the company said citing Treasury Department data.