HAMP

The Treasury Department's Home Affordable Modification Program (HAMP) aids Servicers and Investors in the recovery of losses by setting forth specific re-structuring/modification guidelines for Fannie/Freddie and Non GSI Servicers. BCAM provides HAMP specific services by:

HAMP Specific Reporting

BCAM offers accurate and compliant reporting for FANNIE/FREDDIE and Non-GSI servicers who wish to participate in the HAMP program. Accurate reporting allows for timely payments of the Monthly Payment Reduction Cost, the Servicer Incentive Payment, Pay for Success Fees, Pay for Performance Success Payment and Current Borrower One-Time Bonus Incentive and is required by ALL lender/servicer participants in the HAMP program.

  • BCAM provides loan level data set reporting to Fannie Mae (the program administrator), when a HAMP loan enters a Trial Period.
  • Schedule I, II and III servicer required reporting.
  • Program Trial Period, "fall-out" on "non-completion" reporting.
  • Trial Period and Loan Set Up Reporting.
  • Tracking of HUD Counseling compliance by borrower.
  • Collection and Reporting of Government Monitoring Data.
  • De Minimis Testing.

Fraud Detection

BCAM's staff is experienced and highly trained in all aspects of mortgage quality control.

  • Loan Processors and Underwriters are trained to detect fraudulent documentation and/or inconsistencies in the packaging and documentation of HAMP borrowers.
  • Documentation and audit requirements comply with HAMP guidelines.

Continuous HAMP Training

The processing and underwriting of modifications to fit the HAMP guidelines requires constant updating and training to allow our lender/sevicer customers to comply with the program requirements and receive timely payments eligible thru the program.

  • Ongoing Processor and Underwriter training.
  • Attendance at Loan Modification Conferences and industry related training.

BCAM determines incentive payments to be paid by the Treasury based on the calculations outlined by HAMP as described below:

  • An estimate of the cumulative projected home price decline over the next year, as measured by changes in the home price index over the previous two quarters in the applicable local market (MSA or non-MSA region) in which the related mortgaged property is located.
  • the unpaid principal balance (UPB) of the mortgage loan prior to modification under HAMP.
  • the mark-to-market loan-to-value ratio (MTM-LTV) of the mortgage loan based on the USP of the mortgage loan prior to modification under HAMP.

HAMP and H4H (Hope for Homeowners)

  • BCAM considers the servicers obligation to determine H4H eligibility during HAMP processing.
  • BCAM provides review of servicers pipeline to pre-determine HAMP and H4H eligible potential borrowers.