Treasury Reports Improvements in Residential Mortgage Servicing

December 03, 2012

The U.S. Department of Treasury (Treasury) recently issued a report that reviewed the implementation of Treasury guidelines for streamlining distressed homeowners’ communications with mortgage lenders. The Treasury promulgated its guidelines to mortgage servicers participating in the Making Home Affordable (MHA) program, a Treasury program that combines financial incentives and a common mortgage modification framework in order to increase the rate of mortgage modifications. The Treasury surveyed nine of the largest mortgage servicers participating in MHA for the report, which describes how each servicer’s “single point of contact” (SPOC) model is intended to work. The survey results show a significant increase in the resources committed to distressed homeowners since the beginning of the housing crisis.

Read “Treasury Reports Improvements in Residential Mortgage Servicing.”