WASHINGTON – The Treasury Department has approved three more lenders, including two credit unions, to its approved servicer list for its Home Affordable Modification Program.
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The two new credit unions, Great Lakes CU in North Chicago, and SEFCU of Albany, N.Y., make a total of nine credit unions and 67 lenders overall approved for the program.
Through HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Those caps are adjusted based on actual participation in the program. Cap payments represent the potential total amount allocated to the servicer to claim as incentive payments or distribute to borrowers and investors.
