If servicers appear to be failing in their implementation of the Obama administration's loan-modification program, it may be for good reason: Reunderwriting hundreds of thousands of borrowers who got low- or no-documentation mortgages just takes time.

Some say that's not a bad thing, as the extra verification steps this go-round will only help the mods to stick, reducing fraud along the way. "This is all about putting evidence together to support or deny a loan. We have to stop making bad loans and we can't make 'no-doc, low-doc' mods," said Jay Meadows, the chief executive of Rapid Reporting Verification Co. LP, of Fort Worth.

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