Treasury Adds New Compliance Metrics to Making Home Affordable

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This is a step in the right direction of Treasury. It is good to see that they are making changes as needed in their Compliance Metrics. To many government programs are set in stone and much needed changes are very hard to get implemented. For a more detailed look at this subject – please read the article below.

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The servicer assessment component of the Making Home Affordable (MHA) program has been enhanced with new compliance metrics and benchmarks.

Individual servicer assessments were first published by the administration in April 2011 and are conducted quarterly to assess how well the largest program participants are doing in providing distressed homeowners with mortgage relief under the terms of the federal program.

Treasury says these evaluations allow officials to better gauge individual servicers’ performance, identify specific areas of non-compliance, drive improvements in servicer execution, and provide the public with greater transparency of mortgage assistance efforts.

The new compliance metrics and benchmarks introduced with the third-quarter assessments are expected to provide greater insight into the impact of servicer performance on the borrower’s experience and allow for trending analysis of all compliance metrics.

Three new compliance metrics have been added to the performance reviews related to the timeliness of single point of contact assignments, communicating reasons for non-approval to borrowers who are rejected from the program, and processing and reporting defaulted loans that have been restructured through the Home Affordable Modification Program (HAMP).

In addition, three existing compliance metrics have been removed from the program checklist. They include servicers’ internal controls for: identifying and contacting homeowners, borrower evaluations, and program management and reporting.

To read the complete article – please use the link below.

New Compliance Metrics

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