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Servicing Updates

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Servicing Updates
Blog-Enhanced HAMP

Enhanced HAMP Pay for Performance Incentive

Effective April 1, 2015, the U.S. Department of the Treasury is enhancing the Home Affordable Modification Program (HAMP) "Pay for Performance" incentive, giving eligible borrowers an opportunity to earn a one-time principal balance reduction payment of $5,000.

The enhanced "Pay for Performance" incentive is available to borrowers with a HAMP Tier 1 or Tier 2 loan modification in good standing. Eligible borrowers will have a one-time payment of $5,000 applied to their loan’s principal balance one month after the sixth (6th) anniversary of the effective date of their HAMP trial period plan.

To qualify for this "Pay for Performance" incentive, a borrower must continue to make their monthly mortgage payments on time. If a loan loses good standing or is paid in full because of a refinance, the sale of the property or any other transaction, the borrower will not be eligible for the $5,000 incentive payment.

What is the difference between HAMP Tier 1 and Tier 2?

HAMP Tier 1 and HAMP Tier 2 are the two types of loan modifications offered through the Making Home Affordable Program (MHA). The details of the programs vary, but both modify an eligible loan through a series of steps that provide the borrower with a payment of principal, interest, taxes, insurance and applicable association dues (PITIA) that ranges between 10% and 55% of the their total gross monthly income. One of the biggest differences between the programs is that a HAMP Tier 1 modification is available only to borrowers who have loans secured by owner-occupied, primary residences and have not previously been offered or participated in a HAMP modification. A HAMP Tier 2 modification is available to borrowers whose loans are secured by owner-occupied, primary residences as well as rental properties. HAMP Tier 2 is also available for borrowers that previously lost good standing on a HAMP Tier 1 modification or defaulted on a Tier 1 trial period plan.

Which type of loan modification do I have?

If you are not sure whether you have a HAMP Tier 1 or Tier 2 modification, please contact us at 1.800.781.7399. In addition, if your loan is serviced by OneWest Bank Mortgage Servicing and you have an active HAMP modification that remains in good standing, we will be sending you a letter in the first week of April 2015 that will describe the additional incentive amounts available for you.

Additional Resources

For more information about the HAMP program and the "Pay for Performance" incentive, please visit our HAMP Overview page on our website. You can also learn more on the Making Home Affordable website at or read the announcement posted by the U.S. Department of the Treasury at . If you have any questions about HAMP, the enhanced "Pay for Performance" incentives or any other items related to your mortgage, please contact us at 1.800.781.7399.

Click here to read important disclosures regarding HAMP.

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