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CHARLOTTE, N.C. — Bank of America said it has completed 79,859 mortgage modifications through the government’s Home Affordable Modification Program.
That number is up from more than 76,300 it announced last month.
The slowed growth reflects conversions to permanent modifications, as well as the cancellation of nonqualifying ones and a slower influx of homeowners entering the trial period now that the bank requires full documentation and underwriting prior to making modification offers. Previously, the bank had accepted oral financial information.
HAMP is a government program designed to lower monthly mortgage payments for homeowners who can no longer afford to make those payments.
But the program has fallen far short of expectations.
