Bank of America Modifies 16K Mortgages in May; Total Up to 70K

Bank of AmericaBank of America said it has converted 16,000 additional mortgages from trial to permanent modifications in the past month, reducing monthly payments in its ongoing effort to help borrowers avoid foreclosure.
BofA, the lender with the highest number of trial modifications under the government’s Home Affordable Modification Program, HAMP, said it has tallied 70,000 approved modifications through May.
However, the U.S. Treasury will show a total of 63,000 permanent modifications for Bank of America’s HAMP efforts.
It is likely that more than 7,000 modifications were not finalized in time for HAMP’s May report due out this week because of “issues that we experienced in uploading some files to the computerized reporting system,” said Rebecca Mairone, default servicing executive for Bank of America Home Loans.
“The electronic reporting impasse has no impact on these homeowners; their HAMP permanent mortgages are already in effect and providing them with the benefits of long-term affordable payments,” Bank of America said in a statement.
The bank also said it has provided more than 630,000 modifications to distressed homeowners through all of its programs since January 2008.