AAHMP was formed to help address the national foreclosure crisis. In addressing these economic challenges it is AAHMPs objective to establish nationwide, newly elevated, lasting and consistent operational and
behavioral standards for the professional mortgage loan modification industry. Today’s economic crisis presents an opportunity to establish consistent standards for reliable and professional mortgage loan modifications while successfully resolving the crisis.
Mortgage loan servicing includes various operational functions, each of which
must conform to consistent performance standards. The modification process is the most complex loan servicer function. Simple enough when formula-based and tied to net asset value and debt ratios, it becomes complex very quickly when its success depends upon both the borrower’s sincerity and ability to pay in compliance with the lender’s regulatory requirements and internal management controls. Such case-by-case modification is thus a very sensitive procedure that, in order to succeed, must result in agreement between a lender who may lose money, and a borrower whose financial circumstances have taken a turn for the worse. No one is happy, yet both must agree. Obtaining that agreement is the modifier’s job.
The mounting mass of such modifications now required for the successful implementation of the President’s Making Home Affordable Refinance and Modification Plan (HAMP) has exponentially increased our nation’s need for trained and reliable professional modification specialists. Existing bank servicing is clearly stretched beyond capacity. The number of preventable mortgage foreclosures sinking into full foreclosure mounts, while recent reports indicate that modifications made earlier are re-defaulting with increasing frequency. Without question, an army of skilled modification specialists is needed now. AAHMP is dedicated to the mission of aggregating the trained professional required to address the crisis.
Independent Third Party Review for the Modification Process
AAHMP is the only organization specifically built to offer professional Processors, HUD Direct Endorsed Underwriter and State-of-the-art technology to provide this needed service to;
Servicing Industry
Federal Government Regulatory Agencies
Government Sponsor Enterprises (GSE)
State Government
State Court System (Mandatory Mediation Conferences)
Federal Bankruptcy Court
Federal Programs – Hardest-Hit Fund – EHLP
Bank internal audit Committee
AAHMP structure would fulfill any requirement by Federal Regulatory Agencies or State Attorney’s General for a “neutral third party review” of declined modification application in line with HAMP guidelines. It is understood that highly qualified manpower and best in class technology is required to perform the required function. AAHMP provides;
Trained experienced processors familiar with all components of documentation gathering and control.
Experienced HUD Direct Endorsed Underwriters to review all applications to ensure proper determination of eligibility based on the underwriting guidelines.
F.A.S.T. - our web based platform that controls and monitors every component of the operation from start to finish. Access is created to give any controlling authority full transparency of the review process. This reporting is all available in “Real Time” insuring proper compliance with any mandated third party review.
