There is something wrong with Saxon Mortgage modification numbers. One customer reported that she inquired about a modification but did not elect to participate. Paperwork from Saxon Mortgage showed her in a modification program anyway.
It was not true. There was no mortgage modification.
So why are we reading this in the news today? —
The US Treasury Department made another round of adjustments the total capped incentives to servicers participating in the Home Affordable Modification Program (HAMP). Treasury granted a total $4.7bn of incentive funds from the previously downwardly adjusted cap amount.
Saxon Mortgage, “the top performer in HAMP with trial modifications” started on 39% of its eligible portfolio received a $254m boost, raising its total capped figure to $886m.