The Treasury Department has said they will begin conducting a review process for lenders and the Making Home Affordable Program. This review process will see which lenders are doing the best they can, or making all the necessary efforts they should be, to help homeowners avoid foreclosure.
Some lenders have been accused of not doing all that they need to do within the program to modify home loans and as a result the number of homes that have gotten a modification is much lower than what was originally expected out of the program. It is for this reason that many feel lenders are to blame, since there are so many homeowners in need but seemingly so few are getting a home loan modification.
It’s been said that lenders who fail this review process and are found to be lacking in their participation within the home loan modification program guidelines may lose incentives from the program, unless they improve the number of modifications that they make.
Homeowners and lenders both have been frustrated with the program and each side puts the blame for the program’s failings on the other. While there have been many lenders that have made great strides in the home loan modification program, it is hoped that this review process will make the program more efficient and provide more homeowners with a home loan modification.