Lenders aren’t keeping pace with a mounting backlog of applications for federal mortgage aid, placing some borrowers at increasing risk of losing their homes to foreclosure, according to an auditor’s report.
Servicers including JPMorgan Chase & Co., Citigroup Inc. and Ocwen Loan Servicing LLC are processing only a fraction of the applications they receive each month for the Home Affordable Modification Program, the Special Inspector General for the Troubled Asset Relief Program said Thursday.
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