OneWest Bank FSB has announced that it has implemented the Principal Reduction Alternative (PRA) loan modification program as outlined under the Home Affordable Modification Program (HAMP). With this announcement, OneWest becomes one of the first servicers to launch the program. “We are pleased to now offer principal reduction as yet another solution to help more borrowers stay in their homes,” said Steven Mnuchin, OneWest Bank chairman. “OneWest continues to be extremely supportive of both the FDIC’s and the Treasury’s leadership in the loan modification arena and appreciates the opportunity to be an early adopter of this important program.”
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Interesting timing by OneWest bank giving the fact that a few days ago, news came out that a OneWest employee signed each foreclosure documents no more than 30 seconds without verification. Click here to read more.
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