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ProcedureProcedure 4.1523 Hazard Communication ProgramTABLE OF CONTENTS.................................................................................................. 1 A. Purpose ....................................................................................................................
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Gather necessary information about the potential hazards related to the activity.
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Identify and list all possible hazards that could cause harm.
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Assess the risk associated with each hazard by considering the likelihood and severity of harm.
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Provide detailed descriptions of each hazard, including the circumstances under which they may occur.
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Record any existing controls or measures in place to mitigate these hazards.
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HAMP Section 4 Hazard refers to the guidelines and criteria outlined in the Home Affordable Modification Program (HAMP) related to the identification and reporting of hazards associated with loan modifications.
Mortgage servicers participating in the HAMP program are required to file HAMP Section 4 Hazard assessments as part of their obligations to ensure compliance with program standards.
To fill out HAMP Section 4 Hazard, servicers must complete the designated forms provided by the program, including necessary borrower information, property details, and specific hazard assessments.
The purpose of HAMP Section 4 Hazard is to identify and assess the risks associated with loan modifications to ensure that borrowers' loans are modified appropriately and to prevent unnecessary defaults.
Information that must be reported includes borrower details, property information, the nature of hazards identified, and any corrective actions taken or recommended.
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