HAMP Numbers Are In

Written by John Clapp
on August 04, 2009 No Comments
Categories : Mortgage Servicing

debut progress [link=http://financialstability.gov/latest/tg252.html][u]report[/u][/link] on the Home Affordable Modification Program, the Treasury says HAMP is on pace to help up to 4 million borrowers in the next three years, but that servicer performance is uneven. According to the data, 235,247 trial modifications have been started, 406,542 trial plan offers have been extended and more than 1.38 million requests for financial information have been sent to borrowers. The administration recently announced a goal of reaching 500,000 trial modifications started by Nov. 1. In total, trial plans were offered to 15% of the approximately 2.7 million estimated eligible 60+ day delinquencies, and trial modifications were started on about 9%. Of the mega-servicers, Bank of America and Wells Fargo – the companies with the first and third largest volumes of eligible borrowers, respectively – showed the least progress in terms of trial plans offered or started. Bank of America offered trial plans to 13% of its 60+ day delinquencies and began trial modifications on 4%; Wells Fargo extended offers to 12% and began trial modifications on 6%. Both companies were among the first wave of servicers that joined HAMP in April. CitiMortgage has offered plans to 21% of its eligible 60+ day delinquencies and begun modifications on 15%, while J.P. Morgan Chase has extended offers to 30% and begun modifications on 20%. The Treasury data additionally show that Saxon Mortgage Services began trial modifications on 25% of its estimated 60+ day delinquencies, giving the Irving, Texas-based servicer top placement in the report's trial modification tracker. Aurora Loan Services came in second, beginning trial plans on about 21%. GMAC mortgage, J.P. Morgan Chase and Residential Credit tied in third, with 20% of their eligible 60+ day delinquencies having entered trial modifications. SOURCE: [link=http://financialstability.gov/latest/tg252.html]FinancialStability.gov

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