Home Affordable Modification Program (HAMP) servicers permanently modified 31,382 mortgages according to program guidelines, the U.S. Treasury reports.
December's HAMP servicer progress report was the first issued by the Treasury to include statistics on permanent modifications. According to Treasury numbers, 759,058 trial plans have started since the program began in the spring, and 697,026 trial modifications are ‘active.’
As a share of HAMP servicers' eligible 60+ day delinquent loans – a number estimated to be about 3.3 million – permanent modifications made up less than 1%.
GMAC Mortgage performed 7,111 permanent modifications – more than any other servicer. GMAC's active trial modifications and permanent modifications totaled 39% as a share of the company's eligible delinquencies.
JPMorgan Chase permanently modified 4,302 mortgages, Ocwen permanently modified 4,252, Aurora permanently modified 3,622 and Wells Fargo permanently modified 3,537.
Saxon Mortgage Services had the highest percentage of active trial mods plus permanent mods as a share of eligible 60+ day delinquencies – 44%. The company has permanently modified 42 mortgages.
Of Bank of America's estimated 1.02 million eligible delinquencies, 156,864 loans are in active trial modifications and 98 loans have been permanently modified.
"Our challenge now is to keep the pressure on,’ says William Apgar, HUD's senior advisor for mortgage finance. ‘HUD-approved counselors are working with borrowers to ensure they are doing their part to transition into sustainable permanent modifications, and we will ensure that servicers convert as many of those modifications by the end of the year as scheduled as they are scheduled to."
SOURCE: U.S. Treasury Department