JPMorgan Chase &Â Co.’s servicing subsidiary turned in the best performance among mortgage servicers participating in the federal modification program. But somehow Bank of America Corp.’s servicing unit managed to lose more than 10,000 permanent modifications.
Of the 750,748 active and permanent loan modifications completed under the Home Affordable Modification Program as of November, 116,106 were completed by JPMorgan Chase Bank, N.A. A month earlier, Chase had 109,436 permanent active HAMPs. The gain was the best performance of any HAMP servicer when excluding gains from mergers.
Completed and active modifications from all mortgage servicers increased by 15,284 during November, better than the 14,852 rise in October, according to data released by the Obama administration. In the same month a year earlier, the gain was 21,306.
Wells Fargo Bank, N.A., turned in the next best performance after Chase, gaining 1,284 active HAMPs in November.
OneWest Bank gained 527, American Home Mortgage Servicing Inc. was up 367 and GMAC Mortgage LLC increased 250.
A noteworthy item about the November report is that Bank of America, N.A.’s, completed modifications fell to 139,975 from 152,220 reported for BofA in the prior report. That worked out to a loss of 12,245 HAMPs from October.
Litton Loan Servicing, which had 10,327 active permanent modifications in October, was pulled from the November data. Litton was acquired by Ocwen, which saw its Ocwen Loan Servicing LLC unit increase to 38,111 active HAMPs from 28,027 in the previous report.
Saxon Mortgage Services Inc., which is also being acquired by Ocwen, was missing from the October report but showed up with 13,065 active permanent modifications in the November report.
