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Loan Modification News
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Another Weak Month for HAMP Production

17,583 HAMP modifications in February

April 1, 2011

By staff

Monthly activity under the federal loan modification program waned and stands at less than a third of the level a year ago.

At 17,583, permanent modifications completed under the Home Affordable Modification Program during February were barely changed from January's 17,863, according to data released by the Obama administration.

In February 2010, approved HAMP servicers completed 52,708 government modifications.

For both months of 2011, HAMP modifications totaled 35,446. Since the program started, 557,076 HAMPs have been completed.

photo of HAMP activity by month

Generating the most completed modifications during February was Bank of America, N.A., where volume climbed to 3,315 modifications from 3,049 in January. BofA has completed 96,607 total HAMPs since the launch of the program.

Wells Fargo Bank, N.A.'s, 2,968 February modifications ranked it second and pushed its program-to-date volume to 77,402.

No. 3 was JP Morgan Chase Bank, N.A.'s, 2,239 February modifications, then 1,561 HAMPs at American Home Mortgage Servicing Inc. and 1,216 completed modifications at Nationstar Mortgage LLC.

photo of HAMP activity by month

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