The government’s loan modification program generated fewer new permanent modifications that earlier comparison periods. One servicer shifted much of its activity between operating entities.
As of March 31, mortgage servicers had 866,078 active permanent modifications in place on loans that were modified through the Home Affordable Modification Program.
That worked out to 3,442 more than the Feb. 28 total. The rate of increase slowed from the prior month, when HAMP count expanded by 6,482, and represented less than a third of the increase a year earlier.
HOPE NOW previously reported that completed loan modifications, including HAMP and proprietary programs, amounted to 81,351 in February, more than the 76,755 completed in January.
February’s total consisted of 15,386 HAMPs and 65,965 proprietary modifications completed, HOPE NOW said.
JPMorgan Chase Bank, N.A., had 147,174 active permanent HAMPs in place as of the end of March, the most of any mortgage servicer and 2,192 more than Chase had at the end of February.
Next was Wells Fargo Bank, N.A., where 124,415 permanent modifications were active. Wells expanded its HAMP portfolio by 238 during the latest month.
Bank of America, N.A., had 120,502 active HAMPs, while 52,674 permanent modifications were active at CitiMortgage Inc.
HAMPs expanded by 23,834 at Ocwen Loan Servicing LLC, while Homeward Residential Inc.’s portfolio contracted by 23,123 — leaving a net gain of 711 between the two Ocwen Financial Corp. subsidiaries.
