The number of completed modifications under the Home Affordable Modification Program sank by a third during last month. But volume held up at JPMorgan Chase Bank, N.A., which completed more monthly modifications than any other HAMP servicer. Meanwhile, GMAC Mortgage Inc. has converted the biggest share of its HAMP-eligible borrowers.
The U.S. Department of the Treasury reported that 340,459 HAMP modifications have been completed through May 31.
During just last month, 45,111 HAMPs were completed, sinking from 67,426 in April. It was the slowest month this year.
JPMorgan’s 7,960 completed HAMP modifications during May was more than any other servicer, though it was just under the 8,047 completed a month earlier.
No. 2 Bank of America, N.A., saw volume sink from 23,498 completed modifications in April to just 6,571 last month.
Next was CitiMortgage Inc.’s 6,119 modifications, then Wells Fargo Bank, N.A.’s, 4,665 and GMAC Mortgage Inc.’s 2,651.
Based on the number of completed modifications as a share of HAMP-eligible borrowers — GMAC leads the pack. The Ally Financial Inc. subsidiary has converted 102 percent of its 22,722 eligible borrowers.
Select Portfolio Servicing’s 67 percent conversion rate ranked it second, followed by Saxon Mortgage Services Inc.’s 41 percent, Ocwen Financial Corp.’s 39 percent and Carrington Mortgage Services LLC’s 35 percent.
On the other end of the spectrum, Wachovia Mortgage’s 4 percent conversion rate was the worst of all servicers reported. Wachovia’s portfolio is made up of pick-a-payment loans.
