Mortgage servicers strengthened monthly loan modification activity. After falling to No. 3 in April, Bank of America, N.A., leapt ahead of the pack to become the biggest closer of federal loan modifications.
Loan modifications completed under the Home Affordable Modification Program climbed to 24,844 during May, the Department of the Treasury reported. Volume exceeded 21,699 permanent modifications completed in April.
But HAMP production has fallen from May 2010, when 45,111 modifications were processed.
Since the first HAMPÂ was completed in November 2009, a total of 633,459 permanent modifications have been processed through the program.
Leading all servicers was BofA, which has completed 119,142 HAMPs so far. May volume at the bank leapt to 9,315 completed modifications from just 2,817 in April.
At J.P. Morgan Chase Bank, N.A., 4,258 HAMPs were completed during May, more than the 3,543 modifications the prior month and the second-highest level of all servicers that month.
No. 3 Wells Fargo Bank, N.A., completed 2,034 HAMPs in May, followed by American Home Mortgage Servicing Inc.’s 664 and OneWest Bank’s 580.
