Chase Hires 1,000s as Mod Activity Leaps
JPMorgan Chase & Co.'s banking business has approved more than 100,000 trial loan modifications during the past three months, and the company is pleased so far with first-payment activity. Thousands of new employees have been hired to handle increased modification and origination activity.

From April 6 through June 30, the New York-based institution approved 138,000 trial mortgage modifications, an announcement today said.

Included in the total were 87,100 modifications under the Making Home Affordable program and 50,900 of its own modifications.
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U.S. Modification Analysis
Federal bank regulators have released details about loan modification activity during the first quarter. Among the findings were a surge in the number of modifications completed, a high rate of re-defaults and better performance on modified loans that are owned by the servicers.

Loan Mod Daily
A growing number of firms are promoting the use of attorneys by borrowers seeking loan modifications. In other modification news, the nephew of Angelo Mozilo has co-founded a modification company and agency modifications increased.

Taylor Bean Settles With 13 States
Allegations of mortgage fraud on nontraditional loans have led to a $9 million settlement with 13 states by Taylor, Bean & Whitaker Mortgage Corp. As part of the agreement, the company will implement a federal modification program.

The Lead Journal
Mortgage leads companies are using new technology to increase activity, improve efficiency and boost customer retention. A growing number of lead providers have added loan modification leads to their menus.

Mod Firms Face Growing Legal Actions
Federal and state officials are taking legal action against a growing list of loan modification companies -- with New York subpoenaing 14 firms. Among violations frequently cited are charging illegal up-front fees and claiming falsely high modification success rates.

It's a Mod, Mod World
The modification industry continues to be shaped by federal regulators and secondary marketing giants. Modification firms in three states faced legal actions by federal and state regulators, with one attorney general claiming many of the companies are "nothing more than rip-off artists."

Chase Adding Hundreds of NY Mortgage Jobs
JPMorgan Chase & Co. is hiring hundreds of employees in New York to support loan modifications.

Improvement in Subprime Performance Continues
Subprime delinquency improved for the second consecutive month, while the number of subprime repossessions has fallen 42 percent from last year. New subprime foreclosure filings were down from the prior month and the prior year. Modifications, meanwhile, eased from March.

Mod Success Hurt By Borrowers Who Abandon
Capable borrowers are abandoning their loan obligations on underwater properties -- a trend that is expected to grow if home values keep falling. The deterioration could lead to defaults on as many as three-in-four loans after they are modified.