Based on the number of overall requests received for government loan modifications, Nationstar Mortgage LLC and GMAC Mortgage LLC have the highest rates of denial. Among mortgage servicers with the highest share of approvals is CitiMortgage Inc.
As of last month, 4,471,765 requests for loan modifications under the Home Affordable Modification Program have been received by all participating mortgage servicers, according to data released by the Department of the Treasury.
So far, 2,054,979 of those requests have been approved, while 1,300,403 were denied.
During just June, 175,519 HAMP requests were received, 23,550 were approved and 54,794 were denied.
Out of 39,808 total requests received since the program started, Midland Mortgage Co. has denied 26,725. The 67 percent denial ratio was the highest of any mortgage servicer.
Not far behind was Nationstar, where 65 percent of the 156,800 requests it has received have been denied. Nationstar became the eighth-biggest residential servicer in the country with its June 29 acquisition of $64 billion in servicing from Aurora Bank FSB.
Next was Residential Credit Solutions Inc., where 62 percent of the 10,175 HAMP requests it has received have been turned down.
GMAC was the fourth-worst, with 60 percent of the 267,818 requests it received having been denied.
No. 5 was Carrington Mortgage Services LLC, which has denied 59 percent of the 21,778 HAMP requests it received since the program launched.
Even factoring in HAMP requests that are still in process, Midland still topped the list. The servicer has approved just 3,489 HAMP requests, putting its denial-to-approval ratio at 7.66-to-one.
PNC Bank, N.A., was the second worst in this category, denying 7.32 HAMPs for each approval. However, PNC has only received 495 HAMP requests.
After that was Quantum Servicing Corp.’s 7.13-to-one ratio, though the company has only taken in 1,244 requests for modifications under the program.
Specialized Loan Servicing LLC followed with a denial-to-approval ratio of 5.27-to-one, then 4.53-to-one at ORNL Federal Credit Union — although the financial institution has only had 334 requests.
At the other end of the spectrum was PNC-subsidiary National City Bank, where only 1,648 HAMP requests have been denied and 26,164 have been approved. National City’s ratio was just 0.06 denials for each HAMP approval.
Select Portfolio Servicing Inc. also fared well, with only 0.08 HAMP denials for each approval.
BankUnited had the third-best denial-to-approval rate at 0.21-to-one, then 0.27-to-one at Bayview Loan Servicing LLC and 0.30-to-one at CitiMortgage.
