The number of permanent modifications completed under the Obama administration’s program increased by nearly half last month.
As of February, servicers had completed 168,708 modifications under the Home Affordable Modification Program, the U.S. Department of the Treasury reported today. In January, 116,000 HAMP modifications had been completed.
As recently as October, Treasury data indicated that no permanent HAMP modifications had been completed.
The following chart illustrates the total number of permanent HAMP modifications completed by month.
Around 29 percent of the 3,438,948 HAMP-eligible borrowers who were at least 60 days delinquent had been offered a trial modification or completed a permanent modification as of Feb. 28.
Wells Fargo Bank, N.A., again led the country with 24,975 permanent modifications. Completed modifications at the bank stood at 17,652 the prior month.
But Wells Fargo subsidiary, Wachovia Mortgage, FSB — which houses pick-a-payment and Wachovia Bank, N.A., loans — had the worst conversion rate of any large servicer: 2 percent.
Next was Bank of America, N.A., which has completed 20,666 permanent modifications so far, then J.P. Morgan Chase Bank, N.A., where 19,385 have been completed. Over at CitiMortgage Inc., 15,607 permanent HAMP’s have been completed.
At No. 5 GMAC Mortgage Inc., 14,675 permanent HAMPs have been completed. GMAC’s 53 percent penetration rate was the highest of any servicer.
This chart reflects the total number of HAMP modifications completed by servicer as of Feb. 28.