Subsidiaries of Morgan Stanley and Fortress Investment Group LLC are the best performers among servicers participating in the Home Affordable Modification Program. But the mortgage servicing subsidiary of Goldman Sachs & Co. is among the worst performers.
U.S. servicers have extended 571,354 trial modification offers under the HAMP as of August, the U.S. Department of the Treasury reported. As of July, HAMPÂ offers stood at 406,542.
J.P. Morgan Chase Bank, NA, has extended 139,450 trial plan offers — more than any other servicer. Bank of America, NA, was next at 125,338, then Wells Fargo Bank, NA-Wachovia Mortgage FSB, with 74,188 and CitiMortgage Inc., which made 59,916 trial modification offers. No. 5 was Aurora Loan Services LLC, where 42,480 trial offers were extended.
The report indicated that an estimated 2,965,980 borrowers who were at least 60 days delinquent were eligible for HAMP participation.
At 835,680, BoA had more eligible HAMP loans than any other servicer. No. 2 JPMorgan had 417,341 eligible borrowers, followed by Wells-Wachovia’s 366,746, CitiMortgage’s 191,128 and OneWest Bank’s 126,934.
Trial modifications started in August were 360,165, higher than 235,247 the previous month.
JPMorgan led the pack with 106,288 trial modifications started, trailed by BoA’s 59,891. After that was CitiMortgage’s 44,750 trial modifications started, then Wells-Wachovia’s 34,984 and Saxon Mortgage Services Inc.’s 29,011.
As a share of all eligible HAMP borrowers, trial modifications were 12 percent, rising from 9 percent in July.
Of the servicers with more than 1,000 eligible HAMPÂ borrowers, Saxon had the highest ratio of trial modifications to eligible borrowers:Â 39 percent. Saxon is a subsidiary of investment banker Morgan Stanley.
Next was Nationstar Mortgage LLC with 30 percent. The Lewisville, Texas-based lender is a subsidiary of publicly traded investment fund Fortress Investment Group LLC.
GMAC’s ratio was 26 percent, while CitiMortgage has moved 23 percent of eligible borrowers into trial plans. Aurora initiated trial modifications on 22 percent of its eligible HAMP loans.
RG Mortgage Corp. has only started trial modifications on 1 percent of its eligible HAMPÂ borrowers — the worst among servicers with at least 1,000 eligible HAMP loans.
Two more poor performers were Litton Loan Servicing LP and National City Bank, where only 3 percent of eligible borrowers had started on a trial plan. Litton is a subsidiary of Goldman Sachs & Co.
Bayview Loan Servicing LLC and Wilshire Credit Corp. had 4 percent ratios, while Carrington Mortgage Services LLC’s was 5 percent.
