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HAMP Volume Down by Half from 2010

Compared to the same month last year, the volume of government mortgage modifications completed slid by more than half.

Mortgage servicers completed 23,585 permanent loan modifications during June under the Home Affordable Modification Program, according to data released Friday by the Obama administration.

Activity slipped from 24,844 HAMPs completed in May.

But volume was less than half of the 48,739 modifications completed in June 2010.

Since the program was launched, 657,044 HAMP modifications have been made permanent.

The government’s best performer was Bank of America, N.A., which completed 8,213 modifications. But BofA’s activity fell from 9,315 in May. The Charlotte, N.C.-based bank has completed 127,355 modifications since the launch of the program.

No. 2 J.P. Morgan Chase Bank, N.A., however, pushed modification production up to 5,547 HAMPs in June from 4,258. The bank has completed 89,231 modifications to date.

At Wells Fargo Bank, N.A., 3,123 completed modifications were up by more than half from May’s 2,034. Wells’ program-to-date volume was 91,392.

In the fourth position was OneWest Bank, where completed HAMPs climbed to 944 from just 580 in May. The former IndyMac operation has put 26,006 borrowers into permanent HAMPs since the start of the initiative.

At No. 5 CitiMortgage Inc., there were 658 permanent modifications completed in June, higher than the prior month’s 517. Citi’s aggregate HAMP volume was 46,634.

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