Two mortgage servicers — including the biggest U.S. servicer — saw their active government modifications fall in September. CitiMortgage Inc. had the best results.
The number of modifications completed under the Home Affordable Modification Program continued to diminish.
Data released by the U.S. Department of the Treasury indicates that just 17,771 HAMP modifications were completed during September — the fewest during any month since October 2009, when none had yet been completed.
Volume topped out at 67,426 during April.
Since the program was initiated, Bank of America, N.A., has completed the most modifications: 78,905. But BofA lost ground in September, with a negative 954 permanent modifications completed — pulling down its total from 79,859 in August.
As of data collected up to Sept. 30, Charlotte, N.C.-based BofA boasted a $2.1 trillion mortgage servicing portfolio — bigger than any other residential servicer.
Another servicer that actually saw a deterioration was Aurora Loan Services LLC, where completed HAMPs fell to 12,541 on Sept. 30 from 15,103 on Aug. 31.
JPMorgan Chase Bank, N.A., has completed the second-most permanent modifications under the program:Â 62,368. Wells Fargo Bank, N.A., followed with 50,815, then CitiMortgage Inc.’s 49,538 and GMAC Mortgage LLC’s 31,932.
During just September, CitiMortgage’s active permanent HAMP modifications were 2,302 higher — more than any other servicer.
Wells Fargo’s 1,985 was next, then JPMorgan’s 1,436 and American Home Mortgage Servicing Inc.’s 1,340.
No. 5 was OneWest Bank, where permanent HAMP modifications rose by 1,011 during September.
GMAC has completed permanent modifications on 234 percent of its eligible borrowers, the highest ratio of any servicer. Select Portfolio Servicing’s 110 percent followed, then US Bank, N.A.’s, 79 percent. The fourth best ratio was achieved by Ocwen, at 63.47 percent, and Nationstar Mortgage LLC’s 63.14 percent was No. 5.
