Mortgage servicers completed nearly twice as many federal loan modifications in September as they did in August. Behind much of the stellar performance was Bank of America Corp.
Modifications completed under the Home Affordable Modification Program totaled 29,643 during September, according to data released Thursday by the Obama administration.
Volume soared from just 15,522 HAMPs in August. It was the busiest month since March, when 29,840 modifications were reported.
In September of last year, 17,771 modifications were completed under the federal program.
Since the program was launched, servicers have completed 720,612 HAMP modifications.
Much of the month-over-month improvement can be attributed to Bank of America, N.A., where volume jumped to 11,838 from 3,432 in August. BofA has completed 148,033 HAMPs during the life of the program.
The No. 2 producer in September was J.P. Morgan Chase Bank, N.A., with 5,806 modifications. Chase completed 4,422 modifications a month earlier and has completed 103,160 since the program started.
Wells Fargo Bank, N.A., completed 4,311 modifications, more than doubling its August volume of 2,129. Program-to-date production at Wells was 100,357.
After that was CitiMortgage Inc.’s 1,990 HAMPs, up from the previous month’s 784, then Litton Loan Servicing LP, which pushed volume up to 1,085 from a negative 63 a month prior.
