Less than 35,000 modifications have been made permanent under the Home Affordable Modification Program, and a GMAC Financial Services unit accounted for a bigger share of them than any other servicer.
Since launching the federal program, servicers have offered 1,032,837 trial modifications as of Nov. 30, the U.S. Department of the Treasury reported. A month earlier, the program-to-date total was 919,965.
Of the offers made, 759,058 borrowers have started a trial plan, climbing from 650,994 that had started as of October 31.
HAMPÂ servicers have collectively completed or started trial modifications on nearly a quarter of the 3.3 million HAMP-eligible borrowers — those who are at least 60 days past due.
Saxon Mortgage Services Inc.’s 44 percent penetration was the best of any HAMP servicer. The Morgan Stanley subsidiary had 80,309 eligible borrowers.
CitiMortgage Inc.’s 43 percent penetration of its 233,924 eligible borrowers was the second-best performance, while GMAC Mortgage Inc.’s 39 percent penetration of its 67,539 eligible borrowers was No. 3. Aurora Loan Services LLC and Select Portfolio Servicing rounded out the top five, respectively with 33 percent and 32 percent penetration.
Franklin Credit Management Corp.’s 0 percent penetration on its 9,612 eligible loans was lowest, followed by Bank United’s 0 percent penetration on its 5,102 eligible loans. Other poor performers included MorEquity Inc. and HomEq Servicing, each with 2 percent penetration, and RG Mortgage Corp. and Wachovia Mortgage, FSB, each with 3 percent.
Permanent HAMP modifications have occurred on just 31,382 U.S. loans through the end of last month.
GMAC had 7,111 permanent modifications — more than any other servicer. J.P. Morgan Chase Bank, N.A., was No. 2 with 4,302 permanent modifications — then Ocwen Financial Corporation Inc.’s 4,252, Aurora’s 3,622 and Wells Fargo Bank N.A.’s, 3,537.
