Mortgage Daily

Published On: December 22, 2010

After four months of declining activity, mortgage servicers have stepped up their activity on government loan modifications. The biggest mortgage servicer maintained its standing as the biggest producer of federal modifications.

U.S. servicers have completed 504,648 loan modifications under the Home Affordable Modification Program as of November, according to data from the Department of the Treasury.

During just last month, 21,306 permanent HAMP modifications were completed, up from 16,634 in October. HAMP volume had been on the decline each month since June, when 48,739 modifications were completed.

In November 2009, 31,382 HAMPs were completed.

Bank of America, N.A., saw HAMP volume jump to 4,420 in November from the previous month’s 434 — making it the biggest HAMP producer of the month. The Charlotte, N.C.-based bank has completed 83,759 HAMPs since the beginning of the program — also more than any other U.S. servicer.

With a servicing portfolio that exceeds $2 trillion, BofA is the nation’s biggest residential servicer.

No. 2
JPMorgan Chase Bank, N.A., completed 4,018 HAMPs in November, up from 1,336, followed by Wells Fargo Bank, N.A.’s, 3,887 modifications. During November, the Treasury combined reported activity for Wells and Wachovia Mortgage, FSB.

No. 4 was American Home Mortgage Servicing Inc., where modification volume fell to 1,218 from 1,660. GMAC’s activity edged up to 1,104 from 1,080.

CitiMortgage Inc. followed with 957 November HAMPs completed, then Ocwen Financial Corp. Inc.’s 617, OneWest Bank’s 461, Select Portfolio Servicing’s 428, Saxon Mortgage Services’ 298 and Aurora Loan Services LLC’s 130.

As a ratio of eligible HAMP prospects, GMAC has completed modifications for 207 percent. The Department of the Treasury was previously unable to explain why the company has completed more mods than eligible — though it appears that non-HAMP prospects are being giving HAMP modifications.

With 87 percent of eligible HAMP borrowers receiving a modification, Select Portfolio had the next highest completion ratio. Nationstar Mortgage LLC followed with 65 percent, then OneWest’s 51 percent and US Bank, N.A.’s, 51 percent.

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