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JPMorgan Modifying Most Mortgages

JPMorgan Modifying Most Mortgages406,542 modification offers extended by HAMP servicers

August 4, 2009

By MortgageDaily.com staff

Home Affordable Modification news

J.P. Morgan Chase Bank, NA, has initiated more trial loan modifications under the Home Affordable Modification Program than any other participating servicer. Other standouts include Nationstar Mortgage LLC and Saxon Mortgage Services Inc. But despite huge pools of borrowers who are eligible for the HAMP — both Bank of America, NA, and Wells Fargo Bank, NA, lagged significantly in their modification activity.

As of July, HAMP servicers have extended offers for 406,542 trial modifications since the $75 billion program was launched on March 4, according to data reported today by the U.S. Treasury. The number of 60-day delinquent loans eligible for the program was estimated at 2.7 million.

Of the offers extended, 235,247 trial modifications have started. Trial HAMP modifications accounted for 9 percent of 60-day accounts at the participating servicers.

“The administration has asked servicers to ramp up implementation to a cumulative 500,000 trial modifications started by Nov. 1,” the report said.

Around 2,300 servicers approved by Fannie Mae or Freddie Mac were automatically participating in the HAMP.

The number of active trial modifications at JPMorgan was 79,304 — more than any other servicer. JPMorgan has extended 117,259 offers — also more than any other HAMP servicer — while its pool of eligible loans was estimated at 394,075.

A distant second was Bank of America, NA, which has started 27,985 trial modifications and extended 99,649 trial plan offers. BoA’s pool of eligible delinquent loans, which includes loans serviced by Countrywide Home Loans Servicing LP, was the biggest at 796,467.

Close behind BoA was CitiMortgage Inc., where 27,571 trial modifications have been started. CitiMortgage has reportedly extended 38,673 offers, and its eligible pool was 185,418.

At Wells Fargo — including Wachovia Mortgage, FSB, and Wachovia Bank, NA — 21,575 trial modifications have been initiated and 40,701 offers have been extended. The number of eligible loans was 394,530.

No. 5 was Morgan Stanley subsidiary Saxon, which has initiated 21,130 trial modifications and offered 30,817. Saxon’s eligible pool was just 84,130.

Only two other HAMP servicers initiated more than 10,000 trial modifications: Aurora Loan Services LLC, with 15,320, and GMAC Mortgage Inc., which initiated 12,540.

Based on the 11,443 trial modifications extended at Nationstar and its eligible pool of 25,690 loans, the Lewisville, Texas-based company had the highest rate of offers — 45 percent — among the 38 servicers that have signed HAMP servicer participation agreements.

Excluding HAMP servicers with fewer than 200 eligible loans, Saxon had the highest rate of initiated modifications: 25 percent.

 

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