On Jan. 15, 2010, the Treasury Department released data showing how the largest mortgage servicers participating in the administration’s $75 billion foreclosure prevention program have been performing. You can see that breakdown below. The data show activity through Dec. 31, 2009.
To give an indication of each servicer’s performance as a percentage of its loans eligible for modification, the Treasury listed the number of eligible loans that are more than 60 days delinquent (that’s the “Est. Eligible Loans” listed below). Treasury only released data for servicers with over 5,000 eligible loans.
Under the program’s guidelines, servicers initially approve borrowers for a three-month trial period. If the homeowner makes the payments on time, sends in the required documentation and meets the program’s criteria for eligibility, the servicer is supposed to convert the modification to a permanent one at the end of that period. The data below show the number of loans that have moved to the permanent stage.
We’ve shown the number of permanent and failed mods as a percentage of the trial mods each servicer had begun as of Sept. 30. That’s because the trial stage is supposed to last three months, so trials begun after that date are not expected to have a final outcome.
Note: The “Only GSE servicers” row below refers to companies that have not enrolled in the Treasury Department programs, but do service loans owned or guaranteed by Fannie Mae or Freddie Mac. “Smaller servicers” refers to servicers enrolled in the program with fewer than 5,000 eligible loans.
Trial Mods Started: 902,620
Total Permanent Mods: 66,465
| Name | Entered Program |
Trial Mods Started as Share of Est. Eligible Loans |
Permanent Mods | Failed Trial Mods |
|---|---|---|---|---|
| As % of Trial Mods Started, as of September 30, 2009. |
||||
| Bank United | Oct 23, 2009 |
685 : 5422 (13%) |
2 N/A |
0 N/A |
| Franklin Credit Management Corporation | Sep 11, 2009 |
0 : 9557 (0%) |
0 N/A |
0 N/A |
| U.S. Bank National Association | Sep 9, 2009 |
7404 : 28524 (26%) |
418 48.4% |
2 0.2% |
| OneWest Bank | Aug 28, 2009 |
24284 : 112846 (22%) |
1,226 23.5% |
46 0.9% |
| Litton Loan Servicing | Aug 12, 2009 |
21113 : 111260 (19%) |
959 43.0% |
2,777 124.6% |
| HomEq Servicing | Aug 5, 2009 |
1753 : 41817 (4%) |
0 N/A |
91 N/A |
| American Home Mortgage Servicing, Inc | Jul 24, 2009 |
10918 : 124262 (9%) |
232 52.7% |
28 6.4% |
| Bayview Loan Servicing, LLC | Jul 1, 2009 |
3653 : 10183 (36%) |
106 54.1% |
149 76.0% |
| Wachovia subsidiaries | Jul 1, 2009 |
2437 : 82990 (3%) |
344 17.0% |
47 2.3% |
| PNC Mortgage | Jun 26, 2009 |
13237 : 41136 (32%) |
61 1.6% |
1,023 26.6% |
| CCO Mortgage | Jun 17, 2009 |
1132 : 5304 (21%) |
5 3.2% |
0 0.0% |
| Nationstar Mortgage | May 28, 2009 |
14588 : 49026 (30%) |
1,277 15.2% |
1,135 13.5% |
| Aurora Loan Services | May 1, 2009 |
36618 : 78225 (47%) |
4,682 19.6% |
10,024 42.0% |
| Carrington Mortgage Services | Apr 27, 2009 |
1507 : 18937 (8%) |
608 104.1% |
0 0.0% |
| Green Tree Servicing | Apr 24, 2009 |
3455 : 10927 (32%) |
87 18.4% |
100 21.1% |
| Bank of America subsidiaries (incl. Countrywide) | Apr 17, 2009 |
206775 : 1046008 (20%) |
3,183 3.3% |
3,305 3.4% |
| Ocwen Financial Corporation | Apr 16, 2009 |
12884 : 64797 (20%) |
5,332 102.7% |
125 2.4% |
| CitiMortgage | Apr 13, 2009 |
119097 : 241981 (49%) |
4,999 7.3% |
6,099 8.9% |
| GMAC Mortgage | Apr 13, 2009 |
32159 : 69281 (46%) |
9,872 51.1% |
1,615 8.4% |
| JPMorgan Chase subsidiaries | Apr 13, 2009 |
156359 : 424965 (37%) |
7,139 6.1% |
2,392 2.0% |
| Saxon Mortgage Services | Apr 13, 2009 |
36406 : 72709 (50%) |
2,497 7.6% |
2,995 9.1% |
| Select Portfolio Servicing | Apr 13, 2009 |
29280 : 63690 (46%) |
4,675 29.8% |
7,206 45.9% |
| Wells Fargo Bank, NA | Apr 13, 2009 |
126413 : 350169 (36%) |
8,424 13.4% |
7,705 12.2% |
| Only GSE servicers |
39049 : 272365 (14%) |
9,880 52.5% |
2,031 10.8% |
|
| Smaller servicers |
1414 : 20463 (7%) |
457 95.4% |
29 6.1% |
|
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