HAMP Mortgage Modification Program ~ Hampton Roads Real Estate Ramblings

HAMP Mortgage Modification Program

Wednesday, August 5, 2009

Hello Hampton Roads,

HAMP (Home Affordable Modification Program) is the government's $75 billion dollar plan to help homeowner's facing foreclosure by having mortgage service providers lower borrowers' payments.

How is this program working so far?

The Treasury Department released the first monthly progress report showing that only 9% of eligible homeowners received modifications; the total number of trial modifications started was 235,247. The goal is to help 4 million eligible borrowers.

In order to reach this goal, banks will need to modify more loans, more aggressively.
Of the larger banks, Bank of America had 27,985 modifications out of a possible 796,467--approximately 4% and Wells Fargo has 38,673 modifications out of a possible 329,085--approximately 6%.

To view the full table:
Note: N/A indicates a newly signed servicer who has not yet started reporting.


American Home Mortgage












Servicing Inc
7/22/2009
153,097
NA
NA
NA
NA
Aurora Loan Services, LLC
5/1/2009
72,838
25,965
36%
15,320
21%
Bank of America, NA
4/17/2009
796,467
99,649
13%
27,985
4%
Bayview Loan Servicing, LLC
7/1/2009
4,425
225
5%
148
3%
Carrington Mortgage Services ,
























LLC
4/27/2009
14,128
988
7%
597
4%
CCO Mortgage
6/17/2009
3,818
402
11%
237
6%
J.P. Morgan Chase Bank, NA
4/13/2009
394,075
117,259
30%
79,304
20%
CitiMortgage, Inc.
4/13/2009
185,418
38,673
21%
27,571
15%
Citizens First Wholesale












Mortgage Company
6/26/2009
26
8
31%
7
27%
Farmers State Bank
7/17/2009
8
NA
NA
NA
NA
First Bank


7/29/2009
848
NA
NA
NA
NA
First Federal Savings and Loan
6/19/2009
16
1
6%
1
6%
GMAC Mortgage, Inc.
4/13/2009
61,326
20,924
34%
12,540
20%
Green Tree Servicing LLC
4/24/2009
5,228
451
9%
209
4%
Home Loan Services, Inc.
4/20/2009
33,193
0
0%
0
0%
IBM Southeast Employees’
























Federal Credit Union
7/10/2009
72
4
6%
4
6%
Lake National Bank
7/10/2009
1
0
0%
1
100%
Mission Federal Credit Union
7/22/2009
34
NA
NA
NA
NA
MorEquity, Inc.
7/17/2009
2,196
NA
NA
NA
NA
Mortgage Center, LLC
7/22/2009
235
NA
NA
NA
NA
National City Bank
6/26/2009
37,126
92
0%
4
0%
Nationstar Mortgage LLC
5/28/2009
25,690
11,443
45%
4,854
19%
Ocwen Financial Corporation,












Inc.
4/16/2009
55,516
6,502
12%
2,517
5%
PNC Bank, National Association
7/17/2009
724
NA
NA
NA
NA
Purdue Employees Federal












Credit Union
7/29/2009
11
NA
NA
NA
NA
Residential Credit Solutions
6/12/2009
1,304
301
23%
265
20%
RG Mortgage Corporation
6/17/2009
3,309
72
2%
0
0%
Saxon Mortgage Services, Inc.
4/13/2009
84,130
30,817
37%
21,130
25%
Select Portfolio Servicing
4/13/2009
57,450
11,404
20%
1,849
3%
Shore Bank
7/17/2009
223
NA
NA
NA
NA
Technology Credit Union
6/26/2009
10
0
0%
0
0%
Wachovia Mortgage, FSB
7/1/2009
62,852
2,028
3%
1,356
2%
Wachovia Bank, NA
7/29/2009
2,593
NA
NA
NA
NA
Wells Fargo Bank, NA


4/13/2009
329,085
38,673
12%
20,219
6%
Wescom Central Credit Union
6/19/2009
136
40
29%
38
28%
Wilshire Credit Corporation
4/20/2009
3,411
621
18%
20
1%
Other GSE Servicer


314,283
-
-
19,071
6%
Total


2,705,302
406,542
15%
235,247
9%




According to the progress report, 85% of mortgages are covered by HAMP participating servicers. 38 servicers have signed a participation agreement to modify loans, and approximately 2300 participants service loans owned or guaranteed by Fannie Mae or Freddie Mac --these servicers automatically participate in HAMP.


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