HAMP Mortgage Modification Program
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.
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.
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs.
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 | 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% | |
7/10/2009 | 1 | 0 | 0% | 1 | 100% | ||
7/22/2009 | 34 | NA | NA | NA | NA | ||
MorEquity, Inc. | 7/17/2009 | 2,196 | NA | NA | NA | NA | |
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.
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs.
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