Tracking loan modifications

by Paul Kiel and Dan Nguyen, ProPublica – January 15, 2010

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 9/30/09.
Saxon Mortgage Services Apr 13, 2009 36406 : 72709 (50%)
Google Chart
2,497
7.6%
2,995
9.1%
CitiMortgage Apr 13, 2009 119097 : 241981 (49%)
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4,999
7.3%
6,099
8.9%
Aurora Loan Services May 1, 2009 36618 : 78225 (47%)
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4,682
19.6%
10,024
42.0%
GMAC Mortgage Apr 13, 2009 32159 : 69281 (46%)
Google Chart
9,872
51.1%
1,615
8.4%
Select Portfolio Servicing Apr 13, 2009 29280 : 63690 (46%)
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4,675
29.8%
7,206
45.9%
JPMorgan Chase subsidiaries Apr 13, 2009 156359 : 424965 (37%)
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7,139
6.1%
2,392
2.0%
Wells Fargo Bank, NA Apr 13, 2009 126413 : 350169 (36%)
Google Chart
8,424
13.4%
7,705
12.2%
Bayview Loan Servicing, LLC Jul 1, 2009 3653 : 10183 (36%)
Google Chart
106
54.1%
149
76.0%
PNC Mortgage Jun 26, 2009 13237 : 41136 (32%)
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61
1.6%
1,023
26.6%
Green Tree Servicing Apr 24, 2009 3455 : 10927 (32%)
Google Chart
87
18.4%
100
21.1%
Nationstar Mortgage May 28, 2009 14588 : 49026 (30%)
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1,277
15.2%
1,135
13.5%
U.S. Bank National Association Sep 9, 2009 7404 : 28524 (26%)
Google Chart
418
48.4%
2
0.2%
OneWest Bank Aug 28, 2009 24284 : 112846 (22%)
Google Chart
1,226
23.5%
46
0.9%
CCO Mortgage Jun 17, 2009 1132 : 5304 (21%)
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5
3.2%
0
0.0%
Ocwen Financial Corporation Apr 16, 2009 12884 : 64797 (20%)
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5,332
102.7%
125
2.4%
Bank of America subsidiaries (incl. Countrywide) Apr 17, 2009 206775 : 1046008 (20%)
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3,183
3.3%
3,305
3.4%
Litton Loan Servicing Aug 12, 2009 21113 : 111260 (19%)
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959
43.0%
2,777
124.6%
Only GSE servicers   39049 : 272365 (14%)
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9,880
52.5%
2,031
10.8%
Bank United Oct 23, 2009 685 : 5422 (13%)
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2
N/A
0
N/A
American Home Mortgage Servicing, Inc Jul 24, 2009 10918 : 124262 (9%)
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232
52.7%
28
6.4%
Carrington Mortgage Services Apr 27, 2009 1507 : 18937 (8%)
Google Chart
608
104.1%
0
0.0%
Smaller servicers   1414 : 20463 (7%)
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457
95.4%
29
6.1%
HomEq Servicing Aug 5, 2009 1753 : 41817 (4%)
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0
N/A
91
N/A
Wachovia subsidiaries Jul 1, 2009 2437 : 82990 (3%)
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344
17.0%
47
2.3%
Franklin Credit Management Corporation Sep 11, 2009 0 : 9557 (0%)
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