Servicers completed more permanent modifications last month than during any month since the government launched its modification program. Leading the way was Bank of America.
Last month, around 59,214 permanent loan modifications were completed under the Home Affordable Modification Program, according to data released today by the U.S. Department of the Treasury. It was the highest month yet since the program was launched. Completed HAMP modifications were around 52,708 during February.
Bank of America, N.A., completed 12,234 permanent modifications during March, more than 7,905 HAMP modifications completed during February and the most of any servicer.
J.P. Morgan Chase Bank, N.A., was close behind with 12,075 completed modifications, more than 7,804 completed the previous month.
No. 3 CitiMortgage Inc. climbed to 6,848 from 4,678. But Wells Fargo Bank, N.A., saw HAMP volume fall from 7,323 to 5,039 in March. No. 5 was GMACÂ Mortgage Inc., where permanent HAMPÂ modifications completed fell to 2,427 from February’s 3,181.
Since the inception of the program, 227,922 modification have been completed by U.S. servicers.
BoA has completed the most permanent HAMP modifications: 32,900. With 31,460, J.P. Morgan was next, then Wells Fargo’s 30,014, CitiMortgage’s 22,455 and GMAC’s 17,102.
As a share of its 66,750 HAMP-eligible borrowers, GMAC’s 48 percent conversion rate was the highest of any HAMPÂ servicer. The ratio reflects the number of active trial modifications plus permanent modifications as a share of the total number of eligible borrowers who are at least 60 days’ delinquent.
CitiMortgage, with 47 percent of its 246,582 eligible borrowers converted, was next. No. 3 Bayview Loan Servicing LLC converted 45 percent of its 9,685 HAMP-eligible borrowers, while Select Portfolio’s 42 percent conversion rate on its 55,543 eligible borrowers ranked it fourth.
No. 5 Wells Fargo has converted 38 percent of its 378,480 eligible borrowers.
HomEq Servicing has only converted 5 percent of its 40,568 HAMP-eligible borrowers — the worst record of any HAMPÂ servicer reported.
