Mortgage Daily incorrectly reported on Monday that the number of active modifications completed through the Home Affordable Modification Program had the biggest month-over-month increase ever. In fact, the gain in active HAMPs was slower than the previous month and also worse than the same month during the previous year.
As of March 31, there were 794,748 active permanent HAMP modifications, according to data released by the Department of the Treasury. A month earlier, there were 782,609 active modifications completed under the program.
The increase between February and March of 12,139 was slower than 13,836 the prior month. It was also slower than March 2011’s increase of 29,840.
By mortgage servicer, JPMorgan Chase Bank, N.A., grew its active HAMPs by 5,007 in March — more than any lender. The increase at Chase in February was 3,240.
Wells Fargo Bank, N.A., was No. 2 with 1,562 active modifications, though that was less than the 1,672 number the prior month.
OneWest Bank followed with a 942 increase in March, then Ocwen Loan Servicing’s 578 and American Home Mortgage Servicing Inc.’s 559.
At the other end of the spectrum was Saxon Mortgage Services Inc., with a decline of 423, and Bank of America, N.A., where active HAMPs fell by 109.
