Approved servicers completed more modifications under the government’s program than during any other month since it started. One huge servicer was responsible for more than one-third of last month’s activity.
Last month, 67,426 modifications were completed under the Home Affordable Modification Program, according to data reported today by the U.S. Department of the Treasury. It was the most permanent modifications completed during any month since HAMP launched.
In March, 59,214 modifications were completed.
Since the program started, services have completed 295,348 modifications.
By a wide margin Bank of America, N.A., completed the most permanent modifications during April: 23,498. The Charlotte, N.C.-based institution nearly doubled its activity from March.
Nearly two-thirds lower than BoA was No. 2 J.P. Morgan Chase Bank, N.A., where 8,047 permanent modifications were completed last month.
CitiMortgage Inc. followed with 6,101 April HAMP modifications, then Wells Fargo Bank, N.A.’s, 6,080 and GMAC Mortgage Inc.’s 3,369.
Out of 21,016 HAMP-eligible 60-day mortgages at PNC Mortgage — only 6 percent have started or completed a modification. Wachovia Mortgage, FSB, tied PNC’s worst rate on its 30,232 HAMP-eligible mortgages.
