The monthly volume of government loan modifications was off by more than a quarter, while activity at Bank of America Corp.’s banking unit plummeted by nearly three-quarters. Compared to last year, collective volume from all servicers has retreated by more than two-thirds.
U.S. mortgage servicers were successful in completing 21,699 loan modifications under the Home Affordable Modification Program during April, data from the Department of the Treasury indicate.
The volume dropped from March, when 29,840 HAMPs were completed. In April of last year, activity was far stronger at 67,426 permanent modifications.
Since the first HAMP modification was closed in November 2009, there have been 608,615 permanent modifications completed. Initial Obama administration estimates had as many as 5 million modifications being completed.
April’s biggest closer was Wells Fargo Bank, NA., which pushed volume to 6,124 modifications from 2,709 in March.
J.P. Morgan Chase Bank, NA, saw volume drop to 3,543 HAMPs from 4,316.
Activity at Bank of America, NA, sank to 2,817 permanent modifications from 10,403 in March.
At American Home Mortgage Servicing Inc., volume ended April at 947 units, fewer than 1,263 a month earlier.
No. 5 GMAC Mortgage LLC saw volume drop off to 930 HAMPÂ modifications from March’s 1,017.
