In another blow to the Obama administration’s efforts to modify U.S. mortgages, the monthly volume of government modifications tumbled 22 percent.
Loan modifications completed under the Home Affordable Modification Program numbered 18,403 during July, according to Making Home Affordable Program Performance Report released Thursday.
HAMP volume dropped from 23,585 in June. A year earlier, 32,606 modifications were completed under the program.
Since the program was launched, servicers have completed 675,447 permanent modifications.
The top HAMP producer in July was Bank of America, N.A., where 5,408 modifications became permanent. BofA completed 8,213 modifications in June.
Next was J.P. Morgan Chase Bank, N.A., with 3,611 permanent modifications completed versus 5,547 a month earlier.
No. 3 Wells Fargo Bank, N.A., saw volume fall to 2,525 from 3,123.
Monthly activity was just 483 at No. 4 GMACÂ Mortgage, though that was better than the 148 HAMPs completed in June by the Ally Financial subsidiary.
Ocwen Loan Servicing LLC came in fifth with 417 completed modifications under the program, better than 292 in June. Litton Loan Servicing LP, which Ocwen acquired today from The Goldman Sachs Group Inc., completed 173 HAMPs in July.
CitiMortgage Inc. closed 414 modifications in July, then 399 at American Home Mortgage Servicing Inc., 303 at OneWest Bank and 68 at Select Portfolio Servicing.
