Since reaching a peak six months ago, the number of monthly government modifications completed has fallen to the lowest level on record.
During August, mortgage servicers completed 27,133 permanent modifications under the Home Affordable Modification Program, according to data released by the U.S. Department of the Treasury. It was the lowest month since November 2009 — the first month HAMP modifications were reported.
HAMPÂ volume slid from 32,606 completed modifications in July and was less than half of the 67,426 modifications completed in April — the highest level on record. Since the first HAMPÂ modification was reported in November 2009, servicers have completed 448,937 HAMP modifications.
Among August’s leaders was Bank of America, N.A., which completed 3,529 HAMPs, down from 4,098 in July. CitiMortgage Inc. followed with 2,960 completed modifications, falling from 3,463.
No. 3 JP Morgan Chase Bank, N.A., saw 2,443 completed modifications, while Wells Fargo Bank, N.A., came in at 2,098. No. 5 was OneWest Bank, where 2,035 HAMP modifications were completed.
Based on the number of HAMP modifications completed since the program was launched, BofA’s 79,859 was highest.
No. 2 JPMorgan has completed 60,932, while Wells Fargo completed 48,830, CitiMortgage racked up 47,236 and GMAC Mortgage LLC has done 31,070.
Aside from GMAC and Select Portfolio Servicing — each which reports modifying more HAMPs than they have eligible borrowers — the servicers to complete the most HAMP modifications as a share of their eligible borrowers were U.S. Bank, N.A., where 88 percent of eligible mortgage have been modified; Green Tree Servicing, which has modified 62 percent of eligible borrowers; and Nationstar Mortgage LLC, which has modified 61 percent of eligible borrowers.
