The State of the Government's Loan Modification Program
Visit our Eye on Loan Mods for our complete coverage of the government's foreclosure prevention program.
This Treasury Department data, reflecting activity through July 31, 2010, shows how the largest mortgage servicers participating in the administration's $75 billion foreclosure prevention program have been performing.
The estimated number of "Eligible Loans" comes from the Treasury Department and is based on the number of eligible loans that are more than 60 days delinquent.
The program features a 3-month trial period for modifications before they’re eligible to become permanent. However, many trials have gone much longer. The "Aged" column shows how many trials have gone longer than six months at each servicer, while the "In Trial" shows trials that have not yet lasted that long. See note below.
| Name | Estimated Eligible Loans | Trial Mods Started | In Trial | "Aged" Trials | Permanent Mods | Canceled Mods |
|---|---|---|---|---|---|---|
| American Home Mortgage Servicing, Inc | 48,122 |
21,894
|
6,894
31.5% |
3,098
14.1% |
10,761
49.2% |
1,141
5.2% |
| Aurora Loan Services | 35,216 |
44,243
|
2,128
4.8% |
2,306
5.2% |
13,823
31.2% |
25,986
58.7% |
| Bank of America subsidiaries (incl. Countrywide) | 416,879 |
312,318
|
49,997
16.0% |
34,744
11.1% |
76,330
24.4% |
151,247
48.4% |
| Carrington Mortgage Services | 3,529 |
3,110
|
578
18.6% |
173
5.6% |
2,109
67.8% |
250
8.0% |
| CitiMortgage | 127,618 |
148,274
|
7,160
4.8% |
13,298
9.0% |
44,276
29.9% |
83,540
56.3% |
| GMAC Mortgage | 16,570 |
48,203
|
2,666
5.5% |
111
0.2% |
29,636
61.5% |
15,790
32.8% |
| Green Tree Servicing | 5,949 |
6,432
|
1,163
18.1% |
523
8.1% |
2,800
43.5% |
1,946
30.3% |
| HomEq Servicing | 14,564 |
6,107
|
1,220
20.0% |
199
3.3% |
4,403
72.1% |
285
4.7% |
| JPMorgan Chase subsidiaries | 215,640 |
208,270
|
13,907
6.7% |
23,679
11.4% |
58,489
28.1% |
112,195
53.9% |
| Litton Loan Servicing | 47,451 |
34,808
|
2,143
6.2% |
640
1.8% |
8,447
24.3% |
23,578
67.7% |
| Nationstar Mortgage | 17,677 |
22,763
|
2,797
12.3% |
1,088
4.8% |
9,170
40.3% |
9,708
42.6% |
| Ocwen Financial Corporation | 31,440 |
28,144
|
3,535
12.6% |
2,456
8.7% |
17,403
61.8% |
4,750
16.9% |
| OneWest Bank | 42,697 |
44,635
|
7,722
17.3% |
7,419
16.6% |
17,334
38.8% |
12,160
27.2% |
| PNC Mortgage | 17,742 |
18,036
|
613
3.4% |
1,302
7.2% |
3,009
16.7% |
13,112
72.7% |
| Saxon Mortgage Services | 24,211 |
34,774
|
1,090
3.1% |
2,116
6.1% |
10,815
31.1% |
20,753
59.7% |
| Select Portfolio Servicing | 17,392 |
38,011
|
2,365
6.2% |
151
0.4% |
15,808
41.6% |
19,687
51.8% |
| U.S. Bank National Association | 12,421 |
11,630
|
1,576
13.6% |
370
3.2% |
7,128
61.3% |
2,556
22.0% |
| Wachovia subsidiaries | 27,571 |
14,388
|
8,563
59.5% |
87
0.6% |
5,539
38.5% |
199
1.4% |
| Wells Fargo Bank, NA | 156,332 |
177,267
|
11,392
6.4% |
10,946
6.2% |
46,732
26.4% |
108,197
61.0% |
| Only GSE servicers | 165,750 |
70,463
|
8,585
12.2% |
11,380
16.2% |
30,639
43.5% |
19,859
28.2% |
| Smaller servicers | 11,592 |
13,719
|
2,515
18.3% |
1,239
9.0% |
7,153
52.1% |
2,812
20.5% |
Note: Treasury only released data for servicers with over 5,000 eligible loans. In the chart above, "Smaller servicers" refers to servicers enrolled in the program with fewer than 5,000 eligible loans. "Only GSE servicers" refers to companies that have not enrolled in the Treasury Department programs, but do service loans owned or guaranteed by Fannie Mae or Freddie Mac.
Of the 629,751 canceled mods, 616,839 were canceled during the trial stage and 12,912 after it had become permanent. 272 of those mods were canceled because the homeowner paid off the loan.
Methodology: All of the above is based on data reported by the Treasury Department. Treasury provides the percentage of active trials that are “aged” and we use that percentage to calculate the number of “aged” trials and those that have not yet lasted six months.
For our blog, resources and more, see our main bailout page.