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 January 01, 2012, shows how the largest mortgage servicers participating in the administration's $75 billion foreclosure prevention program have been performing.
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 | Trial Mods Started | In Trial | "Aged" Trials | Canceled Trials |
Permanent Mods | Canceled Mods |
|---|---|---|---|---|---|---|
| American Home Mortgage Servicing, Inc. |
39,432
|
6.5%
2,562
|
0.5%
189
|
12.4%
4,904
|
64.1%
25,269
|
16.5%
6,508
|
| Bank of America subsidiaries (incl. Countrywide) |
380,925
|
1.2%
4,493
|
3.3%
12,443
|
49.7%
189,365
|
36.4%
138,785
|
9.4%
35,839
|
| CitiMortgage, Inc. |
136,401
|
1.8%
2,417
|
1.2%
1,582
|
52.6%
71,812
|
37.2%
50,683
|
7.3%
9,907
|
| GMAC Mortgage, Inc. |
67,974
|
3.8%
2,561
|
0.1%
49
|
21.8%
14,802
|
59.1%
40,178
|
15.3%
10,384
|
| JPMorgan Chase subsidiaries |
307,072
|
5.1%
15,631
|
0.8%
2,339
|
43.5%
133,436
|
40.9%
125,638
|
9.8%
30,028
|
| Ocwen Financial Corporation, Inc. |
90,152
|
4.4%
3,932
|
1.3%
1,213
|
34.6%
31,222
|
42.6%
38,449
|
17.0%
15,336
|
| OneWest Bank |
59,132
|
5.7%
3,363
|
0.4%
224
|
34.7%
20,541
|
50.3%
29,768
|
8.9%
5,236
|
| Saxon Mortgage Services, Inc. |
40,169
|
1.2%
477
|
0.1%
60
|
55.7%
22,373
|
31.9%
12,819
|
11.1%
4,440
|
| Select Portfolio Servicing |
42,948
|
1.1%
493
|
0.0%
13
|
42.8%
18,403
|
43.0%
18,479
|
12.9%
5,560
|
| Wells Fargo Bank, NA |
254,281
|
3.5%
8,939
|
0.5%
1,263
|
46.3%
117,647
|
41.3%
105,102
|
8.4%
21,330
|
| Only GSE servicers |
182,488
|
3.4%
6,127
|
0.7%
1,252
|
33.5%
61,067
|
52.3%
95,484
|
10.2%
18,558
|
| Smaller servicers |
190,380
|
2.2%
4,137
|
0.3%
584
|
41.0%
78,120
|
46.3%
88,119
|
10.2%
19,420
|
Note: Treasury only released data for the ten largest servicers. In the chart above, "Smaller servicers" refers to all other servicers enrolled in the program. "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 182,546 canceled permanent modifications, 3,124 were canceled because the homeowner paid off the loan. The rest resulted from the homeowner missing three consecutive monthly payments.
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