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 June 30, 2011, 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. |
33,588
|
6.6%
2,224
|
1.6%
538
|
13.7%
4,598
|
67.2%
22,585
|
10.8%
3,643
|
| Bank of America subsidiaries (incl. Countrywide) |
401,251
|
6.6%
26,530
|
2.3%
9,390
|
54.1%
217,120
|
31.7%
127,355
|
5.2%
20,856
|
| CitiMortgage, Inc. |
130,347
|
2.6%
3,436
|
1.4%
1,791
|
55.5%
72,287
|
35.8%
46,634
|
4.8%
6,199
|
| GMAC Mortgage, Inc. |
62,119
|
5.6%
3,477
|
0.1%
48
|
22.7%
14,131
|
61.3%
38,076
|
10.3%
6,387
|
| JPMorgan Chase subsidiaries |
256,560
|
6.7%
17,223
|
1.4%
3,485
|
49.9%
128,010
|
34.8%
89,231
|
7.3%
18,611
|
| Litton Loan Servicing LP |
37,589
|
6.2%
2,349
|
0.7%
266
|
61.9%
23,279
|
25.0%
9,409
|
6.1%
2,286
|
| Ocwen Financial Corporation, Inc. |
45,451
|
6.0%
2,727
|
1.3%
599
|
16.0%
7,285
|
60.3%
27,404
|
16.4%
7,436
|
| OneWest Bank |
53,669
|
7.0%
3,737
|
0.4%
236
|
38.7%
20,773
|
48.5%
26,006
|
5.4%
2,917
|
| Select Portfolio Servicing |
41,947
|
2.3%
961
|
0.1%
48
|
44.1%
18,481
|
45.0%
18,860
|
8.6%
3,597
|
| Wells Fargo Bank, NA |
234,666
|
5.1%
11,996
|
0.6%
1,476
|
50.3%
118,006
|
38.9%
91,392
|
5.0%
11,796
|
| Only GSE servicers |
130,888
|
7.2%
9,370
|
2.8%
3,666
|
30.5%
39,935
|
52.6%
68,906
|
6.9%
9,011
|
| Smaller servicers |
211,307
|
4.0%
8,471
|
0.7%
1,471
|
45.9%
96,891
|
43.2%
91,186
|
6.3%
13,288
|
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 68,114 canceled permanent modifications, 937 were canceled because the homeowner paid off the loan. The rest resulted from the homeowner missing three consecutive monthly payments.
Methodology: All of the above is based on data reported by the Treasury Department.
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