Magazine article Mortgage Banking

HAMP February Report Shows Challenges Facing Servicers

Magazine article Mortgage Banking

HAMP February Report Shows Challenges Facing Servicers

Article excerpt

In the latest report card released by the Obama administration on the Home Affordable Mortgage Program (HAMP), the number of canceled trial HAMP modifications serviced by just three of the eight largest servicers totals 434,005. That number is more than half the total number of HAMP trial mods canceled (740,240) in the entire program since its launch.

The three servicers are Bank of America NA, JPMorgan Chase Bank NA and Wells Fargo Bank NA. The statistics reflect HAMP activity through December 2010. The sheer number of canceled trial HAMP mods illustrates the difficulty facing servicers trying to resolve these severely delinquent loans where borrowers are either ineligible for permanent HAMP mods, have insufficient documentation or have defaulted on their trial mods.

Bank of America had 202,521 canceled HAMP trial mods as of December 2010. Of those, it had put 72,940 in alternative modification programs, according to the latest available HAMP Servicer Performance Report. Another 24,201 were resolved through short sales or deeds in lieu. Foreclosures were started on 24,832 and foreclosures were completed on another 3,951. Borrowers were brought current on another 17,543 loans for those with canceled HAMP trial mods. …

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