hamp servicer performance report -- thru august 2010

8/8/2019 HAMP Servicer Performance Report -- thru August 2010

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Mak ing Home Af fordable ProgramServ icer Performance Report Through August 2010

Aggregate reductions in monthly mortgage payments for

borrowers in active trial and permanent modifications totalmore than $3.1 billion.

The median savings for borrowers in permanentmodifications is $515.49, or 36% of the median paymentbefore modification.

Interest Rate Reduction 100%

Term Extension 56.7%

Principal Forbearance 29.5%

2.9%

11.5%

59.9%

0% 20% 40% 60% 80%

Illnessof

Principal

Borrower

Excessive

Obligation

Lossof

Income

Loan CharacteristicBefore

ModificationAfter

ModificationMedian

Decrease

Front-End Debt-to-Income

Ratio1 44.9% 31.0% 13.9pctpts

Back-End Debt-to-IncomeRatio2

79.9% 63.5% 14.5pctpts

Median Monthly Payment3 $1,428.56 $839.21 $515.49

1 Includes borrowers who are employed but have faced a reduction in hours and/or wages as well asthose who have lost their jobs.Note: Does not include 17.5% of permanent modifications reported as Other.

1 Ratio of housing expenses (principal, interest, taxes, insurance and homeownersassociation and/or condo fees) to monthly gross income.2 Ratio of total monthly debt payments (including mortgage principal and interest, taxes,

insurance, homeowners association and/or condo fees, plus payments on installmentdebts, junior liens, alimony, car lease payments and investment property payments) tomonthly gross income. Borrowers who have a back-end debt-to-income ratio of greaterthan 55% are required to seek housing counseling under program guidelines.3 Principal and interest payment.

3

1

Modification Characteristics

Loan Status Upon Entering Trial

Permanent Modifications by Modification Step

Select Median Characteristics of Permanent Modifications

Predominant Hardship Reasons for Permanent Modifications

InDefault

atTrial

Start:

76.9%

AtRiskof

Defaultat

TrialStart:

23.1%

Note: For all trial modifications started.At Risk of Default includes borrowers up to 59 days delinquent at trial entry as well as

those in imminent default. In Default refers to borrowers 60 or more days late at trial entry.

Note: Data on the performance and delinquency of permanentmodifications, included in the June 2010 Servicer Performance Report,will be published quarterly.


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5

Disposition PathHomeowners in Canceled HAMP Trial Modifications

Through July 2010 (8 Largest Servicers) 1

HomeownersWhose HAMPTrialModificationWasCanceledWhoAreintheProcessof:

Servicer

Action

Pending2

ActionNot

Allowed

Bankruptcy

inProcess

Borrower

Current

Alternative

Modification

Payment

Plan3 LoanPayoff

ShortSale/

Deedin

Lieu

Foreclosure

Starts

Foreclosure

Completions

Total

(AsofJuly

2010)

AmericanHome

Mortgage Servicing Inc.41 8 103 622 1 175 35 34 3 1,022

BankofAmerica,NA4 63,382 3,196 7,552 35,638 11,889 1,311 15,556 8,062 1,543 148,129

CitiMortgage Inc. 20,264 7,490 8,979 36,224 1,277 277 1,223 6,351 612 82,697

GMACMortgage,LLC 2,009 340 1,057 8,169 117 474 323 1,365 521 14,375

JPMorganChaseBank

NA514,631 504 1,705 59,149 135 2,185 2,376 16,089 3,368 100,142

LittonLoanServicingLP 3,336 472 1,774 13,552 309 96 823 2,400 475 23,237

OneWestBank 2,223 329 284 5,320 70 14 698 1,221 969 11,128

WellsFargoBankNA6 8,720 540 9,536 58,144 986 2,432 4,485 17,882 4,067 106,792

TOTAL

(These8 Servicers)

114,606

23.5%

12,879

2.6%

30,990

6.4%

216,818

44.5%

14,784

3.0%

6,964

1.4%

25,519

5.2%

53,404

11.0%

11,558

2.4%

487,522

100%

Note: Data is as reported by servicers for actions completed through July 31, 2010.1

As defined by cap amount.2 Trial loans that have been canceled, but no further action has yet been taken.3 An arrangement with the borrower and servicer that does not involve a formal loan modification.4 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation.5 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.6 Wells Fargo Bank, NA includes a portion of the loans previously included in Wachovia Mortgage, FSB. Excludes Wachovia Mortgage FSB Pick-a-Payment Loans.Note:Excludescancellationspendingdatacorrections.

Themostcommoncausesof

trialcancellationsare:

Insufficientdocumentation

Trialplanpaymentdefault

Ineligibleborrower:firstlien

housing

expense

is

alreadybelow31%of

householdincome


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6

Disposition PathHomeowners Not Accepted for HAMP Trial Modifications

Through July 2010 (8 Largest Servicers) 1

HomeownersNotAcceptedforaHAMPTrialModification WhoAreintheProcessof:

Servicer

Action

Pending2

ActionNot

Allowed

Bankruptcy

inProcess

Borrower

Current

Alternative

Modification

Payment

Plan3 LoanPayoff

ShortSale/

Deedin

Lieu

Foreclosure

Starts

Foreclosure

Completions

Total

(AsofJuly

2010)

AmericanHome

Mortgage Servicing Inc.2,164 370 4,230 30,282 285 565 1,296 3,106 159 42,457

BankofAmerica,NA4 19,387 2,673 2,954 10,532 2,403 1,021 22,282 22,278 6,261 89,791

CitiMortgage Inc. 5,378 2,055 8,497 8,410 1,819 3,775 909 3,046 1,048 34,937

GMACMortgage,LLC 21,297 3,590 21,691 30,373 2,660 4,738 2,523 13,559 4,589 105,020

JPMorganChaseBank

NA527,616 1,939 72,291 66,584 332 9,030 3,071 11,725 2,569 195,157

LittonLoanServicingLP 8,706 3,537 7,283 10,016 1,093 323 3,298 8,407 2,388 45,051

OneWestBank 8,224 1,463 5,540 4,679 393 147 2,601 3,941 4,450 31,438

WellsFargoBankNA6 10,868 976 15,621 35,807 1,101 2,557 2,894 10,267 4,304 84,395

TOTAL

(These8 Servicers)

103,640

16.5%

16,603

2.6%

138,107

22.0%

196,683

31.3%

10,086

1.6%

22,156

3.5%

38,874

6.2%

76,329

12.1%

25,768

4.1%

628,246

100%

Note: Data is as reported by servicers for actions completed through July 31, 2010.1

As defined by cap amount.2 Homeowners who were not approved for a HAMP trial modification, but no further action has yet been taken.3 An arrangement with the borrower and servicer that does not involve a formal loan modification.4 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation.5 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.6 Wells Fargo Bank, NA includes a portion of the loans previously included in Wachovia Mortgage, FSB. Excludes Wachovia Mortgage FSB Pick-a-Payment Loans.

Themostcommoncausesof

trialsnotacceptedare:

Ineligibleborrower:firstlienhousingexpenseis

alreadybelow31%of

householdincome

Insufficientdocumentation

Imminentdefaultnotevidencedbyborrower


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Program to date, there have been 707,681 calls to the Homeowners HOPETM

Hotline regarding a specific SPA servicer, of which 5.0% included complaints.Below shows specific complaint rates.

2%

3%

4%

5%

6%

7%

JPMorgan

ChaseNA

OneWest Litton Bankof

AmericaNA

Am.Home

Servicing

GMAC Cit iMortgage Wel lsFargo

%ofCallsforSpec

ificServicer

ThatAreCom

plaints

ProgramtoDateAverage:5.0%

Source: Homeowners HOPETM

Hotline.Note: Complaint rate is the share of a specific servicers call volume that are complaints (i.e., for all calls about JP Morgan Chase, 6.7%included complaints.)

8

Homeowner Experience (8 Largest Servicers)*

Average Speed to Answer Homeowner Calls (July)

0

5

10

15

2025

30

35

40

45

50

OneWest Bankof

AmericaNA

JPMorgan

ChaseNA

Am.Home

Servicing

GMAC WellsFarg o Lit to n C it iMo rtg ag e

Seconds

Average of Calls toHomeowners HOPETM

Hotline for July: 4.0 Seconds

Call Abandon Rate (July)

0%

1%

2%

3%

4%

5%

JPMorgan

ChaseNA

Bankof

America

Litton WellsFargo Am.Home

Servicing

OneWest GMAC CitiMortgage

Homeowners HOPETM

Hotline Average for July:

1.6%

Source: Survey data through July 31, 2010, from servicers on call volume to loss mitigation lines.

Source: Survey data through July 31, 2010, from servicers on call volume to loss mitigation lines.

Servicer Time to Resolve Third-Party Escalations(Program to Date, Through August)

0

10

20

30

40

50

JPMorgan

ChaseNA

Bankof

AmericaNA

OneWest Am.Home

Servicing

CitiMortgage WellsFargo Litton GMAC

Resolved: 1,256 1,647 290 186 499 1,044 326 397

Cases(PTD)

CalendarDays

Target:25CalendarDays

Source: HAMP Solutions Center. Target of 25 calendar days includes an estimated 5 daysprocessing by HAMP Solutions Center.*As defined by cap amount.

Servicer Complaint Rate to Homeowners HOPETM Hotline

(Program to Date, Through August)

Calls toServicer:


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9

Note: Includes active trial and permanentmodifications from the official HAMP system ofrecord.

Source: 2nd Quarter 2010National DelinquencySurvey, MortgageBankers Association.

State

Active

Trials

Permanent

Modifications Total

% of

Total State

Active

Trials

Permanent

Modifications Total

% of

TotalAK 86 184 270 0.0% MT 269 479 748 0.1%

AL 1,272 2,673 3,945 0.6% NC 3,594 8,604 12,198 1.9%

AR 446 1,096 1,542 0.2% ND 40 82 122 0.0%

AZ 9,262 23,390 32,652 5.0% NE 257 614 871 0.1%

CA 47,266 101,760 149,026 22.9% NH 919 2,132 3,051 0.5%

CO 2,555 6,469 9,024 1.4% NJ 6,655 14,626 21,281 3.3%

CT 2,507 5,825 8,332 1.3% NM 718 1,415 2,133 0.3%

DC 350 749 1,099 0.2% NV 5,650 12,029 17,679 2.7%

DE 634 1,451 2,085 0.3% NY 10,083 19,054 29,137 4.5%

FL 24,339 53,777 78,116 12.0% OH 4,593 10,092 14,685 2.3%

GA 7,393 16,385 23,778 3.6% OK 537 1,044 1,581 0.2%

HI 791 1,684 2,475 0.4% OR 2,186 4,968 7,154 1.1%

IA 505 1,157 1,662 0.3% PA 4,272 9,462 13,734 2.1%

ID 829 1,707 2,536 0.4% RI 965 2,338 3,303 0.5%

IL 10,455 24,126 34,581 5.3% SC 1,812 4,427 6,239 1.0%

IN 1,948 4,502 6,450 1.0% SD 90 167 257 0.0%

KS 520 1,083 1,603 0.2% TN 2,061 4,763 6,824 1.0%

KY 797 1,750 2,547 0.4% TX 6,295 11,260 17,555 2.7%

LA 1,133 2,271 3,404 0.5% UT 1,844 4,209 6,053 0.9%

MA 4,787 11,332 16,119 2.5% VA 4,889 11,305 16,194 2.5%

MD 6,382 15,051 21,433 3.3% VT 146 367 513 0.1%

ME 563 1,251 1,814 0.3% WA 3,929 8,779 12,708 2.0%

MI 6,571 15,266 21,837 3.4% WI 1,963 4,520 6,483 1.0%

MN 3,094 8,744 11,838 1.8% WV 267 714 981 0.2%

MO 2,199 4,976 7,175 1.1% WY 119 220 339 0.1%

MS 696 1,710 2,406 0.4% Other* 988 898 1,886 0.3%

* Includes Guam, Puerto Rico and the U.S. Virgin Islands.

60+ Day Delinquency Rate

5.0% and lower 10.01% - 15.0% 20.01%

5.01% - 10.0% 15.01% - 20.0% and higher

HAMP Modifications

5,000 and lower 20,001 35,000

5,001 10,000 35,001 and higher

10,001 20,000

HAMP Activity by State Modification Activity by State

Mortgage Delinquency Rates by State


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hamp servicer performance report -- thru august 2010

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