The Treasury Department’s latest scorecard on the government’s Home Affordable Modification Program reveals that most major mortgage servicers significantly increased the number of trial loan modifications they are doing between August and September. But the new data also show that some of the biggest servicers–most notably Bank of America–are way behind when it comes to HAMP modification activity. Treasury reported that only 11 percent of the Bank of America loans theoretically eligible for HAMP have seen trial loan modifications. Meanwhile, CitiMortgage had started trial mods on one-third of its eligible mortgages–the highest level recorded by any top five mortgage servicer.
A senior executive from CitiMortgage will be discussing the company’s approach to HAMP at an Inside Mortgage Finance audio conference on October 21 at 2 pm EDT. Click here for more info.
