Chase Mod Offers Exceed 900K; Permanent Mods Fewer Than 215K

Chase has offered more than 900,000 loan modifications to borrowers since the beginning of 2009 through a mix of government and proprietary loss mitigation programs, the bank reported this week.

Those efforts include resolving more than 61,000 Home Affordable Modification Program (HAMP) trial mods in the last three months. Chase says it has made decisions and communicated those decisions to more than 80% of its remaining aged trials. Last week, the Obama administration reported that Chase and Bank of America accounted for about half of the 118,000 aged trials reported in July.

Chase reports that only 214,529 of the more than 900,000 modification offers have turned permanent, underscoring the difficulty servicers have in converting offers to final modifications.

‘We have worked directly with homeowners as the economy has hit them far deeper and for far longer than they expected,’ Charlie Scharf, head of retail financial services at Chase, said in a statement. ‘We continue to look for creative and effective ways to help them stay in their homes, whenever possible.’

Chase became the first major servicer to open face-to-face counseling centers in the hardest-hit areas of the country, opening 51 centers since 2009. The bank has assisted more than 88,000 customers through its centers through early August, according to comments made by Bonnie S. Boards, Chase's vice president and senior manager of community advocacy, at the California Mortgage Bankers Association's Western States Loan Servicing Conference earlier this month.

Chase also has hosted or participated with community groups in more than 1,000 local events, including multiday events that have helped more than 2,000 customers in one location. In total, Chase says it has met with more than 140,000 homeowners.

‘Time and time again, homeowners have told us how helpful it is to talk one on one with a Chase loan counselor,’ Scharf said. ‘Our counselors listen to each family and then help them start the process, fill out documents and walk them through possible options – all at no charge to the customer.’

The company says it has applied an ‘ownership model’ to its loss mitigation practices, assigning a counselor to each customer that is working to complete modifications with Chase.

The bank additionally notes that by partnering with the Neighborhood Stabilization Trust and other community organizations, it has donated or sold at a discount more than 900 real estate owned properties to nonprofits.

SOURCE: JPMorgan Chase


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