The Treasury's Home Affordable Modification Program (HAMP) report for October, which covers data through Sept. 30, shows that participating servicers have performed 650,994 trial modifications, offered 919,965 trial period plans and sent approximately 2.78 million requests for financial information.
At the time of the Treasury's report, the federal modification program included 71 servicing shops. New additions include Naperville, Ill.-based DuPage Credit Union, whose incentives are capped at $70,000; Woburn, Mass.-based Members Mortgage Co. Inc., with a cap of $510,000; Harleysville, Pa.-based Harlysville National Bank & Trust Co., with a cap of $1.07 million; Fitchburg, Mass.-based IC Federal Credit Union, with a $760,000 cap; and Grand Rapids, Mich.-based Bank United, with a cap of approximately $93.67 million.
The Treasury's report did not factor in data from the aforementioned shops, all of which signed their participating servicer agreements in October.
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"As this report demonstrates, struggling homeowners in every state now benefit from reduced monthly mortgage payments and have an opportunity to stay in their homes," says Treasury Assistant Secretary Michael S. Barr. "The program is having a pronounced impact in areas particularly hard-hit by the housing crisis. We're reaching borrowers at a larger scale than any other modification program to date, but there is still much more work to be done."
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All told, about 20% of the more than 3 million eligible 60+ day delinquent loans serviced by HAMP shops have been initiated in trial modifications. For the fourth report in a row, Saxon Mortgage Services began more trial modifications as a percentage of eligible delinquencies than any other shop, at 44%. CitiMortgage followed closely, having begun trial mods on 40% of its eligible 60+ delinquencies. GMAC began trial modifications on 35% of its eligible delinquencies, Aurora Loan Services began trial modifications on 33%, and JPMorgan Chase and Nationstar Mortgage each entered trial modifications on 32%.
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The Treasury's report also broke down active modifications – trial and permanent – by state. The totals were highest in California (134,609), Florida (82,614), Arizona (34,424), Illinois (33,514), New York (28,773), Georgia (25,675), New Jersey (22,102), Michigan (22,031), Texas (21,260) and Nevada (17,566).
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Sixty-plus-day delinquencies as a percentage of outstanding mortgage loans topped 9% in Indiana, Ohio and Mississippi, but each state accounted for fewer than 15,000 HAMP modifications. Indiana recorded 7,449 modifications, Ohio reported 14,132 and Mississippi recorded 2,774.