Last week, the federal government issued its latest HAMP report, which identified the loan servicers trying to help consumers modify loans. The report card is issued every month as part of the government’s Making Home Affordable program. The idea is to praise the banks who are trying to get modification through (which should motivate them), and give black marks to banks who aren’t (which, hopefully, will shame them).
Last week in October, we got the grades for September — in a report formally titled the “Making Home Affordable Program Servicer Performance Report through September 2009.”
As is my wont, I’ve sliced-and-diced the data, picking out the banks that have modified the highest percentage of loans that were eligible — and the banks that had loans that they could have modified, but didn’t move on any of those loans (or moved on just two percent of them).
So here’s the top ten (and bottom seven). The numbers in parentheses are the percentage of loans eligible for modification that have been moved into trial modification:
HAMP Heroes
- Saxon Mortgage Services, Irving, Texas (41%)
- Aurora Loan Services, Littleton, Colorado (33%)
- Citimortgage, O’Fallon, Missouri (33%)
- Nationstar Mortgage, Lewisville, Texas (28%)
- JP Morgan Chase, New York, New York (27%)
- GMAC Mortgage, Fort Washington, Pennsylvania (26%)
- Select Portfolio Servicing, Salt Lake City, Utah (26%)
- Wells Fargo Bank, San Francisco, California (20%)
- Residential Credit Solutions, Fort Worth, Texas (17%)
- Green Tree Servicing, Tempe, Arizona (12%)
HAMP Horrors (no loans yet modified)
- American Home Mortgage Servicing, Coppell, Texas
- HomeEq Servicing, Sacramento, California
- Home Loan Services Inc., Pittsburgh, Pennsylvania
- MorEquity, Inc., Evansville, Illinois
HAMP “Hardly” (two percent of loans modified)
- Bayview Loan Servicing, Coral Gables, Florida
- Litton Loan Servicing, Houston, Texas
- RG Mortgage Corporation, San Juan, Puerto Rico
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