The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
HAMP Application Activity by Servicer 1 As of October 2014 Servicer Name Bank of America, NA BankUnited Bayview Loan Servicing, LLC Carrington Mortgage Services, LLC CCO Mortgage, a division of RBS Citizens NA CitiMortgage Inc Green Tree Servicing LLC JPMorgan Chase Bank, NA Nationstar Mortgage LLC Navy Federal Credit Union Ocwen Loan Servicing, LLC OneWest Bank ORNL Federal Credit Union PennyMac Loan Services, LLC PNC Bank, National Association PNC Mortgage6 Residential Credit Solutions, Inc. Select Portfolio Servicing, Inc. Specialized Loan Servicing LLC U.S. Bank National Association Wells Fargo Bank, NA Other Servicers7 TOTAL # Requests Received 2 13,724 38 1,632 3,139 575 3,890 1,249 7,393 9,099 204 18,218 339 6 295 19 481 336 6,926 2,307 1,490 8,823 80,183 Activity in October 2014 # Requests # Requests Processed 3 Approved 4 606 13,371 27 14 293 82 1,945 108 683 41 3,724 521 1,300 514 3,292 841 9,209 1,695 214 27 12,693 4,287 201 47 6 310 59 36 2 480 75 348 16 2,920 1,193 2,450 790 1,904 185 9,536 1,507 64,942 12,610 # Requests Denied 5 12,765 13 211 1,837 642 3,203 786 2,451 7,514 187 8,406 154 6 251 34 405 332 1,727 1,660 1,719 8,029 52,332 # Requests Received 2 1,423,651 9,926 47,654 90,431 31,375 551,258 102,275 1,570,550 464,447 12,253 917,089 384,524 622 22,499 1,099 43,322 19,532 192,081 66,847 134,238 1,458,622 170,842 7,715,137 Program-to-Date # Requests # Requests Processed 3 Approved 4 1,407,916 580,260 9,668 4,780 40,192 12,982 84,170 24,953 30,607 6,306 535,726 229,801 99,042 39,086 1,545,558 445,454 452,718 96,106 11,792 2,214 883,566 158,702 384,214 102,755 622 53 21,808 6,168 1,031 54 43,297 28,020 19,439 2,197 173,660 103,512 64,589 11,175 132,174 44,798 1,446,496 429,275 170,842 106,111 7,559,127 2,434,762 # Requests Denied 5 827,656 4,888 27,210 59,217 24,301 305,925 59,956 1,100,104 356,612 9,578 724,864 281,459 569 15,640 977 15,277 17,242 70,148 53,414 87,376 1,017,221 64,731 5,124,365 This report is sourced from the Monthly Servicer Survey of select servicers participating in MHA under a Servicer Participation Agreement. All data present in this report reflects what is provided by servicers participating in the survey and is not separately validated by Treasury. Servicers regularly perform evaluation and refinement of reporting, which can lead to updating Program-to-Date results. 1 In 2013, the Bureau of Consumer Financial Protection (CFPB) issued new mortgage servicing rules under the Real Estate Settlement Procedures Act (Regulation X). These rules, which became effective on January 10, 2014, may impact servicer processes for evaluation of requests for assistance under MHA. As a result, servicers’ reporting of Requests Received, Requests Processed, and Requests Denied (defined below) may include all mortgage modification requests. Previously, servicer reporting for these categories included only requests that met basic HAMP eligibility criteria. Due to the ongoing implementation of the mortgage servicing rules and refinement of reporting, some servicers have updated Program-to-Date results to better reflect HAMP Application Activity. From time to time, a servicer's current month's cumulative results may not equal the sum of that servicer's prior month's cumulative results and current month's activity; this may be due to servicing transfers or servicer corrections to prior reporting. Note that Requests Processed, Requests Approved, and Requests Denied in any given month may be related to Requests Received in prior months. "Requests Received" is the total number of mortgage modification requests received, as reported by servicers. Cumulative Requests Received include all mortgage modification requests received since implementation of Supplemental Directive 10-02, effective June 1, 2010, and any requests that were approved for a trial modification prior to implementation of such guidance. As noted in Footnote 1 above, some servicers may include all mortgage modification requests received, whereas they previously included only requests that met basic HAMP eligibility criteria. 2 3 "Requests Processed" is the sum of Requests Approved and Requests Denied, defined below. "Requests Approved" is the total number of mortgage modification requests approved for a trial modification under HAMP and trial offers sent to the borrowers, as reported by servicers. Note that all Requests Approved do not become Active Trials because some borrowers do not accept the trial or fail to make the first trial payment. 4 "Requests Denied" is the total number of mortgage modification requests not approved for a trial modification under HAMP and the decision communicated to the borrower by the servicer in accordance with program guidance, as reported by servicers. Cumulative Requests Denied include all mortgage modification requests denied and communicated to the borrower by the servicer since implementation of Supplemental Directive 10-02, effective June 1, 2010; servicers do not report Requests Denied prior to then as relevant data is incomplete. Figures include HAMP mortgage modification requests denied due to insufficient documentation, failure to meet basic eligibility criteria, and/or other reasons. 5 6 Formerly National City Bank. Includes servicers that are no longer actively participating in the survey process or those whose Servicer Participation Agreement has been terminated. These servicers no longer submit a survey, and their results only reflect previous periods when the survey questions were not as extensive as current surveys (e.g. #Requests Denied was not a component of earlier surveys). 7
@FedFRASER