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 February 2015 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 18,262 19 1,543 572 382 5,257 1,060 5,270 7,058 142 12,890 168 6 250 15 404 453 5,273 2,015 1,388 7,875 70,302 Activity in February 2015 # Requests # Requests Processed 3 Approved 4 439 6,485 21 15 261 59 649 74 328 12 2,110 278 961 426 2,518 607 7,178 1,546 126 15 13,667 4,276 190 54 6 247 74 10 382 61 448 18 3,988 1,447 2,301 636 1,567 116 5,929 1,010 49,372 11,163 # Requests Denied 5 6,046 6 202 575 316 1,832 535 1,911 5,632 111 9,391 136 6 173 10 321 430 2,541 1,665 1,451 4,919 38,209 # Requests Received 2 1,454,760 9,977 45,383 88,026 33,060 606,103 105,432 1,578,266 495,682 12,603 907,984 385,863 647 21,677 1,177 44,890 36,225 209,671 74,203 140,475 1,486,660 170,842 7,909,606 Program-to-Date # Requests # Requests Processed 3 Approved 4 1,411,756 582,403 9,694 4,806 41,315 13,250 87,235 25,306 32,557 6,396 576,489 191,422 103,631 40,879 1,556,974 448,151 485,001 102,885 12,367 2,270 853,331 133,978 385,532 103,130 647 53 21,397 5,983 1,123 59 44,839 28,257 35,973 4,741 193,421 109,794 72,218 13,090 139,345 45,335 1,463,518 433,487 170,842 106,111 7,699,205 2,401,786 # Requests Denied 5 829,353 4,888 28,065 61,929 26,161 385,067 62,752 1,108,823 382,116 10,097 719,353 282,402 594 15,414 1,064 16,582 31,232 83,627 59,128 94,010 1,030,031 64,731 5,297,419 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 of 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