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Making Home Affordable Program Performance Report Through December 2011 Report Highlights Over 930,000 Homeowners Granted Permanent Modifications • Program to date, homeowners in permanent modifications have saved an estimated $10.5 billion in monthly mortgage payments. Homeowners in active first lien permanent modifications are currently saving a median of $531 per month – more than one-third of the median before-modification payment. • 84 percent of eligible homeowners entering a HAMP trial modification since June 1, 2010 have received a permanent modification, with an average trial period of 3.5 months. • After six months in the program, more than 94% of homeowners remain in permanent modifications, with just 9.9% of homeowners 60+ days delinquent. • HAMP modifications continue to exhibit lower re-default rates than industry modifications as reported by the Office of the Comptroller of the Currency. • This month, additional detail on servicer outreach to 60+ day delinquent homeowners is available, including the average days delinquent at trial start. Early intervention in the delinquency process increases the likelihood the modification will perform. Treasury Announces HAMP Extension and Expansion • On January 27, 2012, Treasury announced important enhancements to HAMP to help prevent avoidable foreclosures and strengthen hard-hit communities. These enhancements extend the program end-date to December 31, 2013 and expand eligibility to include borrowers whose debt-to-income ratio is below 31 percent, properties occupied by a tenant and vacant properties that the borrower intends to rent. • In addition, to encourage investors to consider or expand the use of principal reduction, Treasury announced it will triple financial incentives for investors who agree to reduce principal for eligible underwater borrowers. • Treasury expects that homeowners may be evaluated under the new program guidelines beginning in May for trials starting June 1, 2012. Thus, this month’s report pertains only to current HAMP program requirements. Inside: SUMMARY RESULTS: First Lien Modification Activity Performance of Permanent Modifications First Lien Modification Characteristics/ Modifications by Investor Type Home Affordable Foreclosure Alternatives (HAFA) Activity for PRA, Treasury FHA-HAMP, 2MP and UP HAMP Activity by State HAMP Activity by MSA/ Homeowner Outreach Aged Trials 2 3-4 5 6 7 8 9 10 SERVICER RESULTS: First Lien Modification Activity by 11 Servicer First Lien, PRA, 2MP, and HAFA 12 Activity by Servicer 13 Outreach to 60+ Delinquent Homeowners 14 Average Delinquency at Trial Start 15 Trial Length 16 Conversion Rate 17 Homeowner Experience Disposition of Homeowners Not in 18-19 HAMP APPENDICES: Participants in MHA Programs 20-21 Making Home Affordable: Summary Results Program Performance Report Through December 2011 HAMP Activity: First Lien Modifications HAMP Trials Started Eligible Delinquent Borrowers2 Trial Plan Offers Extended (Cumulative)3 All Trials Started Trial Modifications 1,700 2,553,947 891,435 2,011,288 1,774,595 All Trials Started (000s) (As of Nov. 30, 2011) Eligible Delinquent Loans1 1,500 20,079 761,961 1,580 933,327 1,350 Permanent Modifications Reported Since November 2011 Report 23,374 Permanent Modifications Canceled (Cumulative)6 170,488 Active Permanent Modifications 762,839 50 1,545 1,511 1,400 All Permanent Modifications Started 1,745 100 1,450 79,307 1,729 1,775 1,640 1,550 Trials Reported Since November 2011 Report4 1,688 1,709 1,760 1,613 1,600 Active Trials Jan 2011 Feb Mar Apr May June July Aug Sep Oct Note: Unless specified, exhibits in this report refer to HAMP first lien modification activity. Dec 0 Permanent Modifications Started (Cumulative) 1,000 eligible 60+ day delinquent loans as reported by servicers as of November 30, 2011, include conventional loans: in foreclosure and bankruptcy. with a current unpaid principal balance less than $729,750 on a one-unit property, $934,200 on a two-unit property, $1,129,250 on a three-unit property and $1,403,400 on a four-unit property. on a property that was owner-occupied at origination. originated on or before January 1, 2009. Estimated eligible 60+ day delinquent loans exclude: FHA and VA loans. loans that are current or less than 60 days delinquent, which may be eligible for HAMP if a borrower is in imminent default. 2 The estimated eligible 60+ day delinquent borrowers are those in HAMP-eligible loans, minus estimated exclusions of loans on vacant properties, loans with borrower debt-to-income ratio below 31%, loans that fail the NPV test, properties no longer owner-occupied, unemployed borrowers, manufactured housing loans with title/chattel issues that exclude them from HAMP, loans where the investor pooling and servicing agreements preclude modification, and trial and permanent modifications disqualified from HAMP. Exclusions for DTI and NPV results are estimated using market analytics. 3 As reported in the monthly servicer survey of large SPA servicers through December 31, 2011. 4 Servicers may enter new trial modifications into the HAMP system of record at anytime. 5 717,390 had trial start dates prior to June 1, 2010 when Treasury implemented a verified income requirement. 6A permanent modification is canceled when the borrower has missed three consecutive monthly payments. Includes 2,908 loans paid off. Nov Source: HAMP system of record. Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 20,079 trials have entered the HAMP system of record since the prior report; 14,230 were trials with a first payment recorded in December 2011. All Permanent Modifications Started (000s) 1 Estimated 1,665 1,650 Trial Modifications Canceled (Cumulative)5 Permanent Modifications Monthly Trial Starts (Right Axis) 1,750 Total HAMP Eligibility Cumulative Trial Starts (Left Axis) New Trials Started (000s) 1,800 HAMP is designed to lower monthly mortgage payments to help struggling homeowners stay in their homes and prevent avoidable foreclosure. 900 857 800 763 700 600 608 634 670 699 791 883 910 933 817 731 500 400 Jan 2011 Feb Mar Source: HAMP system of record. Apr May June July Aug Sep Oct Nov Dec 2 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Performance of Permanent Modifications (As of November 30, 2011) This table shows the performance of permanent HAMP modifications at 3, 6, 12 and 18 months of age and includes modifications that have aged at least 3, 6, 12 or 18 months, as applicable. For example: Of loans that became permanent in the 4th quarter of 2010, 8.6% were 60+ days delinquent at 6 months’ seasoning. Delinquency: Months After Conversion to Permanent Modification 3 Modification Became Permanent in: # 6 60+ 90+ Days Days # 12 60+ 90+ Days Days # 18 60+ 90+ Days Days # 60+ 90+ Days Days Q3 2009 3,582 9.7% 3.4% 4,438 14.9% 9.8% 4,681 25.4% 20.7% 5,025 32.1% 28.8% Q4 2009 44,322 5.3% 1.4% 48,150 9.6% 5.6% 52,145 19.8% 15.2% 55,687 25.0% 21.9% Q1 2010 125,654 3.7% 0.9% 152,368 9.7% 5.3% 164,490 20.1% 15.8% 169,872 26.0% 22.4% Q2 2010 150,472 5.0% 1.4% 160,195 11.8% 7.0% 177,407 19.3% 15.8% 174,763 27.6% 23.9% Q3 2010 86,891 4.7% 1.4% 96,941 10.7% 6.6% 105,417 17.9% 14.1% Q4 2010 58,515 4.3% 1.4% 63,009 8.6% 5.4% 65,647 18.0% 14.1% Q1 2011 71,832 2.6% 0.8% 76,734 7.7% 4.5% Q2 2011 80,851 3.4% 1.0% 90,038 8.9% 5.3% Q3 2011 81,732 3.6% 1.1% ALL 703,851 4.1% 1.2% 691,873 9.9% 5.8% 569,787 19.2% 15.3% 405,347 26.6% 23.0% • For permanent loans aged at least 3 months as of November 30, 2011, as reported by servicers through December 16, 2011. • The table stratifies the data by the quarter in which the permanent modification became effective and provides two separate performance metrics: • 60+ days delinquent: All loans that have missed two or more consecutive monthly payments, including 90+ days delinquent loans. • 90+ days delinquent: All loans that have missed three or more consecutive monthly payments. • Loan payment status is not reported by servicers after program disqualification (90+ days delinquent). Therefore, 90+ days delinquent loans are included in each of the 60+ days delinquent and 90+ days delinquent metrics for all future reporting periods, even though some loans may have cured or paid off following program disqualification. • This table reflects a total of 126,727 disqualified loans that have aged 3, 6, 12 or 18 months through the November activity period as reported by servicers through December 16, 2011. • Servicers are required to report monthly payment information on HAMP modifications in the form of an Official Monthly Report (OMR). Servicers did not submit 12,176 OMRs, or 1.6% of total required OMR’s for payments due November 1, 2011. If a servicer does not report an OMR for a loan in a given month, the performance of that loan is not included in the table for that month. This table reflects improved servicer OMR reporting as the modification ages, causing the total loan count for each quarter in months 6 and beyond to be higher than the count in month 3. Reported loan counts may shift from prior reports due to servicer data corrections. If one were to assume all unreported OMRs reflect either a current payment status or the maximum number of missed payments based on the most recently submitted OMR, the re-default rate for permanent modifications that have aged 18 months may range between 22.3%-23.0%. • Once a loan is paid off, it is no longer reflected in future periods. • This table will be published quarterly. Beyond 6 months, performance is noted in 6-month increments. 3 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Performance of Permanent Modifications by Homeowner Payment Reduction (As of November 30, 2011) This chart and the table that follows show the performance of permanent HAMP modifications at 3, 6, 12 and 18 months of age as related to homeowner payment reduction. For example: Of loans that featured a payment reduction between 40% and 50%, 7.7% were 60+ days delinquent at 6 months’ seasoning. 60+ Day Delinquency Rate by Payment Reduction Decreased by 20% or less 60+ Day Delinquency Rate 40% Decreased above 20% up to and including 30% 30% Decreased above 30% up to and including 40% 20% Decreased above 40% up to and including 50% Decreased by more than 50% 10% Program Average 0% 3 6 12 18 Months After Conversion to Permanent Modification Decrease From BeforeModification Principal + Interest Payment: Delinquency: Months After Conversion to Permanent Modification 3 60+ Days 90+ Days 6 60+ Days 90+ Days # # 140,693 7.1% 2.2% 136,776 16.8% 10.4% (20%-30%] Decrease 110,720 5.0% 1.5% 108,856 12.2% (30%-40%] Decrease 124,293 4.0% 1.1% 122,306 (40%-50%] Decrease 129,162 3.1% 0.8% >50% Decrease 198,983 2.3% ALL 703,851 4.1% ≤20% Decrease # 12 60+ Days 90+ Days 18 60+ Days # 90+ Days 109,714 31.0% 25.4% 78,667 40.9% 36.4% 7.3% 88,810 23.8% 19.1% 63,291 32.7% 28.6% 9.7% 5.7% 100,707 19.5% 15.4% 71,858 27.2% 23.4% 126,743 7.7% 4.4% 104,421 15.9% 12.4% 73,807 22.6% 19.1% 0.6% 197,192 5.4% 2.9% 166,135 11.0% 8.4% 117,724 16.0% 13.3% 1.2% 691,873 9.9% 5.8% 569,787 19.2% 15.3% 405,347 26.6% 23.0% Note: For permanent loans aged at least 3 months as of November 30, 2011, as reported by servicers through December 16, 2011. See previous page for technical notes. 4 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Homeowner Benefits and First Lien Modification Characteristics • Aggregate savings to homeowners who received HAMP first lien permanent modifications are estimated to total approximately $10.5 billion, program to date, compared with unmodified mortgage obligations. • The primary hardship reasons for homeowners in active permanent modifications are: • 65.9% experienced loss of income (curtailment of income or unemployment) • 11.6% reported excessive obligation • 3.3% reported an illness of the principal borrower • The median monthly savings for borrowers in active permanent first lien modifications is $531.35, or 37% of the median monthly payment before modification. • Of trial modifications started, 79% of homeowners were at least 60 days delinquent at trial start. The rest were up to 59 days delinquent or current and in imminent default. • Active permanent modifications feature the following modification steps: • 98.1% feature interest rate reductions • 58.9% offer term extension • 30.5% include principal forbearance Modifications by Investor Type (Large Servicers) GSE Private Portfolio Total Active Modifications 1,280 26,608 0 27,888 Bank of America, NA1 84,479 63,741 10,611 158,831 CitiMortgage, Inc. 32,136 5,662 17,197 54,995 GMAC Mortgage, LLC 25,009 5,892 11,675 42,576 JPMorgan Chase NA2 62,038 54,800 24,431 141,269 Ocwen Loan Servicing, LLC 3 6,880 35,929 122 42,931 OneWest Bank 14,983 15,425 2,632 33,040 Servicer American Home Mortgage Servicing Inc. Saxon Mortgage Services, Inc. 1,423 10,180 1,938 13,541 520 16,073 2,521 19,114 Wells Fargo Bank, NA 4 51,822 15,511 46,574 113,907 Other HAMP Servicers 155,629 23,192 15,233 436,199 273,013 132,934 Before Modification Loan Characteristic After Modification Median Decrease Ratio1 45.3% 31.0% -14.4 pct pts Back-End Debt-to-Income Ratio2 77.2% 59.9% -14.7 pct pts $1,431.08 $829.34 -$531.35 Front-End Debt-to-Income Median Monthly Housing Payment3 1 Ratio of housing expenses (principal, interest, taxes, insurance and homeowners association and/or condo fees) to monthly gross income. Ratio of total monthly debt payments (including mortgage principal and interest, taxes, insurance, homeowners association and/or condo fees, plus payments on installment debts, junior liens, alimony, car lease payments and investment property payments) to monthly gross income. Borrowers who have a back-end debt-to-income ratio of greater than 55% are required to seek housing counseling under program guidelines. 3 Principal and interest payment. 2 194,054 Total Select Median Characteristics of Active Permanent Modifications 842,146 Select Portfolio Servicing 1 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 2 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 3 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 4 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage, FSB. Note: Figures reflect active trials and active permanent modifications. 5 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Home Affordable Foreclosure Alternatives (HAFA) The Home Affordable Foreclosure Alternatives Program (HAFA) offers incentives for homeowners looking to exit their homes through a short sale or deed-in-lieu of foreclosure. HAFA has established important homeowner protections and an industry standard for streamlined transactions. HAFA Activity Characteristics All HAFA Agreements Started1 HAFA Agreements Active 8,626 HAFA Transactions Canceled 7,077 HAFA Transactions Completed • In HAFA transactions, homeowners: • Follow a streamlined process for short sales and deeds-in-lieu transactions that requires no verification of income; • Receive a waiver of deficiency once the transaction is completed that releases the homeowner from remaining mortgage debt; • Receive at least $3,000 in relocation assistance at closing. • In 21% of HAFA agreements started, the homeowner began a HAMP trial modification but later requested a HAFA agreement or was disqualified from HAMP. 43,368 27,665 Completed Transactions – Short Sale 26,901 Completed Transactions – Deed-in-Lieu2 764 All Agreements Started (000s) 50 40 32.0 38.1 35.2 42.4 40.5 HAFA Activity by State 43.4 12.5 14.9 18.6 22.0 28.9 0 Mar Apr 43% 25% 15% 12% • Arizona 6% 4% Top Three States by HAFA Activity: 10 Jan-11 Feb HAMP % of Active Modifications • Florida 20 25.3 HAFA % of Transactions Completed • California 30 May June July Aug Sep Oct Nov Dec Includes agreements reported into HAMP system of record through the end of cycle for December 2011 data, though the effective date may occur in January 2012. For instance, 4,755 agreements have entered the HAMP system of record since the prior report; 11 were agreements with effective dates in January 2012. HAFA Activity by Investor Type Agreements Started1 Transactions Completed GSE 2,605 1,604 Private 29,153 18,350 Portfolio 11,610 7,711 Total 43,368 27,665 Investor Type 1 Servicer agreement with homeowner for terms of potential short sale, which lasts at least 120 days; or agreement for a deed-in-lieu transaction. A short sale requires a third-party purchaser and cooperation of junior lien holders and mortgage insurers to complete the transaction. 2 Servicers typically require that the borrower make a good faith effort to list and market the property before the servicer will agree to accept a deed-in-lieu. SPA servicers must consider all borrowers denied for HAMP for a short sale or deed-in-lieu of foreclosure through the HAFA program. However, individual investors can impose additional eligibility requirements. Both Fannie Mae and Freddie Mac issued investor-specific guidance surrounding HAFA policy. For example, Freddie Mac HAFA guidance excludes homeowners who have a current offer on the home. Since the program was announced, Treasury has amended the HAFA guidance a number of times to expand the eligibility criteria. To date, neither GSE has formally adopted this expanded eligibility criteria for their respective HAFA programs. See page 12 for detail of HAFA Activity by Servicer. 6 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Second Lien Modification Program (2MP) Activity Principal Reduction Alternative (PRA) Activity The Principal Reduction Alternative (PRA) requires servicers of non-GSE loans to evaluate the benefit of principal reduction for mortgages with a loan-to-value ratio of 115% or greater when evaluating a homeowner for a HAMP first lien modification. While servicers are required to evaluate homeowners for PRA, they are not required to reduce principal as part of the modification. All PRA Trial Modifications Started 63,203 PRA Trial Modifications Active 16,461 All PRA Permanent Modifications Started 42,753 PRA Permanent Modifications Active The Second Lien Modification Program (2MP) provides assistance to homeowners in a first lien permanent modification who have an eligible second lien with a participating HAMP servicer. This assistance can result in a modification of the second lien and even full or partial extinguishment of the second lien. 2MP modifications and partial extinguishments require that the first lien HAMP modification be permanent and active and that the second lien have an unpaid balance of $5,000 or more and a monthly payment of at least $100. All Second Lien Modifications Started (Cumulative)1 60,959 40,374 Second Lien Modifications Involving Full Lien Extinguishments 12,599 Median Principal Amount Reduced for Active Permanent Modifications $67,196 Second Lien Modifications Disqualified2 1,412 Median Principal Amount Reduced for Active Permanent Modifications (%)1 31.3% Active Second Lien Modifications 46,948 1 PRA Of the Active Second Lien Modifications: amount as a percentage of before-modification UPB, excluding capitalization. Second Lien Partially Extinguished Unemployment Program (UP) Activity The Treasury MHA Unemployment Program (UP) provides a temporary forbearance to homeowners who are unemployed. Under Treasury guidelines, unemployed homeowners must be considered for a minimum of 12 months’ forbearance. All UP Forbearance Plans Started (through Nov. 2011) 14,651 UP Forbearance Plans With No Payment Required 2,896 Second Lien Loan Modifications3 45,043 Second Lien Extinguishment Details 17,547 UP Forbearance Plans With Some Payment Required 1,905 Median Amount of Full Extinguishment $61,410 Median Amount of Partial Extinguishment for Active Second Lien Modifications $6,427 1 Includes Note: Data is as reported by servicers via survey for UP participation through Nov. 30, 2011. Treasury FHA-HAMP Modification Activity The Treasury FHA-HAMP Program provides assistance to eligible homeowners with FHA-insured mortgages. All Treasury FHA-HAMP Trial Modifications Started 7,625 Treasury FHA-HAMP Permanent Modifications Started 4,828 second lien modifications reported into HAMP system of record through the end of cycle for December 2011 data, though the effective date may occur in January 2012. Number of modifications is net of cancellations, which are primarily due to servicer data corrections. 2 Includes 89 loans paid off. 3 Second lien modifications follow a series of steps and may include capitalization, interest rate reduction, term extension and principal forbearance or forgiveness. See Appendix A2 for servicer participants in additional Making Home Affordable programs. 7 Making Home Affordable: Summary Results Program Performance Report Through December 2011 HAMP Activity by State State % of U.S. State HAMP Active Permanent Trials Modifications Total1 Activity State Modification Activity by State % of U.S. Active Permanent State HAMP Trials Modifications Total1 Activity AK 56 319 375 0.0% MT 83 879 962 0.1% AL 512 4,207 4,719 0.6% NC 1,328 13,587 14,915 1.8% AR 184 1,665 1,849 0.2% ND 12 124 136 0.0% AZ 2,454 32,880 35,334 4.2% NE 95 1,019 1,114 0.1% CA 18,709 191,767 210,476 25.0% NH 356 3,452 3,808 0.5% CO 1,005 10,493 11,498 1.4% NJ 2,756 24,394 27,150 3.2% CT 1,031 9,460 10,491 1.2% NM 289 2,481 2,770 0.3% DC 148 1,287 1,435 0.2% NV 1,531 18,865 20,396 2.4% DE 238 2,302 2,540 0.3% NY 5,075 35,709 40,784 4.8% FL 10,492 91,407 101,899 12.1% OH 1,824 16,313 18,137 2.2% GA 2,886 27,473 30,359 3.6% OK 231 HI 273 2,899 3,172 0.4% OR 806 IA 202 1,867 2,069 0.2% PA 1,626 ID 263 2,951 3,214 0.4% RI 330 IL 4,042 40,508 44,550 5.3% SC IN 765 7,186 7,951 0.9% SD KS 205 1,782 1,987 0.2% TN 864 KY 283 2,820 3,103 0.4% TX 2,545 LA 530 4,195 4,725 0.6% UT 579 1,727 1,958 0.2% 8,344 9,150 17,070 2.0% 3,891 4,221 0.5% 769 6,999 7,768 271 306 7,693 8,557 2.6% 7,179 7,758 35,001 and higher 1.0% 22,308 20,001 – 35,000 5,001 – 10,000 0.0% 19,763 5,000 and lower 0.9% 35 Note: Includes active trial and permanent modifications from the official HAMP system of record. 1.1% 15,444 HAMP Modifications 0.9% MA 1,978 18,476 20,454 2.4% VA 1,659 18,164 19,823 2,428 24,249 26,677 3.2% VT 85 637 722 0.1% ME 259 2,089 2,348 0.3% WA 1,773 15,458 17,231 2.0% MI 2,158 24,292 26,450 3.1% WI 803 7,190 7,993 0.9% MN 955 12,710 13,665 1.6% WV 107 1,056 1,163 0.1% MO 818 7,670 8,488 1.0% WY 29 379 408 0.0% MS 274 2,746 3,020 0.4% Other2 569 2,121 2,690 0.3% Mortgage Delinquency Rates by State 2.4% MD 10,001 – 20,000 1 Total reflects active trials and active permanent modifications. 2 Includes Guam, Puerto Rico and the U.S. Virgin Islands. Source: 3rd Quarter 2011 National Delinquency Survey, Mortgage Bankers Association. 60+ Day Delinquency Rate 5.0% and lower 5.01% - 10.0% 10.01% - 15.0% 15.01% - 20.0% 20.01% and higher 8 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Homeowner’s HOPETM Hotline Volume 15 Metropolitan Areas With Highest HAMP Activity Total MSA % of U.S. HAMP HAMP Activity Activity Active Trials Permanent Modifications 6,195 58,198 64,393 48,140 54,366 3,350 39,903 43,253 Chicago-Joliet-Naperville, IL-IN-WI 3,914 39,334 43,248 64,036 Borrowers Referred for Free Housing Counseling Assistance Through the Homeowner’s HOPETM Hotline 5.1% 2,735,229 1,301,560 31,874 6.5% Riverside-San Bernardino-Ontario, CA December Total Number of Calls Taken at 1-888-995-HOPE 7.6% 6,226 Program to Date 5.1% Metropolitan Statistical Area Los Angeles-Long Beach-Santa Ana, CA New York-Northern New JerseyLong Island, NY-NJ-PA Source: Homeowner’s HOPETM Hotline. Numbers reflect calls that resulted in customer records. Miami-Fort Lauderdale-Pompano Beach, FL 4,925 38,322 43,247 5.1% Phoenix-Mesa-Glendale, AZ 1,817 26,655 28,472 3.4% Washington-Arlington-Alexandria, DC-VA-MD-WV 2,367 25,868 28,235 3.4% Atlanta-Sandy Springs-Marietta, GA 2,302 22,224 24,526 2.9% San Francisco-Oakland-Fremont, CA 1,798 16,028 17,826 2.1% Las Vegas-Paradise, NV 1,280 15,485 16,765 2.0% Detroit-Warren-Livonia, MI 1,311 14,753 16,064 1.9% Orlando-Kissimmee-Sanford, FL MSA 1,385 14,025 15,410 1.8% San Diego-Carlsbad-San Marcos, CA 1,362 13,879 15,241 1.8% Boston-Cambridge-Quincy, MA-NH 1,366 13,344 14,710 1.7% Sacramento-Arden-Arcade-Roseville, CA 1,153 13,116 14,269 1.7% Selected Homeowner Outreach Measures Homeowner Outreach Events Hosted Nationally by Treasury and Partners (cumulative) Homeowners Attending Treasury-Sponsored Events (cumulative) 62 60,309 Servicer Solicitation of Borrowers (cumulative)1 8,382,925 Page views on MakingHomeAffordable.gov (December 2011) 2,198,873 Page views on MakingHomeAffordable.gov (cumulative) 134,078,547 1 Source: Survey data provided by SPA servicers. Servicers are encouraged by HAMP to solicit information from borrowers 60+ days delinquent, regardless of eligibility for a HAMP modification. Note: Total reflects active trials and active permanent modifications. A complete list of HAMP activity for all metropolitan areas is available at http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/ 9 Making Home Affordable: Summary Results Program Performance Report Through December 2011 Aged Trials1 200,000 190,412 The number of active trials lasting 6 months or longer is approximately 21,000. 165,543 Program guidance directs servicers to cancel or convert trial modifications after 3 or 4 monthly payments, depending on circumstances. 150,000 117,574 94,269 100,000 76,502 69,418 49,229 50,000 39,753 36,184 32,017 26,362 25,390 23,552 23,014 23,061 27,345 19,793 18,359 20,332 21,002 0 May 2010 June July Aug Sept Oct Nov Dec Jan 2011 Feb March April May June July Aug Sep Oct Nov Dec Trials Lasting 6 Months or Longer At End of Month 1 Active trials initiated at least six months ago. See page 11 for number of aged trials by servicer. These figures include trial modifications that have been converted to permanent modifications or cancelled by the servicer, but not reported as such to the HAMP system of record. 10 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 HAMP Modification Activity by Servicer As of Nov. 30, 2011 Cumulative As of Dec. 31, 2011 Estimated Eligible 60+ Day Delinquent Borrowers1 Trial Plan Offers Extended2 All HAMP Trials Started3 All HAMP Permanent Modifications Started3 Active Trial Modifications3 Active Trial Modifications Lasting 6 Months or Longer4 Active Permanent Modifications3 American Home Mortgage Servicing Inc 35,097 42,834 38,800 30,758 3,239 197 24,649 Bank of America, NA5 175,221 529,040 383,640 176,052 16,296 10,921 142,535 CitiMortgage, Inc. 52,695 198,505 135,788 59,808 4,542 1,934 50,453 GMAC Mortgage, LLC 23,062 82,010 67,021 49,862 2,515 98 40,061 JPMorgan Chase Bank, NA6 136,075 347,721 302,368 149,567 20,014 2,570 121,255 Ocwen Loan Servicing, LLC7 69,057 95,555 89,030 52,939 4,618 970 38,313 OneWest Bank 30,989 75,401 58,544 34,145 3,825 365 29,215 Saxon Mortgage Services, Inc. 15,299 44,555 40,063 17,156 588 73 12,953 Select Portfolio Servicing 7,309 69,562 42,808 23,899 502 19 18,612 Servicer NA8 108,728 342,263 251,487 123,979 9,860 1,360 104,047 Other SPA servicers9 72,412 183,842 184,536 103,670 4,993 710 85,667 Other GSE Servicers10 165,491 NA 180,510 111,492 8,315 1,785 95,079 Total 891,435 2,011,288 1,774,595 933,327 79,307 21,002 762,839 Wells Fargo Bank, 1 Estimated eligible 60+ day delinquent borrowers as reported by servicers as of Nov. 30, 2011, include those in conventional loans: in foreclosure and bankruptcy. with a current unpaid principal balance less than $729,750 on a one-unit property, $934,200 on a two-unit property, $1,129,250 on a three-unit property and $1,403,400 on a four-unit property. on a property that was owner-occupied at origination. originated on or before January 1, 2009. Estimated eligible 60+ day delinquent borrowers exclude: Those in FHA and VA loans. Those in loans that are current or less than 60 days delinquent, which may be eligible for HAMP if a borrower is in imminent default. Those borrowers with debt-to-income ratios less than 31% or a negative NPV test. Owners of vacant properties or properties otherwise excluded. HAMP Trials and Permanent Modifications disqualified from HAMP. Unemployed borrowers. Exclusions for DTI and NPV are estimated using market analytics. As reported in the monthly servicer survey of large SPA servicers through Dec. 31, 2011. 3 As reported into the HAMP system of record by servicers. Excludes FHAHAMP modifications. Subject to adjustment based on servicer reconciliation of historic loan files. Totals reflect impact of servicing transfers. Servicers may enter new trial modifications into the HAMP system of record at any time. 4 These figures include trial modifications that have been converted to permanent modifications or cancelled by the servicer and are pending reporting to the HAMP system of record. 5 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 6 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 7 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 2 8 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage, FSB. 9 Other SPA servicers are entities excluding the 10 largest servicers that have signed participation agreements with Treasury and Fannie Mae. A full list of participating servicers is in Appendix A1. 10 Includes servicers of loans owned or guaranteed by Fannie Mae and Freddie Mac. Includes GSE loans previously transferred from SPA servicers. 11 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Making Home Affordable Programs by Servicer1 Trials Started3 Permanent Modifications Started3 Trials Started3 Permanent Modifications Started3 Second Lien Modification (2MP) Second Lien Modifications Started4 American Home Mortgage Servicing Inc. 38,800 30,758 0 0 Bank of America, NA6 383,640 176,052 13,980 CitiMortgage, Inc. 135,788 59,808 2,096 Principal Reduction Alternative (PRA)2 HAMP First Lien Modifications Servicer Home Affordable Foreclosure Alternatives (HAFA) Agreements Started5 Agreements Completed N/A 565 240 11,445 21,765 6,576 5,450 1,534 8,276 39 29 GMAC Mortgage, LLC 67,021 49,862 1,056 603 3,430 1,669 1,040 JPMorgan Chase Bank, NA7 302,368 149,567 14,545 7,469 13,695 16,996 10,357 Ocwen Loan Servicing, LLC8 89,030 52,939 11,694 7,594 N/A 1,585 821 OneWest Bank 58,544 34,145 3,333 2,095 1,489 1,318 637 Saxon Mortgage Services, Inc. 40,063 17,156 576 513 N/A 363 107 Select Portfolio Servicing 42,808 23,899 1 1 N/A 1,947 1,163 Wells Fargo Bank, NA9 251,487 123,979 14,734 10,509 10,432 10,046 6,171 Other Servicers 365,046 215,162 1,188 990 1,872 2,264 1,650 1,774,595 933,327 63,203 42,753 60,959 43,368 27,665 Total 1 MHA Program Effective Dates: HAMP First Lien: April 6, 2009 PRA: October 1, 2010 2MP: August 13, 2009 HAFA: April 5, 2010 2 While both GSE and non-GSE loans are eligible for HAMP, at the present time due to GSE policy, servicers can only offer PRA on non-GSE modifications under HAMP. Servicer volume can vary based on the investor composition of the servicer’s portfolio and respective policy with regards to PRA. See page 5 for additional servicer detail on HAMP activity by investor type. 3 As reported into the HAMP system of record by servicers. Excludes FHA-HAMP modifications. Subject to adjustment based on servicer reconciliation of historic loan files. Totals reflect impact of servicing transfers. Servicers may enter new trial modifications into the HAMP system of record at any time. 4 See Appendix A1 and A2 for servicer participants in Making Home Affordable programs. N/A – Servicer does not participate in the program. Number of second lien modifications started is net of cancellations, which are primarily due to servicer data corrections. 5 Servicer agreement with homeowner for terms of potential short sale, which lasts at least 120 days; or agreement for a deed-in-lieu transaction. A short sale requires a thirdparty purchaser and cooperation of junior lienholders and mortgage insurers to complete the transaction. 6 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 7 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 8 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 9 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage, FSB. 12 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Servicer Outreach to 60+ Day Delinquent Homeowners: Cumulative Servicer Results, Dec. 2010 – Nov. 2011 Per program guidance, servicers are directed to establish Right Party Contact (RPC) with homeowners of delinquent HAMP eligible loans1 and then evaluate the homeowners' eligibility for HAMP. Top program servicers make RPC over 85% of the time, but there is a range of performance results across servicers with respect to completing the evaluations. 100% 97% 95% 91% 90% 95% 86% 85% 90% 87% 85% 80% 70% 60% 50% 94% 40% 83% 76% 62% 30% 79% 75% 85% 68% 58% 20% Servicer Unable to Report Comprehensive Data2 10% 0% Am. Home Servicing Bank of America Citi GMAC JPMorgan Chase Right Party Contact Ratio3 Ocwen OneWest Saxon SPS Wells Fargo HAMP Evaluations Complete Ratio4 1 Homeowners with HAMP eligible loans, which include conventional loans that were originated on or before Jan. 1, 2009 and were owner-occupied at origination; excludes FHA and VA loans, loans where investor pooling and servicing agreements preclude modification, manufactured housing loans with title/chattel issues that exclude them from HAMP. 2 Comprehensive data is expected for the next reporting period. 3 Right Party Contact (RPC) is achieved when a servicer has successfully communicated directly with the homeowner obligated under the mortgage about resolution of their delinquency in accordance with program guidelines. The RPC ratio reflects the share of homeowners with which the servicer has established RPC as a percent of HAMP eligible loans, excluding borrowers where RPC or HAMP evaluation is no longer needed. 4 HAMP evaluations complete ratio reflects the share of homeowners who have been evaluated for HAMP as a percent of HAMP eligible loans, excluding borrowers where RPC or HAMP evaluation is no longer needed. Evaluated homeowners include those offered a trial plan those that are denied or did not accept a trial plan and homeowners that failed to submit a complete HAMP evaluation package by program-specified timelines. 13 Source: Survey of 10 largest participating servicers as of November 30, 2011. Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Average Homeowner Delinquency at Trial Start1 Servicers are instructed to follow a series of steps in order to evaluate homeowners for HAMP, including: • Identifying and soliciting the homeowners in the early stages of delinquency; • Making reasonable efforts to establish contact with the homeowners; • Gathering required documentation once contact is established in order to evaluate the homeowners for a HAMP trial; and, • Communicating decisions to the homeowners. Effective 10/1/11, a new servicer compensation structure exists to encourage servicers to work with struggling homeowners in the early stages of delinquency with the highest incentives paid for permanent modifications completed when the homeowner is 120 days delinquent or less at the trial start. 250 Maximum servicer incentive is paid for converting a permanent modification that was 120 days delinquent or less at trial start. 200 150 100 50 0 Am. Home Servicing Bank of America Citi GMAC JPMorgan Chase Ocwen OneWest Saxon SPS Wells Fargo Other Servicers 1 For all permanent modifications started, the average number of days delinquent as of the trial plan start date. Delinquency is calculated as the number of days between the homeowner's last paid installment before the trial plan and the first payment due date of the trial plan. 14 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Length of Trial Upon Conversion1 9 The average length of the trial period for those converted to a permanent HAMP modification has decreased from 5.3 months for trials started prior to June 1, 2010, to 3.5 months for trials started June 1, 2010 or later. 8 7 Months 6 5 4.5 4 3 3.5 3.4 3.5 3.3 3.0 3.0 3.0 3.2 3.5 3.3 3.3 2 1 0 Am. Home Servicing Bank of America CitiMortgage Trials Started Before 6/1/10 GMAC JPMorgan Chase Ocwen Trials Started On/After 6/1/10 OneWest Saxon SPS Before 6/1/10 Average (5.3) Wells Fargo Other SPA Servicers Other GSE servicers On/After 6/1/10 Average (3.5) 1 For all permanent modifications started. Note: Per program guidelines, effective June 1, 2010 all trials must be started using verified income. Prior to June 1, 2010, some servicers initiated trials using stated income information. 15 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Conversion Rate1 Following the implementation of verified income documentation in June 2010, rates of converting trial modifications into permanent modifications have risen substantially. Of Trials Started Before 6/1/10: 43% Converted to Permanent Modification 0.6% Pending Processing or Decision 100% 88% 81% 80% Conversion Rate Of Eligible Trials Started On/After 6/1/10: 84% Converted to Permanent Modification 6.5% Pending Processing or Decision 83% 84% 90% 83% 79% 82% 89% 87% 82% 84% 60% 40% 20% 0% Am. Home Servicing Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen Average of Trials Started Before 6/1/10 (43%) OneWest Saxon SPS Wells Fargo Other SPA Servicers Other GSE Servicers Average of Trials Started On/After 6/1/10 (84%) 1 Per program guidelines, effective June 1, 2010 all trials must be started using verified income. Before June 1, 2010, some servicers initiated trials using stated income information. Chart depicts conversion rates as measured against trials eligible to convert – those three months in trial, or four months if the borrower was at risk of imminent default at trial modification start. Permanent modifications transferred among servicers are credited to the originating servicer. Trial modifications transferred are reflected in the current servicer’s population. 16 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Homeowner Experience (10 Largest Servicers) Average Speed to Answer Homeowner Calls (November) 60 Servicer Complaint Rate to Homeowner’s HOPETM Hotline (Program to Date, Through December) Program to date, there have been 1,349,423 calls to the Homeowner’s HOPETM Hotline regarding a specific SPA servicer, of which 6.6% included complaints. Below shows specific complaint rates. Average Speed to Answer Calls to Homeowner’s HOPETM Hotline for November: 22.4 Seconds 50 11% 40 % of Calls for Specific Servicer Seconds 30 20 9% 8% 7% 6% 5% 10 0 4% 3% Am. Home Servicing Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon SPS Wells Fargo Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon 31,143 6,993 3,497 17,782 4,449 285 1,207 SPS 692 Wells Fargo 11,518 Servicer Time to Resolve Third-Party Escalations (Cases Reported Feb. 1, 2011 – Dec. 31, 2011) Call Abandon Rate (November) 8% 60 Homeowner’s HOPETM Hotline Average Call Abandon Rate for November: 3.5% Target: 30 Calendar Days 50 Calendar Days 6% Am. Home Complaints Servicing (PTD): 2,632 Source: Homeowner’s HOPETM Hotline. Numbers reflect calls that resulted in customer records. Note: Complaint rate is the share of a specific servicer’s call volume that are complaints (e.g., for all calls about OneWest, 9.6% included complaints.) Source: Survey data through November 30, 2011, from servicers on call volume to loss mitigation lines; Homeowner’s HOPETM Hotline. 4% 40 30 20 10 2% 0 0% Program to Date Average: 6.6% 10% Am. Home Servicing Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon SPS Source: Survey data through November 30, 2011, from servicers on call volume to loss mitigation lines; Homeowner’s HOPETM Hotline. Wells Fargo Am. Home Servicing Resolved Cases 702 Post-2/1/11 Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon SPS Wells Fargo 10,276 1,127 661 4,082 1,167 894 272 170 2,716 Source: MHA Support Centers. GSE and Non-GSE escalations resolved on or after Feb. 1, 2011. Investor denial cases escalated prior to Nov.1, 2011, cases involving bankruptcy and those that did not require servicer actions are not included in calculation of servicer time to resolve escalations. Target of 30 calendar days, effective Feb. 1, 2011, includes an estimated 5 days of processing by MHA Support Centers. 17 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Disposition Path Homeowners in Canceled HAMP Trial Modifications Survey Data Through November 2011 (10 Largest Servicers) Homeowners Whose HAMP Trial Modification Was Canceled Who Are in the Process of: Action Not Allowed – Action Bankruptcy Borrower Pending1 in Process Current Servicer American Home Mortgage Servicing Inc. Total (As of Short Sale/ Alternative Payment Deed-in- Foreclosure Foreclosure November 2011) Modification Plan2 Loan Payoff Lieu Starts Completions 192 87 175 2,594 62 280 339 660 178 4,567 Bank of America, NA 18,125 7,902 19,170 66,762 2,549 4,710 17,195 30,124 21,741 188,278 CitiMortgage Inc. 2,623 3,353 6,837 30,882 1,113 8,679 619 7,579 9,860 71,545 GMAC Mortgage, LLC 1,977 402 986 5,519 116 524 1,123 1,738 1,900 8,259 837 5,469 51,588 175 1,372 11,689 26,302 13,701 8,628 945 8,928 5,307 1,991 328 19 3,453 1,404 31,003 292 370 631 12,002 91 83 1,164 1,821 4,063 20,517 Saxon Mortgage Services, Inc. 1,832 924 2,409 2,249 448 1,419 858 4,321 3,883 18,343 Select Portfolio Servicing 1,167 364 1,245 5,477 298 437 1,310 1,545 3,563 15,406 Wells Fargo Bank NA6 2,755 811 11,532 52,539 896 22,614 2,799 16,366 7,556 117,868 45,850 7.6% 15,995 2.7% 57,382 9.5% 234,919 39.1% 7,739 1.3% 40,446 6.7% 37,115 6.2% 93,909 15.6% 67,849 11.3% • Trial plan payment default 119,392 Ocwen Loan Services LLC5 • Insufficient documentation 14,285 JP Morgan Chase Bank NA4 The most common causes of trial cancellations from all servicers are: 601,204 100.0% 3 OneWest Bank TOTAL (These 10 Largest Servicers) Note: Data is as reported by servicers for actions completed through November 30, 2011. Survey data is not subject to the same data quality checks as data uploaded into the HAMP system of record. 1 Trial loans that have been canceled, but no further action has yet been taken. 2 An arrangement with the borrower and servicer that does not involve a formal loan modification. 3 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 4 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 5 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 6 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage, FSB. Note: Excludes cancellations pending data corrections and loans otherwise removed from servicing portfolios. • Ineligible borrower: first lien housing expense is already below 31% of household income 18 Making Home Affordable: Servicer Results Program Performance Report Through December 2011 Disposition Path Homeowners Not Accepted for HAMP Trial Modifications Survey Data Through November 2011 (10 Largest Servicers) Homeowners Not Accepted for a HAMP Trial Modification Who Are in the Process of: Servicer Action Pending1 Action Not Allowed – Bankruptcy Borrower in Process Current Total (As of Short Sale/ Alternative Payment Deed-in- Foreclosure Foreclosure November 2011) Modification Plan2 Loan Payoff Lieu Starts Completions American Home Mortgage Servicing Inc. 2,268 1,472 12,909 40,383 1,487 2,374 2,631 9,317 1,893 74,734 Bank of America, NA3 42,586 17,039 99,156 126,399 10,997 10,342 39,289 78,640 46,259 470,707 CitiMortgage Inc. 11,759 12,363 22,322 38,231 2,987 35,363 1,896 24,944 18,165 168,030 GMAC Mortgage, LLC 27,516 5,934 36,903 37,068 1,719 5,409 9,421 17,048 15,487 94,012 6,793 79,815 139,778 382 34,430 45,023 89,512 27,373 25,791 4,974 29,696 50,190 8,961 4,141 152 13,791 7,560 145,256 OneWest Bank 5,085 2,622 23,436 26,278 1,126 1,863 4,845 9,025 11,002 85,282 Saxon Mortgage Services, Inc. 3,300 1,229 3,110 7,500 547 3,348 565 5,238 2,844 27,681 Select Portfolio Servicing 2,666 438 2,996 5,049 382 360 1,273 1,775 1,998 16,937 Wells Fargo Bank NA6 17,431 5,118 50,150 50,883 1,660 30,426 15,750 23,319 15,585 210,322 232,414 12.4% 57,982 3.1% 360,493 19.3% 521,759 27.9% 30,248 1.6% 128,056 6.8% 120,845 6.5% 272,609 14.6% 148,166 7.9% • Ineligible borrower: first lien housing expense is already below 31% of household income 517,118 Ocwen Loan Services LLC5 • Insufficient documentation 156,505 JP Morgan Chase Bank NA4 The most common causes of trials not accepted from all servicers are: 1,872,572 100.0% TOTAL (These 10 Largest Servicers) Note: Data is as reported by servicers for actions completed through November 30, 2011. Survey data is not subject to the same data quality checks as data uploaded into the HAMP system of record. 1 Homeowners who were not approved for a HAMP trial modification, but no further action has yet been taken. 2 An arrangement with the borrower and servicer that does not involve a formal loan modification. 3 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 4 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 5 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 6 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage, FSB. Note: Excludes loans removed from servicing portfolios. • Ineligible mortgage 19 Making Home Affordable Program Performance Report Through December 2011 Appendix A1: Non-GSE Participants in HAMP Servicers participating in the HAMP First Lien Modification Program may also offer additional support for homeowners, including Home Affordable Foreclosure Alternatives (HAFA), a forbearance for unemployed borrowers through the Unemployment Program (UP), and Principal Reduction Alternative (PRA). Effective October 3, 2010, the ability to make new financial commitments under the Troubled Asset Relief Program (TARP) terminated, and consequently no new Servicer Participation Agreements may be executed. In addition, effective June 25, 2010, no new housing programs may be created under TARP. Allstate Mortgage Loans & Investments, Inc. American Eagle Federal Credit Union American Home Mortgage Servicing, Inc AMS Servicing, LLC Aurora Loan Services, LLC Bank of America, N.A.1 Bank United Bay Federal Credit Union Bayview Loan Servicing, LLC Carrington Mortgage Services, LLC CCO Mortgage Central Florida Educators Federal Credit Union CitiMortgage, Inc. Citizens 1st National Bank Community Bank & Trust Company Community Credit Union of Florida CUC Mortgage Corporation DuPage Credit Union Fay Servicing, LLC Fidelity Homestead Savings Bank First Bank First Financial Bank, N.A. Franklin Credit Management Corporation Franklin Savings Fresno County Federal Credit Union Glass City Federal Credit Union GMAC Mortgage, LLC Grafton Suburban Credit Union Great Lakes Credit Union Greater Nevada Mortgage Services Green Tree Servicing LLC Hartford Savings Bank Hillsdale County National Bank HomEq Servicing HomeStar Bank & Financial Services Horicon Bank Horizon Bank, NA IBM Southeast Employees' Federal Credit Union IC Federal Credit Union Idaho Housing and Finance Association iServe Residential Lending LLC iServe Servicing Inc. JPMorgan Chase Bank, NA2 Lake City Bank Lake National Bank Liberty Bank and Trust Co. Los Alamos National Bank Magna Bank Marix Servicing, LLC Midland Mortgage Company Midwest Community Bank Mission Federal Credit Union Mortgage Center, LLC Nationstar Mortgage LLC Navy Federal Credit Union Ocwen Loan Servicing, LLC3 OneWest Bank ORNL Federal Credit Union Park View Federal Savings Bank Pathfinder Bank PennyMac Loan Services, LLC PNC Bank, National Association PNC Mortgage4 Purdue Employees Federal Credit Union QLending, Inc. Quantum Servicing Corporation Residential Credit Solutions RG Mortgage Corporation RoundPoint Mortgage Servicing Corporation Saxon Mortgage Services, Inc. Schools Financial Credit Union SEFCU Select Portfolio Servicing Servis One Inc., dba BSI Financial Services, Inc. ShoreBank Silver State Schools Credit Union Specialized Loan Servicing, LLC Sterling Savings Bank Suburban Mortgage Company of New Mexico Technology Credit Union The Golden 1 Credit Union U.S. Bank National Association United Bank United Bank Mortgage Corporation Vantium Capital, Inc. Vist Financial Corp. Wealthbridge Mortgage Corp. Wells Fargo Bank, NA5 Yadkin Valley Bank 1 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 2 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 3 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 4 Formerly National City Bank. 5 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage, FSB. 20 Making Home Affordable Program Performance Report Through December 2011 Appendix A2: Participants in Additional Making Home Affordable Programs Second Lien Modification Program (2MP) Bank of America, NA1 Bayview Loan Servicing, LLC CitiMortgage, Inc. Community Credit Union of Florida GMAC Mortgage, LLC Green Tree Servicing LLC iServe Residential Lending, LLC iServe Servicing, Inc. JPMorgan Chase Bank, NA2 Nationstar Mortgage LLC OneWest Bank PennyMac Loan Services, LLC PNC Bank, National Association PNC Mortgage 3 Residential Credit Solutions Servis One Inc., dba BSI Financial Services, Inc. Wells Fargo Bank, NA 4 FHA First Lien Program (Treasury FHA-HAMP) Amarillo National Bank American Financial Resources Inc. Aurora Financial Group, Inc. Aurora Loan Services, LLC Banco Popular de Puerto Rico Bank of America, NA1 Capital International Financial, Inc. CitiMortgage, Inc. CU Mortgage Services, Inc. First Federal Bank of Florida First Mortgage Corporation Franklin Savings Gateway Mortgage Group, LLC GMAC Mortgage, LLC. Green Tree Servicing LLC Guaranty Bank iServe Residential Lending, LLC iServe Servicing, Inc. James B. Nutter & Company JPMorgan Chase Bank,NA2 M&T Bank Marix Servicing, LLC Marsh Associates, Inc. Midland Mortgage Company Nationstar Mortgage LLC Ocwen Loan Servicing, LLC PennyMac Loan Services, LLC PNC Mortgage 3 RBC Bank (USA) Residential Credit Solutions Saxon Mortgage Services, Inc. Schmidt Mortgage Company Select Portfolio Servicing Servis One Inc., dba BSI Financial Services, Inc. Stockman Bank of Montana Wells Fargo Bank, NA 4 Weststar Mortgage, Inc. FHA Second Lien Program (FHA 2LP) Bank of America, NA1 Bayview Loan Servicing, LLC CitiMortgage, Inc. Flagstar Capital Markets Corporation GMAC Mortgage, LLC. Green Tree Servicing LLC JPMorgan Chase Bank, NA2 Nationstar Mortgage LLC PNC Bank, National Association PNC Mortgage 3 Residential Credit Solutions Saxon Mortgage Services, Inc. Select Portfolio Servicing Wells Fargo Bank, NA 4 Rural Housing Service Modification Program (RD-HAMP) Banco Popular de Puerto Rico Bank of America, N.A. 1 Horicon Bank JPMorgan Chase Bank, NA 2 Magna Bank Marix Servicing, LLC Midland Mortgage Company Nationstar Mortgage LLC Wells Fargo Bank, NA 4 1 Bank of America, NA includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 2 JPMorgan Chase Bank, NA includes all loans previously reported under EMC Mortgage Corporation. 3 Formerly National City Bank. 4 Wells Fargo Bank, NA includes all loans previously reported under Wachovia Mortgage FSB. 21
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