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Making Home Affordable Program Performance Report Through March 2012 Report Highlights Inside: Over 1.1 Million Homeowner Assistance Actions Granted through Making Home Affordable SUMMARY RESULTS: • Over 990,000 homeowners have been granted HAMP first lien permanent modifications and have saved an estimated $12.2 billion in monthly mortgage payments. Homeowners in active first lien permanent modifications are currently saving a median of approximately $535 per month – more than one-third of the median before-modification payment. • Over 76,000 second lien modifications have been completed through the Second Lien Modification Program (2MP), and more than 40,000 homeowners have received a short sale or deed-in-lieu of foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA). • 86% 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. First Lien Modification Activity Activity for PRA, Treasury FHA-HAMP, 2MP 4 and UP Home Affordable Foreclosure Alternatives (HAFA) 5 Performance of Permanent Modifications 6-7 First Lien Modification Characteristics /Modifications by Investor Type 8 HAMP Activity by State 9 HAMP Activity by MSA/ Homeowner Outreach 10 Aged Trials 11 Permanent Modifications Continue to Perform Well Over Time • After six months in the program, more than 94% of homeowners remain in permanent modifications and 9.8% of homeowners are 60+ days delinquent. • Payment reduction is strongly correlated with permanent modification sustainability. For modifications seasoned 24 months, only 17.4% of modifications with a monthly payment reduction greater than 50% have been disqualified from the program due to missing three consecutive payments, compared to a disqualification rate of 44% where the payment had been cut by 20% or less. • HAMP modifications continue to exhibit lower delinquency and re-default rates than industry modifications as reported by the Office of the Comptroller of the Currency. Note: This report reflects program activity for the Making Home Affordable Program. For information and quarterly updates about the Hardest Hit Fund, please visit the website for the Hardest Hit Fund or the TARP Monthly Report to Congress. Making Home Affordable Program Activity 2 3 SERVICER RESULTS: First Lien Modification Activity by 12 Servicer First Lien, PRA, 2MP, and HAFA 13 Activity by Servicer 14 Outreach to 60+ Delinquent Homeowners 15 Average Delinquency at Trial Start 16 Conversion Rate 17 Homeowner Experience Disposition of Homeowners Not in 18-19 HAMP APPENDICES: Participants in MHA Programs 20-21 Making Home Affordable Program Performance Report Through March 2012 Making Home Affordable Program Activity In total, the MHA program has completed over 1.1 million first and second lien permanent modifications, HAFA transactions, and UP forbearance plans. Cumulative MHA Activity (000s) Cumulative MHA Activity1 1,400 1,200 1,000 800 600 400 200 0 Reported Since Prior Period 993,522 19,940 76,218 5,085 Program Purpose 40,252 4,486 • Home Affordable Modification Program (HAMP) 6,131 346 Provides eligible borrowers the opportunity to lower their first lien mortgage payment to affordable and sustainable levels through a uniform loan modification process. 20,402 809 • Second Lien Modification Program (2MP) 1,136,525 30,666 Provides payment reducing modifications and extinguishments on second liens when there has been a first lien HAMP modification on the same property. • Home Affordable Foreclosure Alternatives (HAFA) Provides transition alternatives to foreclosure in the form of a short sale or deed-in-lieu of foreclosure. • FHA-HAMP and RD-HAMP modification programs Provides first lien modifications for distressed borrowers in loans guaranteed through the Federal Housing Administration and Rural Housing Service. • Unemployment Program (UP) Provides temporary forbearance of mortgage principal to enable unemployed borrowers to look for a new job without fear of foreclosure. • Principal Reduction Alternative (PRA) Provides principal forgiveness on eligible underwater loans that are modified under HAMP. Cumulative (Left Axis) 60 Monthly (Right Axis) 50 40 30 20 10 0 Monthly MHA Activity (000s) HAMP Permanent Modifications Started 2MP Modifications Started HAFA Agreements Completed FHA-HAMP and RD-HAMP Permanent Modifications Started UP Forbearance Plans Started (through Feb. 2012) Program-to-Date The Making Home Affordable Program was launched in March 2009 with the Home Affordable Modification Program (HAMP) which provides assistance to struggling homeowners by lowering monthly first lien mortgage payments to an affordable level. Additional programs were subsequently rolled out to expand the program reach. Source: HAMP system of record for HAMP, 2MP, HAFA, FHA-HAMP, and RD-HAMP. UP participation is reported via servicer survey through Feb. 29, 2012. 1 Cumulative activity includes HAMP permanent modifications started, 2MP modifications started, HAFA transactions completed, FHA-HAMP and RD-HAMP permanent modifications started, and UP forbearance plans started. This does not include trial modifications that have cancelled or not yet converted to permanent modification and HAFA agreements started but not yet completed. 2 Making Home Affordable: Summary Results Program Performance Report Through March 2012 HAMP (First Lien) Modifications HAMP (First Lien) Trials Started (As of Feb. 29, 2012) Trial Modifications Permanent Modifications Eligible Delinquent Borrowers2 1,750 2,386,310 806,194 Trial Plan Offers Extended (Cumulative)3 2,007,846 All Trials Started 1,829,734 All Trials Started (000s) HAMP Eligibility Monthly Trial Starts (Right Axis) 1,800 Total Eligible Delinquent Loans1 Cumulative Trial Starts (Left Axis) 1,700 1,640 1,650 Trial Modifications Canceled Since June 1, 20105 51,429 1,450 Active Trials 68,630 1,400 All Permanent Modifications Started 993,522 1,350 Permanent Modifications Reported Since February 2012 Report 19,940 Permanent Modifications Canceled (Cumulative)6 198,774 Active Permanent Modifications 794,748 1,500 1,747 1,830 100 50 1,579 1,544 1,550 20,909 1,688 1,730 1,782 1,813 1,612 1,600 Trials Reported Since February 2012 Report4 1,665 1,709 1,764 1,797 1,510 Jan 2011 Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan 2012 Feb Mar New Trials Started (000s) 1,850 HAMP is designed to lower monthly mortgage payments to help struggling homeowners stay in their homes and prevent avoidable foreclosure. 0 Source: HAMP system of record. Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 20,909 trials have entered the HAMP system of record since the prior report; 16,385 were trials with a first payment recorded in March 2012. HAMP Permanent Modifications Started (Cumulative) 1,100 Estimated eligible 60+ day delinquent loans as reported by servicers as of February 29, 2012, include conventional loans: 1,000 in foreclosure and bankruptcy. 933 with a current unpaid principal balance less than $729,750 on a one-unit property, $934,200 on a two-unit 910 883 property, $1,129,250 on a three-unit property and $1,403,400 on a four-unit property. 900 857 on a property that was owner-occupied at origination. 817 originated on or before January 1, 2009. 791 800 763 Estimated eligible 60+ day delinquent loans exclude: 731 FHA and VA loans. 699 700 loans that are current or less than 60 days delinquent, which may be eligible for HAMP if a borrower is in 670 634 imminent default. 608 2 The estimated eligible 60+ day delinquent borrowers are those in HAMP-eligible loans, minus estimated 600 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 500 agreements preclude modification, and trial and permanent modifications disqualified from HAMP. Exclusions for DTI and NPV results are estimated using market analytics. 400 3 As reported in the monthly servicer survey of large SPA servicers through March 31, 2012. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 4 Servicers may enter new trial modifications into the HAMP system of record at anytime. 2011 5 767,582 cumulative including 716,153 that had trial start dates prior to June 1, 2010 when Treasury Source: HAMP system of record. implemented a verified income requirement. 6 A permanent modification is canceled when the borrower has missed three consecutive monthly payments. Includes 3,644 loans paid off. Note: Unless specified, exhibits in this report refer to HAMP first lien modification activity. All Permanent Modifications Started (000s) 1 951 Jan 2012 974 994 Feb Mar 3 Making Home Affordable: Summary Results Program Performance Report Through March 2012 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. PRA may be a feature of a HAMP trial or permanent modification. All PRA Trial Modifications Started 77,640 PRA Trial Modifications Active 15,502 All PRA Permanent Modifications Started 56,443 PRA Permanent Modifications Active 52,243 Median Principal Amount Reduced for Active Permanent Modifications1 $69,083 Median Principal Amount Reduced for Active Permanent Modifications (%)2 31.4% 1 Under the PRA program, principal is vested over a 3 year period. The amounts noted reflect the entire amount that may be forgiven. 2 PRA amount as a percentage of before-modification UPB, excluding capitalization. Unemployment Program (UP) Activity Second Lien Modification Program (2MP) Activity 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 76,218 Second Lien Modifications Involving Full Lien Extinguishments 16,599 Second Lien Modifications Disqualified2 2,522 Active Second Lien Modifications3 57,097 Of the Active Second Lien Modifications: Second Lien Partially Extinguished 2,950 Second Lien Loan Modifications4 54,147 Second Lien Extinguishment Details 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 Feb. 2012) 20,402 UP Forbearance Plans With Some Payment Required 17,643 UP Forbearance Plans With No Payment Required 2,759 Note: Data is as reported by servicers via survey for UP participation through Feb. 29, 2012. Treasury FHA-HAMP Modification Activity Median Amount of Full Extinguishment $61,355 Median Amount of Partial Extinguishment for Active Second Lien Modifications $7,027 1 Includes second lien modifications reported into HAMP system of record through the end of cycle for March 2012 data, though the effective date may occur in April 2012. Number of modifications is net of cancellations, which are primarily due to servicer data corrections. 2 Includes 129 loans paid off. 3 Includes 2,536 loans in active non-payment status whereby the 1MP has disqualified from HAMP. As a result, the servicer is no longer required to report payment activity on the 2MP modification. 4 Second lien modifications follow a series of steps and may include capitalization, interest rate reduction, term extension and principal forbearance or forgiveness. The Treasury FHA-HAMP Program provides assistance to eligible homeowners with FHAinsured mortgages. All Treasury FHA-HAMP Trial Modifications Started 9,767 All Treasury FHA-HAMP Permanent Modifications Started 6,131 See Appendix A2 for servicer participants in additional Making Home Affordable programs. 4 Making Home Affordable: Summary Results Program Performance Report Through March 2012 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 60,372 HAFA Agreements Active 10,155 HAFA Transactions Canceled 9,965 HAFA Transactions Completed 40,252 All Agreements Started (000s) All HAFA Agreements Started1 Completed Transactions – Short Sale 39,177 Completed Transactions – Deed-in-Lieu2 1,075 70 60 50 40 30 20 10 0 12.6 15.1 18.8 22.4 25.8 29.8 33.3 37.7 41.9 45.7 49.2 53.0 56.5 59.0 • 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. HAFA Activity by State 60.4 HAFA % of Transactions Completed HAMP % of Active Modifications • California 42% 25% • Florida 15% 12% • Arizona 7% 4% Top Three States by HAFA Activity: Includes agreements reported into HAMP system of record through the end of cycle for March 2012 data, though the effective date may occur in April 2012. For instance, 5,474 agreements have entered the HAMP system of record since the prior report; 14 were agreements with effective dates in April 2012. HAFA Activity by Investor Type Agreements Started1 Transactions Completed GSE 4,169 2,598 Private 40,198 26,660 Portfolio 16,005 10,994 Total 60,372 40,252 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 13 for detail of HAFA Activity by Servicer. 5 Making Home Affordable: Summary Results Program Performance Report Through March 2012 Performance of Permanent Modifications (As of February 29, 2012) This table shows the performance of permanent HAMP modifications at 3, 6, 12, 18 and 24 months of age and includes modifications that have aged at least 3, 6, 12, 18 or 24 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 # 24 60+ 90+ Days Days # 60+ 90+ Days Days Q3 2009 3,580 9.7% 3.4% 4,436 14.9% 9.8% 4,677 25.4% 20.7% 5,021 32.1% 28.8% 5,132 36.8% 33.5% Q4 2009 44,296 5.3% 1.4% 48,123 9.6% 5.6% 52,106 19.8% 15.2% 55,470 25.0% 21.9% 56,499 31.3% 28.1% Q1 2010 125,293 3.7% 0.9% 151,739 9.7% 5.3% 163,738 20.2% 15.9% 169,053 26.1% 22.4% 171,222 32.1% 28.9% Q2 2010 149,540 5.0% 1.4% 159,098 11.8% 7.0% 176,200 19.4% 15.9% 173,520 27.7% 24.0% Q3 2010 86,834 4.7% 1.4% 96,713 10.7% 6.6% 105,133 17.9% 14.1% 107,375 25.2% 21.7% Q4 2010 58,309 4.3% 1.4% 62,776 8.6% 5.4% 65,396 18.1% 14.2% Q1 2011 71,577 2.6% 0.8% 76,446 7.7% 4.5% 80,487 16.8% 13.3% Q2 2011 80,768 3.4% 1.0% 89,939 8.9% 5.3% Q3 2011 81,650 3.6% 1.1% 86,822 8.7% 5.4% Q4 2011 65,566 3.2% 1.1% ALL 767,413 4.0% 1.2% 776,092 9.8% 5.8% 647,737 19.0% 15.1% 510,439 26.4% 22.8% 232,853 32.0% 28.8% • For permanent loans aged at least 3 months as of February 29, 2012, as reported by servicers through March 16, 2012. • 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 162,339 disqualified loans that have aged 3, 6, 12, 18 or 24 months through the February activity period as reported by servicers through March 16, 2012. • Servicers are required to report monthly payment information on HAMP modifications in the form of an Official Monthly Report (OMR). Servicers did not submit 7,349 OMRs, or 0.9% of total required OMR’s for payments due February 1, 2012. 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 24 months may range between 28.4%-28.9%. • 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. 6 Making Home Affordable: Summary Results Program Performance Report Through March 2012 Performance of Permanent Modifications by Homeowner Payment Reduction (As of February 29, 2012) This chart and the table that follows show the performance of permanent HAMP modifications at 3, 6, 12, 18 and 24 months of age as related to homeowner payment reduction. For example: Of loans that featured a payment reduction between 40% and 50%, 7.6% were 60+ days delinquent at 6 months’ seasoning. 60+ Day Delinquency Rate by Payment Reduction 60+ Day Delinquency Rate 50% Decreased by 20% or less 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% 10% Decreased by more than 50% Program Average 0% 3 6 12 18 24 Months After Conversion to Permanent Modification Decrease From BeforeModification Principal + Interest Payment: Delinquency: Months After Conversion to Permanent Modification 3 6 60+ Days 90+ Days 7.0% 120,156 12 # 60+ Days 90+ Days 2.2% 155,158 16.6% 4.9% 1.5% 121,927 135,109 3.9% 1.1% 140,665 3.0% >50% Decrease 218,448 767,413 # ≤20% Decrease 153,035 (20%-30%] Decrease (30%-40%] Decrease (40%-50%] Decrease ALL 18 # 60+ Days 90+ Days 10.3% 126,278 30.6% 12.1% 7.2% 101,430 136,723 9.5% 5.7% 0.8% 142,054 7.6% 2.3% 0.6% 220,230 4.0% 1.2% 776,092 24 # 60+ Days 90+ Days # 60+ Days 90+ Days 25.0% 98,868 40.8% 36.2% 43,569 47.6% 44.0% 23.3% 18.7% 79,632 32.4% 28.3% 36,241 39.1% 35.5% 114,618 19.2% 15.2% 90,378 26.9% 23.2% 41,992 33.0% 29.7% 4.3% 118,795 15.5% 12.1% 93,439 22.3% 18.9% 43,082 28.1% 25.0% 5.4% 2.9% 186,616 10.9% 8.3% 148,122 15.8% 13.2% 67,969 20.0% 17.4% 9.8% 5.8% 647,737 19.0% 15.1% 510,439 26.4% 22.8% 232,853 32.0% 28.8% Note: For permanent loans aged at least 3 months as of February 29, 2012, as reported by servicers through March 16, 2012. See previous page for technical notes. 7 Making Home Affordable: Summary Results Program Performance Report Through March 2012 Homeowner Benefits and First Lien Modification Characteristics • Aggregate payment savings to homeowners who received HAMP first lien permanent modifications are estimated to total approximately $12.2 billion, program to date, compared with unmodified mortgage obligations. • The median monthly savings for borrowers in active permanent first lien modifications is $534.59, or 37% of the median monthly payment before modification. • Of trial modifications started, 80% 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. Modifications by Investor Type (Large Servicers) GSE Private Portfolio Total Active Modifications 1,277 27,176 0 28,453 Bank of America, NA1 80,826 61,700 10,575 153,101 CitiMortgage, Inc. 32,283 5,551 17,032 54,866 GMAC Mortgage, LLC 25,393 6,063 12,279 43,735 JPMorgan Chase NA2 66,019 58,476 25,219 149,714 Ocwen Loan Servicing, LLC 3 6,760 38,232 124 45,116 OneWest Bank 15,289 16,604 2,805 34,698 Saxon Mortgage Services, Inc. 1,386 9,935 1,602 12,923 520 16,565 2,686 19,771 Wells Fargo Bank, NA 4 54,010 16,383 48,432 118,825 Other HAMP Servicers 161,167 24,688 16,321 202,176 Total 444,930 281,373 137,075 863,378 Servicer American Home Mortgage Servicing, Inc. Select Portfolio Servicing • The primary hardship reasons for homeowners in active permanent modifications are: • 66.7% experienced loss of income (curtailment of income or unemployment) • 11.5% reported excessive obligation • 3.4% reported an illness of the principal borrower • Active permanent modifications feature the following modification steps: • 97.6% feature interest rate reductions • 59.4% offer term extension • 30.8% include principal forbearance Select Median Characteristics of Active Permanent Modifications Before Modification After Modification Median Decrease Front-End Debt-to-Income Ratio1 45.4% 31.0% -14.5 pct pts Back-End Debt-to-Income Ratio2 76.4% 58.9% -14.8 pct pts $1,430.00 $825.64 -$534.59 Loan Characteristic Median Monthly Housing Payment3 1 Ratio of housing expenses (principal, interest, taxes, insurance and homeowners association and/or condo fees) to monthly gross income. 2 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. 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. 8 Making Home Affordable: Summary Results Program Performance Report Through March 2012 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 44 343 387 0.0% MT 74 916 990 0.1% AL 487 4,384 4,871 0.6% NC 1,320 14,078 15,398 1.8% AR 155 1,706 1,861 0.2% ND 11 128 139 0.0% AZ 1,988 33,386 35,374 4.1% NE 122 1,033 1,155 0.1% CA 15,937 201,282 217,219 25.2% NH 306 3,574 3,880 0.4% CO 906 10,966 11,872 1.4% NJ 2,478 25,414 27,892 3.2% CT 965 9,873 10,838 1.3% NM 259 2,580 2,839 0.3% DC 116 1,353 1,469 0.2% NV 1,195 19,152 20,347 2.4% DE 226 2,340 2,566 0.3% NY 4,199 38,067 42,266 4.9% FL 8,763 95,641 104,404 12.1% OH 1,630 16,817 18,447 2.1% GA 2,609 28,600 31,209 3.6% OK 203 HI 246 3,025 3,271 0.4% OR 755 IA 161 1,916 2,077 0.2% PA 1,470 ID 244 3,037 3,281 0.4% RI 280 IL 3,514 41,899 45,413 5.3% SC IN 698 7,393 8,091 0.9% SD KS 173 1,839 2,012 0.2% TN 823 KY 265 2,886 3,151 0.4% TX 2,300 LA 455 4,363 4,818 0.6% UT 480 1,795 1,998 0.2% 8,688 9,443 1.1% 16,083 17,553 2.0% 3,964 4,244 0.5% 688 7,242 7,930 0.9% 27 283 310 0.0% 7,919 8,742 1.0% 20,813 23,113 2.7% 7,427 7,907 0.9% MA 1,773 19,162 20,935 2.4% VA 1,511 18,803 20,314 2.4% MD 2,164 25,197 27,361 3.2% VT 66 684 750 0.1% ME 178 2,217 2,395 0.3% WA 1,569 16,245 17,814 2.1% MI 1,738 24,967 26,705 3.1% WI 730 7,468 8,198 0.9% MN 899 12,971 13,870 1.6% WV 88 1,087 1,175 0.1% MO 718 7,873 8,591 1.0% WY 33 391 424 0.0% MS 276 2,794 3,070 0.4% Other2 315 2,684 2,999 0.3% 1 Total reflects active trials and active permanent modifications. 2 Includes Guam, Puerto Rico and the U.S. Virgin Islands. HAMP Modifications Note: Includes active trial and permanent modifications from the official HAMP system of record. 5,000 and lower 20,001 – 35,000 5,001 – 10,000 35,001 and higher 10,001 – 20,000 Mortgage Delinquency Rates by State Source: 4th 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 9 Making Home Affordable: Summary Results Program Performance Report Through March 2012 Homeowner’s HOPETM Hotline Volume 15 Metropolitan Areas With Highest HAMP Activity Metropolitan Statistical Area Los Angeles-Long Beach-Santa Ana, CA New York-Northern New JerseyLong Island, NY-NJ-PA Miami-Fort Lauderdale-Pompano Beach, FL Chicago-Joliet-Naperville, IL-IN-WI MSA Riverside-San Bernardino-Ontario, CA Washington-Arlington-Alexandria, DC-VA-MD-WV Total MSA % of U.S. HAMP HAMP Activity Activity Active Trials Permanent Modifications 5,410 61,909 67,319 7.8% 5,297 51,013 56,310 6.5% 3,987 40,746 44,733 5.2% 3,378 40,699 44,077 5.1% 41,112 43,888 5.1% 1,980 26,865 28,845 3.3% 1,446 26,932 28,378 3.3% Atlanta-Sandy Springs-Marietta, GA 2,055 23,150 25,205 2.9% San Francisco-Oakland-Fremont, CA 1,524 17,109 18,633 2.2% Las Vegas-Paradise, NV 1,004 15,711 16,715 1.9% Detroit-Warren-Livonia, MI 1,025 15,149 16,174 1.9% 1,123 14,669 15,792 1.8% 1,159 14,483 15,642 1.8% 1,254 13,823 15,077 1.7% 1,047 13,552 14,599 1.7% San Diego-Carlsbad-San Marcos, CA Orlando-Kissimmee-Sanford, FL MSA Boston-Cambridge-Quincy, MA-NH Sacramento-Arden-Arcade-Roseville, CA March Total Number of Calls Taken at 1-888-995-HOPE 2,979,227 83,386 Borrowers Referred for Free Housing Counseling Assistance Through the Homeowner’s HOPETM Hotline 1,421,300 41,161 Source: Homeowner’s HOPETM Hotline. Numbers reflect calls that resulted in customer records. 2,776 Phoenix-Mesa-Glendale, AZ MSA Program to Date Selected Homeowner Outreach Measures Homeowner Outreach Events Hosted Nationally by Treasury and Partners (cumulative) Homeowners Attending Treasury-Sponsored Events (cumulative) 67 64,012 Servicer Solicitation of Borrowers (cumulative)1 8,412,725 Page views on MakingHomeAffordable.gov (March 2012) 3,028,397 Page views on MakingHomeAffordable.gov (cumulative) 143,654,934 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/ 10 Making Home Affordable: Summary Results Program Performance Report Through March 2012 Aged Trials1 200,000 190,412 The number of active trials lasting 6 months or longer is approximately 13,200. 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 27,345 26,362 25,390 23,552 23,014 23,061 19,793 18,359 20,332 21,002 21,211 15,815 13,177 0 May 2010 June July Aug Sept Oct Nov Dec Jan 2011 Feb March April May June July Aug Sep Oct Nov Dec Jan 2012 Feb March Trials Lasting 6 Months or Longer At End of Month 1 Active trials initiated at least six months ago. See page 12 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. 11 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 HAMP Modification Activity by Servicer As of Feb. 29, 2012 Cumulative As of Mar. 31, 2012 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 33,567 44,381 40,508 33,559 2,001 151 26,452 Bank of America, NA5 151,692 536,811 378,886 181,309 11,040 6,210 142,061 CitiMortgage, Inc. 50,814 202,066 137,616 62,083 3,682 1,370 51,184 GMAC Mortgage, LLC 20,841 85,916 69,925 51,932 3,007 23 40,728 JPMorgan Chase Bank, NA6 117,402 358,587 317,343 166,674 15,829 1,622 133,885 Ocwen Loan Servicing, LLC7 57,129 97,173 93,171 55,924 5,650 966 39,466 OneWest Bank 29,129 78,138 60,842 37,439 3,014 125 31,684 Saxon Mortgage Services, Inc. 11,289 45,058 39,686 16,981 597 62 12,326 Select Portfolio Servicing 7,981 70,709 44,694 25,010 813 55 18,958 Servicer NA8 102,106 296,568 259,471 131,718 10,489 1,278 108,336 Other SPA servicers9 67,876 192,439 201,211 112,081 6,214 585 90,589 Other GSE Servicers10 156,368 NA 186,381 118,812 6,294 730 99,079 Total 806,194 2,007,846 1,829,734 993,522 68,630 13,177 794,748 Wells Fargo Bank, 1 Estimated eligible 60+ day delinquent borrowers as reported by servicers as of Feb. 29, 2012, 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 Mar. 31, 2012. 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, but not reported as such 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. 12 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 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. 40,508 33,559 0 0 Bank of America, NA6 378,886 181,309 15,039 CitiMortgage, Inc. 137,616 62,083 2,327 Principal Reduction Alternative (PRA)2 HAMP First Lien Modifications Servicer Home Affordable Foreclosure Alternatives (HAFA) Agreements Started5 Agreements Completed N/A 651 326 12,270 26,116 11,384 10,155 1,764 9,793 182 148 GMAC Mortgage, LLC 69,925 51,932 1,620 860 4,111 2,364 1,641 JPMorgan Chase Bank, NA7 317,343 166,674 19,101 12,989 19,380 23,593 14,254 Ocwen Loan Servicing, LLC8 93,171 55,924 14,879 9,592 N/A 2,232 1,053 OneWest Bank 60,842 37,439 4,327 3,057 2,167 1,708 937 Saxon Mortgage Services, Inc. 39,686 16,981 579 516 N/A 399 114 Select Portfolio Servicing 44,694 25,010 135 106 N/A 2,208 1,524 Wells Fargo Bank, NA9 259,471 131,718 17,806 13,762 12,155 12,520 7,640 Other Servicers 387,592 230,893 1,827 1,527 2,496 3,131 2,460 1,829,734 993,522 77,640 56,443 76,218 60,372 40,252 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 8 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. 13 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 Servicer Outreach to 60+ Day Delinquent Homeowners: Cumulative Servicer Results, Mar. 2011 – Feb. 2012 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. There is a range of performance results across top program servicers with respect to making RPC and completing the evaluations. 100% 100% 96% 92% 90% 94% 89% 87% 90% 88% 86% 82% 80% 70% 60% 50% 97% 83% 40% 74% 80% 78% 71% 87% 75% 62% 30% 68% 20% 10% 0% Am. Home Servicing 1 Homeowners Bank of America CitiMortgage GMAC JPMorgan Chase Right Party Contact Ratio2 Ocwen OneWest Saxon SPS Wells Fargo HAMP Evaluations Complete Ratio3 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, and manufactured housing loans with title/chattel issues that exclude them from HAMP. 2 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 homeowners where RPC or HAMP evaluation is no longer needed. 3 HAMP evaluations complete ratio reflects the share of homeowners who have been evaluated for HAMP as a percent of HAMP eligible loans, excluding homeowners 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. Source: Survey of 10 largest participating servicers as of February 29, 2012. 14 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 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 right party 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 Days 150 100 50 0 Am. Home Servicing Bank of America CitiMortgage 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. 15 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 Conversion Rate1 Following the implementation of verified income documentation in June 2010, rates of converting trial modifications into permanent modifications have risen substantially. Of eligible trials started on or after June 1, 2010, 86% have converted to permanent modification with an average trial length of 3.5 months. Of Trials Started Before 6/1/10: 43% Converted to Permanent Modification 0.3% Pending Processing or Decision 100% 89% Of Eligible Trials Started On/After 6/1/10: 86% Converted to Permanent Modification 4.1% Pending Processing or Decision 84% 84% 84% 89% 89% 86% 82% 90% 87% 87% 83% Conversion Rate 80% 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 (86%) 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 March 2012 Homeowner Experience (10 Largest Servicers) Average Speed to Answer Homeowner Calls (February 2012) 60 Program to date, there have been 1,469,613 calls to the Homeowner’s HOPETM Hotline regarding a specific SPA servicer, of which 6.5% included complaints. Below shows specific complaint rates. Average Speed to Answer Calls to Homeowner’s HOPETM Hotline for February: 35.5 Seconds 50 Servicer Complaint Rate to Homeowner’s HOPETM Hotline (Program to Date, Through March) 11% 40 % of Calls for Specific Servicer Seconds 30 20 9% 8% 7% 6% 5% 10 0 Program to Date Average: 6.5% 10% 4% 3% Am. Home Servicing Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon SPS Wells Fargo Am. Home Complaints Servicing (PTD): 2,863 Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon 33,439 7,328 3,701 18,692 4,878 317 1,256 SPS 728 Wells Fargo 12,687 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, 9.5% included complaints.) Source: Survey data through February 29, 2012, from servicers on call volume to loss mitigation lines; Homeowner’s HOPETM Hotline. Servicer Time to Resolve Third-Party Escalations (Cases Reported Feb. 1, 2011-Mar. 31, 2012) Call Abandon Rate (February 2012) 60 6% Target: 30 Calendar Days Calendar Days 50 Homeowner’s HOPETM Hotline Average Call Abandon Rate for February: 5.4% 4% 2% 40 30 20 10 0 0% Am. Home Servicing Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon SPS Source: Survey data through February 29, 2012, from servicers on call volume to loss mitigation lines; Homeowner’s HOPETM Hotline. Wells Fargo Am. Home Servicing Resolved Cases 884 Post-2/1/11 Bank of America CitiMortgage GMAC JPMorgan Chase Ocwen OneWest Saxon SPS 11,883 1,291 767 4,612 1,424 1,021 313 195 Source: MHA Support Centers. GSE and Non-GSE escalations escalated 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. Wells Fargo 3,447 17 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 Disposition Path Homeowners in Canceled HAMP Trial Modifications Survey Data Through February 2012 (10 Largest Servicers) Status of Homeowners Whose HAMP Trial Modification Was Canceled: Action Not Allowed – Action Bankruptcy Borrower Pending1 in Process Current Servicer American Home Mortgage Servicing, Inc. Short Sale/ Alternative Payment Deed-in- Foreclosure Foreclosure Modification Plan2 Loan Payoff Lieu Starts Completions Total (As of February 2012) 154 85 210 2,580 49 355 354 677 188 4,652 12,363 7,479 17,501 69,007 2,111 5,225 17,762 25,191 27,300 183,939 CitiMortgage Inc. 857 6,149 7,226 29,130 1,958 4,818 5,681 5,687 9,964 71,470 GMAC Mortgage, LLC 959 420 1,761 5,645 109 591 1,186 1,762 2,116 14,549 JPMorgan Chase Bank NA4 5,750 2,935 23,324 45,119 290 1,553 12,848 18,298 12,051 122,168 Ocwen Loan Services LLC5 3,875 981 8,566 6,671 2,136 182 387 4,237 1,705 28,740 251 286 540 12,107 64 104 1,202 1,698 4,196 20,448 Saxon Mortgage Services, Inc. 1,989 860 3,057 2,578 397 443 1,062 4,038 4,109 18,533 Select Portfolio Servicing 1,012 345 1,230 5,598 242 466 1,360 1,238 3,843 15,334 Wells Fargo Bank NA6 5,031 848 10,299 47,721 829 25,824 2,544 17,574 6,619 117,289 32,241 20,388 73,714 226,156 8,185 39,561 44,386 80,400 72,091 597,122 5.4% 3.4% 12.3% 37.9% 1.4% 6.6% 7.4% 13.5% 12.1% 100.0% Bank of America, NA 3 OneWest Bank TOTAL (These 10 Largest Servicers) Note: Data is as reported by servicers for actions completed through February 29, 2012. 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. The most common causes of trial cancellations from all servicers are: • Insufficient documentation • Trial plan payment default • Ineligible borrower: first lien housing expense is already below 31% of household income 18 Making Home Affordable: Servicer Results Program Performance Report Through March 2012 Disposition Path Homeowners Not Accepted for HAMP Trial Modifications Survey Data Through February 2012 (10 Largest Servicers) Status of Homeowners Not Accepted for a HAMP Trial Modification: Servicer Action Pending1 Action Not Allowed – Bankruptcy Borrower in Process Current Short Sale/ Alternative Payment Deed-in- Foreclosure Foreclosure Modification Plan2 Loan Payoff Lieu Starts Completions Total (As of February 2012) American Home Mortgage Servicing, Inc. 2,615 1,729 15,488 43,211 1,428 3,023 3,043 10,050 2,233 82,820 Bank of America, NA3 33,523 17,999 94,269 148,621 9,600 12,577 45,454 65,814 56,560 484,417 CitiMortgage Inc. 4,025 14,079 26,311 56,691 7,218 18,256 17,102 17,004 19,056 179,742 GMAC Mortgage, LLC 13,140 6,304 52,102 39,540 1,592 7,132 10,124 17,532 17,770 165,236 JPMorgan Chase Bank NA4 32,510 12,580 166,508 131,383 2,069 42,917 53,783 65,813 27,410 534,973 Ocwen Loan Services LLC5 19,135 5,129 29,959 60,217 10,067 2,888 2,909 16,074 8,819 155,197 OneWest Bank 5,655 2,500 26,937 30,701 1,024 2,425 5,506 8,553 11,863 95,164 Saxon Mortgage Services, Inc. 3,961 1,308 6,331 8,803 679 1,094 1,023 5,126 3,653 31,978 Select Portfolio Servicing 2,508 432 3,284 6,059 337 429 1,468 1,616 2,307 18,440 Wells Fargo Bank NA6 18,054 5,256 49,396 51,421 1,644 35,015 16,662 24,991 16,628 219,067 135,126 67,316 470,585 576,647 35,658 125,756 157,074 232,573 166,299 1,967,034 6.9% 3.4% 23.9% 29.3% 1.8% 6.4% 8.0% 11.8% 8.5% 100.0% TOTAL (These 10 Largest Servicers) Note: Data is as reported by servicers for actions completed through February 29, 2012. 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. The most common causes of trials not accepted from all servicers are: • Insufficient documentation • Ineligible borrower: first lien housing expense is already below 31% of household income • Offer Not Accepted by Borrower/Request Withdrawn 19 Making Home Affordable Program Performance Report Through March 2012 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 Home Mortgage Servicing, Inc AMS Servicing, LLC Aurora Loan Services, LLC Bank of America, N.A.1 Bank United 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 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 March 2012 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