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Making Home Affordable Program Performance Report Through September 2012 Report Highlights Approximately 1.3 Million Homeowner Assistance Actions Taken through Making Home Affordable • Nearly 1.1 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). These homeowners have reduced their first lien mortgage payments by a median of approximately $541 each month – more than one-third of their median before-modification payment – saving a total estimated $15.6 billion to date in monthly mortgage payments. • Nearly 97,000 second lien modifications have been started through the Second Lien Modification Program (2MP), and over 75,000 homeowners have exited their homes through a short sale or deed-in-lieu of foreclosure with assistance from 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. • Homeowners currently in HAMP permanent modifications with some form of principal reduction have been granted an estimated $7.6 billion in principal reduction. 75% of eligible non-GSE borrowers entering HAMP in September received some form of principal reduction with their modification. Permanent Modifications Continue to Perform Well Over Time • After six months in the program, more than 94% of homeowners remain in permanent modifications and 9.4% of homeowners are 60+ days delinquent. • Payment reduction is strongly correlated with permanent modification sustainability. For modifications seasoned 24 months, only 17.1% of modifications with a monthly payment reduction greater than 50% have been disqualified from the program due to missing three payments, compared to a disqualification rate of 43.8% 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. Unless specified, this report does not yet include activity relating to HAMP Tier 2, in order to allow adequate time to fully implement Tier 2 reporting into the HAMP system of record. Tier 2 activity will be reported in the coming months. 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. Inside: SUMMARY RESULTS: Making Home Affordable Program Activity 2 First Lien Modification Activity 3 Activity for PRA, 2MP, Treasury FHA-HAMP 4 and UP Home Affordable Foreclosures Alternative 5 (HAFA) Performance of Permanent Modifications 6-7 First Lien Modification 8 Characteristics/Modifications by Investor Type HAMP Activity by State 9 HAMP Activity by MSA/Homeowner Outreach 10 SERVICER RESULTS: First Lien Modification Activity First Lien, PRA, 2MP, and HAFA Activity Outreach to 60+ Day Delinquent Homeowners Average Delinquency at Trial Start Conversion Rate Time to Resolve Escalations Disposition of Homeowners Not in HAMP 11 12 13 14 15 16 17-18 APPENDICES: Participants in MHA Programs 19-20 Making Home Affordable Program Performance Report Through September 2012 Making Home Affordable Program Activity In total, the MHA program has completed approximately 1.3 million first and second lien permanent modifications, HAFA transactions, and UP forbearance plans. Reported Since Prior Period 1,090,596 13,849 96,922 3,057 Program Purpose 75,423 4,020 • Home Affordable Modification Program (HAMP) 9,100 408 Provides eligible borrowers the opportunity to lower their first lien mortgage payment to affordable and sustainable levels through a uniform loan modification process. 27,031 834 • Principal Reduction Alternative (PRA) Provides principal forgiveness on eligible underwater loans that are modified under HAMP. 1,299,072 22,168 • Second Lien Modification Program (2MP) Provides 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. HAMP Permanent Modifications Started 2MP Modifications Started HAFA Transactions Completed FHA-HAMP and RD-HAMP Permanent Modifications Started UP Forbearance Plans Started (through August 2012) 1,400 60 Cumulative (Left Axis) Monthly (Right Axis) 1,200 50 1,000 40 800 30 600 20 400 10 200 0 Sep Aug July June Apr May Feb Mar Dec Jan 2012 Oct Nov Sep 0 Aug 2011 Cumulative MHA Activity (000s) Cumulative MHA Activity1 Monthly MHA Activity (000s) 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 August 31, 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 September 2012 HAMP (First Lien) Modifications HAMP (First Lien) Trials Started 2,000 Monthly Trial Starts (Right Axis) Total (As of August 31, 2012) Eligible Delinquent Borrowers2 Trial Modifications 1 Estimated 722,726 Trial Plan Offers Extended (Cumulative)3 2,248,907 All Trials Started 1,927,625 Trials Reported Since August 2012 Report4 15,186 Trial Modifications Cancelled Since June 1, 20105 60,742 Active Trials 64,342 All Permanent Modifications Started Permanent Modifications 2,160,174 1,090,596 Permanent Modifications Reported Since August 2012 Report 13,849 Permanent Modifications Cancelled (Cumulative)6 255,961 Active Permanent Modifications 834,635 eligible 60+ day delinquent loans as reported by servicers as of August 31, 2012, 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 September 30, 2012. Some servicers have begun to include trial plans offered under the HAMP Tier 2 eligibility requirements. 4 Servicers may enter new trial modifications into the HAMP system of record at anytime. 5 772,687 cumulative including 711,945 that had trial start dates prior to June 1, 2010 when Treasury implemented a verified income requirement. 6 A permanent modification is canceled when the borrower has missed three consecutive monthly payments. Includes 7,195 loans paid off. All Trials Started (000s) Eligible Delinquent Loans1 1,887 1,900 1,800 1,700 1,636 1,600 1,661 1,684 1,706 1,727 1,744 1,762 1,781 1,796 1,813 1,834 1,852 1,901 1,917 1,928 1,870 50 1,608 1,500 1,400 Apr May June July 2011 Aug Sep Oct Nov Dec Jan Feb Mar 2012 Apr May June July Aug Sep 0 Source: HAMP system of record. Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 15,186 trials have entered the HAMP system of record since the prior report; 10,868 were trials with a first payment recorded in September 2012. HAMP Permanent Modifications Started (Cumulative) 1,200 1,100 All Permanent Modifications Started (000s) HAMP Eligibility 100 Cumulative Trial Starts (Left Axis) New Trials Started (000s) HAMP is designed to lower monthly mortgage payments to help struggling homeowners stay in their homes and prevent avoidable foreclosure. 1,000 900 857 800 700 699 731 763 791 883 910 933 951 974 994 1,009 1,060 1,026 1,043 1,077 1,091 817 600 500 400 Apr May June July 2011 Aug Sep Oct Nov Dec Jan Feb 2012 Mar Apr May June July Source: HAMP system of record. Note: Unless specified, exhibits in this report refer to HAMP first lien modification activity. Aug Sep 3 Making Home Affordable: Summary Results Program Performance Report Through September 2012 HAMP Principal Reduction Activity Second Lien Modification Program (2MP) Activity Servicers of non-GSE loans are required to evaluate the benefit of principal reduction under the HAMP Principal Reduction Alternative (PRA) for mortgages with a loan-to-value (LTV) ratio greater than 115% when evaluating a homeowner for a HAMP first lien modification. While servicers are required to evaluate homeowners for principal reduction, they are not required to reduce principal as part of the modification. The MHA Program allows servicers to provide principal reduction on HAMP modifications in two ways: The Second Lien Modification Program (2MP) provides assistance to homeowners in a first lien HAMP 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. • Under HAMP PRA, principal is reduced to lower the LTV, the investor is eligible to receive an incentive on the amount of principal reduced, and the reduction vests over a 3-year period. • Servicers can also offer principal reduction to homeowners on a HAMP modification outside the requirements of HAMP PRA. If they do, the investor receives no incentive payment for the principal reduction and the principal reduction can be recognized immediately. The terms of the $25 billion settlement of mortgage servicing deficiencies between the five largest mortgage servicers, the Federal government, and 49 state attorneys general, have recently caused servicers to increase use of non-PRA principal reductions. Of all non-GSE loans eligible1 for principal reduction that started a trial in September 2012, 75% included a principal reduction feature, including 63% through the HAMP PRA program. All Second Lien Modifications Started (Cumulative)1 96,922 Second Lien Modifications Involving Full Lien Extinguishments 23,656 Second Lien Modifications Disqualified2 5,548 Active Second Lien Modifications3 67,718 Of the Active Second Lien Modifications: HAMP Modifications with Principal Reduction Under PRA2 Other HAMP Modifications with Principal Reduction Outside of PRA Total HAMP Modifications with Principal Reduction All Trial Modifications Started Second Lien Partially Extinguished 5,275 Second Lien Loan Modifications4 62,443 100,724 32,019 132,743 Trials Reported Since August 2012 Report 3,865 1,144 5,009 Active Trial Modifications 14,897 3,864 18,761 Median Amount of Full Extinguishment $62,032 All Permanent Modifications Started 77,655 25,165 102,820 Median Amount of Partial Extinguishment for Active Second Lien Modifications $9,000 Permanent Modifications Reported Since August 2012 Report 3,070 1,484 4,554 Active Permanent Modifications 68,805 22,046 90,851 Median Principal Amount Reduced for Active Permanent Modifications3 $71,293 $53,876 $65,019 Median Principal Amount Reduced for Active Permanent Modifications (%)4 31.7% 18.0% 27.7% Total Outstanding Principal Balance Reduced on Active Permanent Modifications 3 $6,172,725,381 $1,377,812,504 $7,550,537,884 1 Eligible loans include those receiving evaluation under HAMP PRA guidelines plus loans that did not require an evaluation but received principal reduction on their modification. 2 Includes some modifications with additional principal reduction outside of HAMP PRA. 3 Under HAMP PRA, principal reduction vests over a 3-year period. The amounts noted reflect the entire amount that may be forgiven. 4 Principal reduction amount as a percentage of before-modification UPB, excluding capitalization. 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 15,227 All Treasury FHA-HAMP Permanent Modifications Started 9,089 Second Lien Extinguishment Details 1 Includes second lien modifications reported into the HAMP system of record through the end of cycle for September 2012 data, though the effective date may occur in October 2012. Number of modifications is net of cancellations, which are primarily due to servicer data corrections. 2 Includes 518 loans paid off. 3 Includes 4,076 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. 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 August 2012) 27,031 UP Forbearance Plans With Some Payment Required 23,307 UP Forbearance Plans With No Payment Required 3,724 Note: Data is as reported by servicers via survey for UP participation through August 31, 2012. See Appendix A1 and A2 for additional information on servicer participants in Making Home Affordable programs. 4 Making Home Affordable: Summary Results Program Performance Report Through September 2012 Home Affordable Foreclosure Alternatives (HAFA) The Home Affordable Foreclosure Alternatives Program (HAFA) offers incentives and a streamlined process 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. All Transactions Completed (000s) HAFA Activity Characteristics All HAFA Agreements Started1 102,317 HAFA Agreements Active 11,667 HAFA Transactions Canceled 15,227 HAFA Transactions Completed 75,423 Completed Transactions – Short Sale 73,536 Completed Transactions – Deed-in-Lieu2 1,887 80 71.4 60 40 20 7.1 18.6 20.7 12.9 16.0 8.5 10.8 24.4 27.7 31.4 35.8 40.3 44.7 50.7 56.8 • In HAFA transactions, homeowners: • Follow a streamlined process for short sales and deeds-in-lieu transactions that requires no verification of income and allows for pre-approved short sale terms; • 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.3 • In 19% of HAFA transactions completed, the homeowner began a HAMP trial modification but later requested a HAFA agreement or was disqualified from HAMP. HAFA Activity by State 75.4 60.6 HAFA % of Transactions Completed HAMP % of Active Modifications • California 42% 25% • Florida 16% 12% • Arizona 7% 4% Top Three States by HAFA Activity: 0 HAFA Activity by Investor Type Agreements Started1 Transactions Completed GSE 6,897 5,055 Private 68,358 50,561 Portfolio 27,062 19,807 Total 102,317 75,423 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 for a short sale or deed-in-lieu of foreclosure through the HAFA program any homeowner who: 1) requests HAFA or 2) was denied for HAMP. However, individual investors can impose additional eligibility requirements. Both Treasury and the GSEs recently announced program changes that result in closer alignment of their short sale programs. 3 Relocation assistance is limited to transactions where the property is occupied by the homeowner or a tenant at the time the agreement is executed. In cases where the property is occupied by a tenant, the assistance is paid to the tenant. See page 12 for detail of HAFA Activity by Servicer. 5 Making Home Affordable: Summary Results Program Performance Report Through September 2012 Performance of Permanent Modifications (As of August 31, 2012) This table shows the performance of permanent HAMP modifications at 3, 6, 12, 18, 24 and 30 months of age and includes modifications that have aged at least 3, 6, 12, 18, 24 or 30 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 Modification Became Permanent in: Q3 2009 3 60+ Days 6 60+ Days 12 60+ Days 90+ Days # 90+ Days # 90+ Days # 3,569 9.4% 3.1% 4,415 14.7% 9.6% 4,660 25.2% 20.5% Q4 2009 44,215 5.3% 1.4% 48,041 9.6% 5.6% 52,026 19.8% 15.2% Q1 2010 125,215 3.7% 0.9% 151,631 9.7% 5.3% 163,582 20.2% Q2 2010 149,494 5.0% 1.4% 159,045 11.8% 7.0% Q3 2010 86,797 4.7% 1.4% 96,664 10.7% Q4 2010 58,300 4.3% 1.4% 62,760 8.6% Q1 2011 71,559 2.6% 0.8% 76,423 Q2 2011 80,749 3.4% 1.0% Q3 2011 81,616 3.6% Q4 2011 65,493 Q1 2012 49,757 Q2 2012 44,249 ALL 861,013 3.9% # # 30 60+ Days 90+ Days 33.3% 5,168 40.9% 38.3% 56,369 31.2% 28.1% 57,530 34.9% 32.6% 15.9% 168,858 26.0% 22.4% 170,985 32.0% 28.9% 170,965 35.7% 33.2% 176,145 19.4% 15.9% 173,443 27.7% 24.0% 182,039 31.2% 28.8% 6.6% 105,074 17.9% 14.1% 107,288 25.1% 21.7% 107,442 29.4% 26.7% 5.4% 65,367 18.1% 14.1% 67,073 23.8% 21.0% 7.7% 4.5% 80,432 16.8% 13.3% 82,223 22.1% 19.1% 89,910 8.9% 5.3% 93,677 16.1% 13.1% 1.1% 86,770 8.7% 5.4% 87,778 15.5% 12.3% 3.2% 1.1% 68,057 6.8% 4.3% 2.4% 0.7% 51,204 6.6% 3.9% 2.8% 0.8% 1.1% 894,920 9.4% 5.6% 233,663 35.6% 33.2% 828,741 18.3% 18 60+ Days 90+ Days # 4,997 31.9% 28.5% 5,107 55,355 25.0% 21.9% 14.5% 659,237 25.6% 24 60+ Days 90+ Days 36.6% 22.1% 521,942 31.1% 28.3% • For permanent loans aged at least 3 months as of August 31, 2012, as reported by servicers through September 17, 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 216,633 disqualified loans that have aged 3, 6, 12, 18, 24 or 30 months through the August activity period as reported by servicers through September 17, 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 9,389 OMRs, or 1.1% of total required OMR’s for payments due August 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 30 months may range between 32.8%-33.2%. • 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 September 2012 Performance of Permanent Modifications by Homeowner Payment Reduction (As of August 31, 2012) This chart and the table that follows show the performance of permanent HAMP modifications at 3, 6, 12, 18, 24 and 30 months of age as related to homeowner payment reduction. For example: Of loans that featured a payment reduction between 40% and 50%, 7.2% were 60+ days delinquent at 6 months’ seasoning. 60+ Day Delinquency Rate by Payment Reduction 60% Decreased by 20% or less 60+ Day Delinquency Rate 50% Decreased above 20% up to and including 30% 40% Decreased above 30% up to and including 40% 30% 20% Decreased above 40% up to and including 50% 10% Decreased by more than 50% Program Average 0% 3 6 12 18 24 30 Months After Conversion to Permanent Modification Decrease From BeforeModification Principal + Interest Payment: Delinquency: Months After Conversion to Permanent Modification 3 6 90+ Days 171,492 6.7% 133,469 12 # 60+ Days 90+ Days 2.1% 178,549 16.0% 4.8% 1.4% 139,191 150,544 3.7% 1.1% (40%-50%] Decrease 156,704 2.9% >50% Decrease 248,804 ALL 861,013 ≤20% Decrease (20%-30%] Decrease (30%-40%] Decrease # 60+ Days 18 # 60+ Days 90+ Days 9.9% 165,856 29.5% 11.6% 6.9% 129,780 156,680 9.1% 5.4% 0.8% 163,087 7.2% 2.2% 0.6% 257,413 3.9% 1.1% 894,920 24 # 60+ Days 90+ Days 24.1% 128,530 39.6% 22.3% 17.9% 103,301 145,765 18.3% 14.5% 4.2% 151,585 14.8% 5.1% 2.8% 235,755 9.4% 5.6% 828,741 30 # 60+ Days 90+ Days # 60+ Days 90+ Days 35.2% 100,615 47.0% 43.8% 43,478 52.2% 49.6% 31.2% 27.3% 81,079 38.0% 34.8% 36,295 43.3% 40.6% 116,665 26.0% 22.5% 92,271 32.0% 29.0% 42,160 36.8% 34.3% 11.5% 121,048 21.3% 18.1% 95,550 26.7% 24.0% 43,302 31.5% 29.1% 10.4% 7.9% 189,693 15.4% 12.8% 152,427 19.3% 17.1% 68,428 22.8% 20.7% 18.3% 14.5% 659,237 25.6% 22.1% 521,942 31.1% 28.3% 233,663 35.6% 33.2% Note: For permanent loans aged at least 3 months as of August 31, 2012, as reported by servicers through September 17, 2012. See previous page for technical notes. 7 Making Home Affordable: Summary Results Program Performance Report Through September 2012 Homeowner Benefits and First Lien Modification Characteristics • The primary hardship reasons for homeowners in active permanent modifications are: • Aggregate payment savings to homeowners who received HAMP first lien permanent modifications are estimated to total approximately $15.6 billion, program to date, compared with unmodified mortgage obligations. • The median monthly savings for borrowers in active permanent first lien modifications is $541.02, or 38% of the median monthly payment before modification. • 67.6% experienced loss of income (curtailment of income or unemployment) • 11.0% reported excessive obligation • 3.4% reported an illness of the principal borrower • Active permanent modifications feature the following modification steps: • 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) • 97.2% feature interest rate reductions • 60.6% offer term extension • 31.8% include principal forbearance Select Median Characteristics of Active Permanent Modifications Before Modification After Modification Median Decrease Servicer Bank of America, N.A. GSE Private Portfolio Total Active Modifications 70,178 54,771 10,852 135,801 Front-End Debt-to-Income Ratio1 45.5% 31.0% -14.7 pct pts CitiMortgage, Inc. 32,880 5,615 17,043 55,538 GMAC Mortgage, LLC 25,434 6,240 12,745 44,419 Back-End Debt-to-Income Ratio2 71.7% 53.5% -15.0 pct pts Homeward Residential 1,761 27,727 0 29,488 $1,425.57 $815.85 -$541.02 JPMorgan Chase N.A. 69,826 56,531 27,082 153,439 Ocwen Loan Servicing, LLC 13,567 59,663 1,445 74,675 OneWest Bank 15,696 17,958 2,972 36,626 515 22,810 2,928 26,253 Wells Fargo Bank, N.A. 56,388 19,340 52,934 128,662 Other HAMP Servicers 170,133 26,416 17,527 214,076 Total 456,378 297,071 145,528 898,977 Select Portfolio Servicing 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. Note: Figures reflect active trials and active permanent modifications. 8 Making Home Affordable: Summary Results Program Performance Report Through September 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 45 369 414 0.0% MT 71 954 1,025 0.1% AL 404 4,553 4,957 0.6% NC 1,244 14,781 16,025 1.8% AR 131 1,772 1,903 0.2% ND 10 122 132 0.0% AZ 1,625 33,771 35,396 3.9% NE 98 1,104 1,202 0.1% CA 14,815 214,142 228,957 25.5% NH 301 3,683 3,984 0.4% CO 860 11,664 12,524 1.4% NJ 2,432 26,789 29,221 3.3% CT 994 10,526 11,520 1.3% NM 276 2,717 2,993 0.3% DC 119 1,430 1,549 0.2% NV 1,117 19,075 20,192 2.2% DE 200 2,438 2,638 0.3% NY 4,511 41,016 45,527 5.1% FL 8,091 100,939 109,030 12.1% OH 1,494 17,375 18,869 2.1% GA 2,332 30,019 32,351 3.6% OK HI 287 3,186 3,473 0.4% OR 754 IA 137 1,986 2,123 0.2% PA 1,571 ID 201 3,183 3,384 0.4% RI 292 IL 3,251 43,508 46,759 5.2% SC IN 599 7,730 8,329 0.9% SD KS 178 1,923 2,101 0.2% TN 737 KY 272 2,994 3,266 0.4% TX 2,074 LA 424 4,578 5,002 0.6% UT 387 182 1,904 2,086 0.2% 9,197 9,951 1.1% 16,772 18,343 2.0% 4,033 4,325 0.5% 588 7,548 8,136 0.9% 25 292 317 0.0% 8,266 9,003 1.0% 22,124 24,198 2.7% 7,655 8,042 0.9% MA 1,788 19,970 21,758 2.4% VA 1,440 19,729 21,169 2.4% MD 2,015 26,351 28,366 3.2% VT 69 697 766 0.1% ME 211 2,284 2,495 0.3% WA 1,463 17,330 18,793 2.1% MI 1,505 25,560 27,065 3.0% WI 640 7,794 8,434 0.9% MN 845 13,291 14,136 1.6% WV 96 1,099 1,195 0.1% MO 733 8,099 8,832 1.0% WY 28 401 429 0.0% MS 214 2,881 3,095 0.3% Other2 166 3,031 3,197 0.4% 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: 2nd Quarter 2012 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 September 2012 15 Metropolitan Areas With Highest HAMP Activity Homeowner’s HOPETM Hotline Volume Total MSA % of U.S. HAMP HAMP Activity Activity Active Trials Permanent Modifications Los Angeles-Long Beach-Santa Ana, CA 5,018 67,275 72,293 8.0% New York-Northern New JerseyLong Island, NY-NJ-PA 5,578 54,738 60,316 6.7% Miami-Fort Lauderdale-Pompano Beach, FL 3,721 43,858 47,579 5.3% 3,124 42,261 45,385 5.0% Riverside-San Bernardino-Ontario, CA 2,465 42,434 44,899 5.0% Washington-Arlington-Alexandria, DC-VA-MD-WV 1,886 28,063 29,949 3.3% 1,143 27,049 28,192 3.1% Atlanta-Sandy Springs-Marietta, GA 1,872 24,267 26,139 2.9% San Francisco-Oakland-Fremont, CA 1,473 18,622 20,095 2.2% San Diego-Carlsbad-San Marcos, CA 1,056 15,660 16,716 1.9% 913 15,650 16,563 1.8% 924 15,469 16,393 1.8% Orlando-Kissimmee-Sanford, FL 1,047 14,995 16,042 1.8% Boston-Cambridge-Quincy, MA-NH 1,246 14,376 15,622 1.7% 970 14,160 15,130 1.7% Metropolitan Statistical Area Chicago-Joliet-Naperville, IL-IN-WI Phoenix-Mesa-Glendale, AZ Las Vegas-Paradise, NV Detroit-Warren-Livonia, MI Sacramento-Arden-Arcade-Roseville, CA Program to Date September Total Number of Calls Taken at 1-888-995-HOPE 3,390,350 59,654 Borrowers Referred for Free Housing Counseling Assistance Through the Homeowner’s HOPETM Hotline 1,632,689 31,291 Source: Homeowner’s HOPETM Hotline. Numbers reflect calls that resulted in customer records. Selected Homeowner Outreach Measures Homeowner Outreach Events Hosted Nationally by Treasury and Partners (cumulative) Homeowners Attending Treasury-Sponsored Events (cumulative) 77 69,020 Servicer Solicitation of Borrowers (cumulative)1 8,710,979 Page views on MakingHomeAffordable.gov (September 2012) 1,962,223 Page views on MakingHomeAffordable.gov (cumulative) 157,896,706 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: Servicer Results Program Performance Report Through September 2012 HAMP Modification Activity by Servicer As of August 31, 2012 Cumulative As of September 30, 2012 Estimated Eligible 60+ Day Delinquent Borrowers1 Trial Plan Offers Extended2 All HAMP Trials Started3 All HAMP Permanent Modifications Started3 Bank of America, N.A. 127,353 550,159 355,271 CitiMortgage, Inc. 47,226 211,109 GMAC Mortgage, LLC 23,901 Homeward Residential Active Trial Modifications3 Active Trial Modifications Lasting 6 Months or Longer4 Active Permanent Modifications3 167,279 14,085 5,027 121,716 140,650 65,732 3,398 904 52,140 110,264 74,116 56,864 1,881 39 42,538 26,154 53,919 44,958 37,235 1,901 192 27,587 JPMorgan Chase Bank, N.A. 86,298 408,530 326,686 181,206 12,070 625 141,369 Ocwen Loan Servicing, LLC 72,583 106,143 158,258 95,863 7,229 889 67,446 OneWest Bank 18,897 96,266 64,501 42,219 1,891 126 34,735 Select Portfolio Servicing 17,937 73,780 59,206 34,288 1,246 200 25,007 Wells Fargo Bank, N.A. 87,561 356,030 276,152 147,959 10,991 1,207 117,671 Other Servicers 214,816 282,707 427,827 261,951 9,650 1,093 204,426 Total 722,726 2,248,907 1,927,625 1,090,596 64,342 10,302 834,635 Servicer 1 Estimated eligible 60+ day delinquent borrowers based on survey information as submitted by servicers as of August 31, 2012, include those in conventional loans: in foreclosure and bankruptcy. with a current unpaid principal balance less than $729,750 on a oneunit property, $934,200 on a two-unit property, $1,129,250 on a threeunit 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. 2 As reported in the monthly servicer survey of large SPA servicers through September 30, 2012. Servicers began accepting HAMP Tier 2 modification requests as of June 1, 2012 and some servicers have begun to include trial plans offered under the HAMP Tier 2 eligibility requirements. 3 As reported into the HAMP system of record by servicers. Excludes FHA- See Appendix A1 and A2 for additional information on servicer participants in Making Home Affordable programs. 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 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 September 2012 Making Home Affordable Programs by Servicer1 Principal Reduction Alternative (PRA)2 HAMP First Lien Modifications Second Lien Modification (2MP) Home Affordable Foreclosure Alternatives (HAFA) Trials Started3 Permanent Modifications Started3 Trials Started3 Permanent Modifications Started3 Second Lien Modifications Started4 Agreements Started5 Agreements Completed Bank of America, N.A. 355,271 167,279 13,826 11,448 32,441 25,320 23,987 CitiMortgage, Inc. 140,650 65,732 2,363 1,828 11,871 732 498 GMAC Mortgage, LLC 74,116 56,864 2,659 1,884 4,571 3,957 2,859 Homeward Residential 44,958 37,235 0 0 N/A 1,268 657 JPMorgan Chase Bank, N.A. 326,686 181,206 25,497 19,210 26,849 37,482 25,655 Ocwen Loan Servicing, LLC 158,258 95,863 25,372 17,906 N/A 3,174 1,564 OneWest Bank 64,501 42,219 5,768 4,873 3,036 4,099 2,167 Select Portfolio Servicing 59,206 34,288 2,196 1,957 N/A 3,010 2,360 Wells Fargo Bank, N.A. 276,152 147,959 20,189 16,187 14,203 17,189 10,802 Other Servicers 427,827 261,951 2,854 2,362 3,951 6,086 4,874 1,927,625 1,090,596 100,724 77,655 96,922 102,317 75,423 Servicer 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 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. N/A – Servicer does not participate in the program. See Appendix A1 and A2 for additional information on servicer participants in Making Home Affordable programs. 12 Making Home Affordable: Servicer Results Program Performance Report Through September 2012 Servicer Outreach to 60+ Day Delinquent Homeowners: Cumulative Servicer Results, September 2011 – August 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% 92% 97% 92% 95% 92% 90% 90% 83% 80% 80% 70% 60% 54% 50% 90% 40% 87% 90% 79% 73% 69% 30% 77% 20% 69% 40% 10% 0% Bank of America CitiMortgage GMAC Homeward Residential Right Party Contact Ratio2 JPMorgan Chase Ocwen OneWest SPS Wells Fargo HAMP Evaluations Complete Ratio3 1 Homeowners with HAMP eligible loans, which include conventional loans that were originated on or before 1/1/2009; excludes loans with current unpaid principal balances greater than current conforming loan limits, 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. Treasury has expanded HAMP's eligibility criteria to include a "Tier 2" evaluation designed to provide help for borrowers with a financial hardship whose debt-to-income ratio is below 31 percent, who have properties occupied by a tenant or who have vacant properties that the borrower intends to rent. Servicers began accepting HAMP Tier 2 modification requests as of 6/1/2012 and some servicers have begun to include HAMP Tier 2 eligible loans in the outreach survey data shown here. 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 9 largest participating servicers as of August 31, 2012. 13 Making Home Affordable: Servicer Results Program Performance Report Through September 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. 300 Maximum servicer incentive is paid for converting a permanent modification that was 120 days delinquent or less at trial start. 250 Days 200 150 100 50 0 Bank of America CitiMortgage GMAC Homeward Residential JPMorgan Chase Ocwen OneWest SPS Wells Fargo 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 September 2012 Conversion Rate1 Per program guidelines, effective June 1, 2010, all trials must be started using verified income documentation. 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. Prior to June 1, 2010, some servicers initiated trials using stated income information. Of trials started prior to June 1, 2010, 44% have converted to permanent modification. Average Of Eligible Trials Started On/After 6/1/10 86% Converted to Permanent Modification 4% Pending Processing or Decision 100% 87% 83% 86% 89% 89% 83% 80% 80% Conversion Rate 90% 88% 60% 40% 20% 0% Bank of America CitiMortgage GMAC Homeward Residential JPMorgan Chase Ocwen OneWest SPS Wells Fargo 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. 1 15 Making Home Affordable: Servicer Results Program Performance Report Through September 2012 Servicer Time to Resolve Non-GSE Escalations: Average Resolution Time by Quarter in Which Escalations were Resolved1 Servicers are required to resolve borrower inquiries and disputes that are escalated by the MHA Support Centers. Escalated cases include allegations that the servicer did not properly assess the homeowner according to program guidelines, inappropriately denied the homeowner for applicable MHA program(s), or initiated or continued inappropriate foreclosure actions. Effective February 1, 2011, the servicers are directed to review and resolve non-GSE escalated cases within 30 calendar days from receipt of the case by the escalating party. Over the last two quarters, all of the nine largest servicers’ non-GSE resolved cases have an average resolution time below the 30 day target. Q4 2011 Q1 2012 Q2 2012 Q3 2012 50 Target: 30 Calendar Days2 45 40 35 Days 30 25 20 15 10 5 0 Bank of America CitiMortgage GMAC Bank of America GSE Cases CitiMortgage GMAC JPMorgan Chase Homeward Residential Ocwen JPMorgan Chase OneWest Ocwen OneWest SPS SPS Wells Fargo Wells Fargo 6,574 953 389 42 2,108 219 512 7 1,641 7,897 678 589 1,109 3,333 1,763 699 265 3,211 Total 14,471 1,631 978 1,151 5,441 1,982 1,211 272 4,852 Total 219 34 12 28 88 43 16 3 183 Resolved Cases3 Non-GSE Cases Active Cases Homeward Residential 1 Non-GSE escalations only; excludes cases escalated to the MHA Support Centers but not yet escalated to servicers. Average resolution time calculation excludes cases referred to servicers prior to February 1, 2011, 'Investor denial' cases referred to servicers between February 1, 2011 and November 1, 2011, cases involving bankruptcy, and cases that did not require servicer actions. 2 Target of 30 calendar days includes an estimated 5 days of processing by MHA Support Centers. 3 Resolved cases include all escalations resolved on or after February 1, 2011 through September 30, 2012 and exclude those that did not require servicer actions. Source: MHA Support Centers. 16 Making Home Affordable: Servicer Results Program Performance Report Through September 2012 Disposition Path Homeowners in Canceled HAMP Trial Modifications Survey Data Through August 2012 (Largest Servicers) Status of Homeowners Whose HAMP Trial Modification Was Canceled: Servicer Action Not Allowed – Action Bankruptcy Borrower Pending1 in Process Current Short Sale/ Alternative Payment Deed-in- Foreclosure Foreclosure Modification Plan2 Loan Payoff Lieu Starts Completions Total (As of August 2012) Bank of America, N.A. 6,613 5,397 15,241 66,649 1,678 6,410 21,824 18,379 31,046 173,237 CitiMortgage Inc. 1,804 6,357 6,451 27,193 1,928 3,216 6,119 4,695 11,223 68,986 GMAC Mortgage, LLC 316 307 1,090 6,944 10 694 1,441 1,619 2,419 14,840 Homeward Residential 178 103 440 2,655 54 627 428 710 147 5,342 JPMorgan Chase Bank, N.A. 4,138 3,557 21,784 40,863 1,343 2,216 14,718 13,801 13,929 116,349 Ocwen Loan Services, LLC 2,000 1,917 3,507 21,738 2,039 499 864 7,003 3,391 42,958 OneWest Bank 165 262 482 12,095 42 112 1,257 1,464 4,374 20,253 Select Portfolio Servicing 773 270 1,078 5,730 247 340 1,627 895 4,197 15,157 1,093 4,587 9,551 41,605 695 7,928 8,431 15,902 26,433 116,225 17,080 22,757 59,624 225,472 8,036 22,042 56,709 64,468 97,159 573,347 3.0% 4.0% 10.4% 39.3% 1.4% 3.8% 9.9% 11.2% 16.9% 100% Wells Fargo Bank, N.A. TOTAL (These Largest Servicers) Note: Data is as reported by servicers for actions completed through August 31, 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. Note: Excludes cancellations pending data corrections and loans otherwise removed from servicing portfolios. See Appendix A1 and A2 for additional information on servicer participants in Making Home Affordable programs. 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 17 Making Home Affordable: Servicer Results Program Performance Report Through September 2012 Disposition Path Homeowners Not Accepted for HAMP Trial Modifications Survey Data Through August 2012 (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 August 2012) Bank of America, N.A. 23,918 15,198 94,594 167,469 9,280 20,666 49,773 54,463 59,828 495,189 CitiMortgage Inc. 9,894 16,514 24,003 61,959 8,381 6,110 21,036 16,413 23,655 187,965 GMAC Mortgage, LLC 7,276 4,462 40,142 51,487 644 10,501 14,438 14,815 18,455 162,220 Homeward Residential 2,561 1,956 17,230 45,074 1,587 5,839 3,918 9,555 1,911 89,631 JPMorgan Chase Bank, N.A. 19,301 16,644 140,214 139,658 8,171 61,277 66,737 52,652 35,644 540,298 Ocwen Loan Services, LLC 13,037 7,147 26,778 103,862 10,661 4,804 5,488 19,597 14,061 205,435 OneWest Bank 3,663 2,454 31,176 42,032 926 3,868 6,839 9,205 13,139 113,302 Select Portfolio Servicing 1,863 432 3,104 6,723 381 442 2,362 1,283 2,920 19,510 Wells Fargo Bank, N.A. 14,227 9,833 59,330 46,637 1,594 17,886 32,971 28,916 33,611 245,005 95,740 74,640 436,571 664,901 41,625 131,393 203,562 206,899 203,224 2,058,555 4.7% 3.6% 21.2% 32.3% 2.0% 6.4% 9.9% 10.1% 9.9% 100.0% TOTAL (These Largest Servicers) 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 Note: Data is as reported by servicers for actions completed through August 31, 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. Note: Excludes loans removed from servicing portfolios. See Appendix A1 and A2 for additional information on servicer participants in Making Home Affordable programs. 18 Making Home Affordable Program Performance Report Through September 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. 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 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 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 Homeward Residential2 Horicon Bank IC Federal Credit Union Idaho Housing and Finance Association iServe Residential Lending LLC iServe Servicing Inc. JPMorgan Chase Bank, N.A.3 Lake City 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, LLC4 OneWest Bank ORNL Federal Credit Union Pathfinder Bank PennyMac Loan Services, LLC PNC Bank, National Association PNC Mortgage5 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 Select Portfolio Servicing Servis One Inc., dba BSI Financial Services, Inc. ShoreBank Silver State Schools Credit Union Specialized Loan Servicing, LLC Sterling Savings Bank 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, N.A.6 Yadkin Valley Bank 1 Bank of America, N.A. includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 2 Formerly American Home Mortgage Servicing, Inc. 3 JPMorgan Chase Bank, N.A. includes all loans previously reported under EMC Mortgage Corporation. 4 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 5 Formerly National City Bank. 6 Wells Fargo Bank, N.A. includes all loans previously reported under Wachovia Mortgage, FSB. 19 Making Home Affordable Program Performance Report Through September 2012 Appendix A2: Participants in Additional Making Home Affordable Programs Second Lien Modification Program (2MP) Bank of America, N.A.1 Bayview Loan Servicing, LLC CitiMortgage, Inc. GMAC Mortgage, LLC Green Tree Servicing LLC iServe Residential Lending, LLC iServe Servicing, Inc. JPMorgan Chase Bank, N.A.2 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, N.A. 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, N.A.1 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, N.A.2 M&T Bank Marix Servicing, LLC Marsh Associates, Inc. Midland Mortgage Company Nationstar Mortgage ,LLC Ocwen Loan Servicing, LLC 5 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, N.A.4 Weststar Mortgage, Inc. GMAC Mortgage, LLC Green Tree Servicing, LLC JPMorgan Chase Bank, N.A.2 Nationstar Mortgage LLC PNC Bank, National Association PNC Mortgage 3 Residential Credit Solutions Saxon Mortgage Services, Inc. Select Portfolio Servicing Wells Fargo Bank, N.A. 4 Rural Housing Service Modification Program (RD-HAMP) Banco Popular de Puerto Rico Bank of America, N.A.1 Horicon Bank JPMorgan Chase Bank, N.A.2 Magna Bank Marix Servicing, LLC Midland Mortgage Company Nationstar Mortgage LLC Wells Fargo Bank, N.A.4 FHA Second Lien Program (FHA 2LP) Bank of America, N.A.1 Bayview Loan Servicing, LLC CitiMortgage, Inc. Flagstar Capital Markets Corporation 1 Bank of America, N.A. includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 2 JPMorgan Chase Bank, N.A. includes all loans previously reported under EMC Mortgage Corporation. 3 Formerly National City Bank. 4 Wells Fargo Bank, N.A. includes all loans previously reported under Wachovia Mortgage FSB. 5 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP 20
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