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Making Home Affordable Program Performance Report Through February 2013 Report Highlights Over 1.5 Million Homeowner Assistance Actions Taken through Making Home Affordable • More than 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 $546 each month – more than one-third of their median before-modification payment – saving a total estimated $18.5 billion to date in monthly mortgage payments. • Homeowners currently in HAMP permanent modifications with some form of principal reduction have been granted an estimated $9.6 billion in principal reduction. Of all non-GSE loans eligible for principal reduction entering HAMP in February, 70% included a principal reduction feature. • More than 126,000 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). Inside: Additional Reporting on the Second Lien Modification Program (2MP) • More than 107,000 second lien modifications have been completed through the Second Lien Modification Program (2MP). • Homeowners in 2MP with an active permanent modification save a median of $155 per month on their second mortgage, resulting in a median total first and second lien payment reduction of 41%. Homeowners who receive a full extinguishment of their second lien receive a median total first and second lien payment reduction of 53%. Inside: SUMMARY RESULTS: Making Home Affordable Program Activity First Lien Modification Activity Activity for HAFA, PRA, Treasury FHA-HAMP and UP Second Lien Modification Program (2MP) First Lien Modification Characteristics HAMP Activity by State HAMP Activity by MSA 4 5 6 7 8 SERVICER RESULTS: 9 First Lien Modification Activity 10 First Lien, PRA, 2MP, and HAFA Activity 11 Outreach to 60+ Delinquent Homeowners 12 Average Delinquency at Trial Start 13 Conversion Rate 14 Time to Resolve Escalations/Homeowner Outreach Disposition of Homeowners Not in 15-16 HAMP APPENDICES: Participants in MHA Programs Note: 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. 2 3 17-18 Making Home Affordable Program Performance Report Through February 2013 Making Home Affordable Program Activity 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. In total, the MHA program has completed over 1.5 million first and second lien permanent modifications, HAFA transactions, and UP forbearance plans. Program-to-Date Reported Since Prior Period 1,285,465 20,754 2MP Modifications Started 107,400 1,963 HAFA Transactions Completed2 126,240 11,823 UP Forbearance Plans Started (through January 2013) 31,291 766 1,550,396 35,306 MHA First Lien Permanent Modifications Started1 Cumulative Activity3 MHA Program Activity Cumulative MHA Activity (000s) Cumulative Transactions Completed 1,600 1,434 1,400 1,200 1,072 1,106 1,137 1,162 1,191 1,219 1,244 1,277 1,299 1,475 1,515 Program MHA First Lien Modifications The Home Affordable Modification Program (HAMP) provides eligible borrowers the opportunity to lower their first lien mortgage payment to affordable and sustainable levels through a uniform loan modification process. Effective June 2012, HAMP's eligibility requirements were expanded to include a "Tier 2" evaluation for non-GSE loans that is modeled after the GSE Standard Modification and includes properties that are currently occupied by a tenant as well as vacant properties the borrower intends to rent. FHA-HAMP and RD-HAMP provide first lien modifications for distressed borrowers in loans guaranteed through the Federal Housing Administration and Rural Housing Service. 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. Effective November 2012, the GSEs jointly streamlined their short sale and deed-in-lieu of foreclosure programs. The GSE Standard HAFA program is closely aligned with Treasury’s MHA HAFA program. Unemployment Program (UP) Provides temporary forbearance of mortgage principal to enable unemployed borrowers to look for a new job without fear of foreclosure. 1,550 1,324 1,000 800 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb 2012 2013 Source: HAMP system of record for HAMP, 2MP, HAFA, FHA-HAMP, and RD-HAMP. UP participation is reported via servicer survey through January 2013. GSE Standard Modification and GSE Standard HAFA data provided by Fannie Mae and Freddie Mac as of February 2013. Purpose 1 Includes (a) 1,166,726 GSE and Non-GSE HAMP permanent modifications, (b) 11,947 FHA- and RD-HAMP modifications, and (c) 106,792 GSE Standard Modifications since October 2011 under the GSEs’ Servicer Alignment Initiative. The GSEs and other government agencies also undertake other foreclosure prevention activities beyond their participation in MHA which is not reflected in this report. Per the Federal Housing Finance Agency’s Foreclosure Prevention Report for the Fourth Quarter of 2012, since 4Q 2008 the GSEs have completed more than 1.3 million permanent modifications and nearly 450,000 short sales and deed-in-lieu of foreclosure actions, which includes their activity under MHA. Please visit www.FHFA.gov for the complete FHFA report. As reported in the March 2013 edition of the Obama Administration’s Housing Scorecard, FHA has offered more than 1.7 million loss mitigation and early delinquency interventions, which includes their activity under MHA. 2 Includes the GSE and Non-GSE activity under the MHA program, in addition to the cumulative GSE Standard HAFA transactions completed since November 2012. Does not include other GSE short sale and deed-in-lieu activity prior to November 2012 outside the GSE Standard HAFA program. 3 This does not include trial modifications that have cancelled or not yet converted to permanent modifications, or HAFA transactions started but not yet completed. 2 Making Home Affordable Program Performance Report Through February 2013 HAMP (First Lien) Modifications Trial Modifications Tier 1 1,992,633 Tier 2 7,591 Trials Reported Since January 2013 Report1 12,921 Trial Modifications Canceled Since June 1, 20102 66,419 Active Trials 59,459 All Permanent Modifications Started Permanent Modifications HAMP Trials Started 2,000,224 1,166,726 2,050 Cumulative Trial Starts (Left Axis) 2,000 Monthly Trial Starts (Right Axis) 1,900 1,850 1,800 1,750 Tier 1 1,163,965 Tier 2 2,761 1,650 Permanent Modifications Reported Since January 2013 Report 15,386 1,600 Permanent Modifications Canceled (Cumulative)3 304,090 Active Permanent Modifications 862,636 Servicers may enter new trial modifications into the HAMP system of record at any time. 2 774,039 cumulative including 707,620 that had trial start dates prior to June 1, 2010 when Treasury implemented a verified income requirement. 3 A permanent modification is canceled when the borrower has missed three consecutive monthly payments. Includes 11,654 loans paid off. 1 1,550 On January 27, 2012, Treasury announced an expansion of the eligibility for HAMP to reduce additional foreclosures and help stabilize neighborhoods. The eligibility was expanded for non-GSE loans to (1) allow for more flexible debt-to-income criteria and (2) include properties that are currently occupied by a tenant, as well as vacant properties which the borrower intends to rent. This expanded HAMP criteria, referred to as HAMP “Tier 2,” became effective on June 1, 2012 (although not all servicers began offering Tier 2 modifications on that date). There is insufficient program data at this time to estimate the number of homeowners who may qualify for HAMP Tier 2. 4 Current unpaid principal balance must be no greater than: $729,750 for a single-unit property, 2 units: $934,200, 3 Units: $1,129,250, 4 Units: $1,403,400. 1,740 1,792 1,809 1,848 1,866 1,899 1,916 2,000 100 1,948 50 Sep Oct Nov Dec Jan Feb 2011 2012 Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb 2013 0 Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 12,921 trials have entered the HAMP system of record since the prior report; 11,919 were trials with a first payment recorded in February 2013. HAMP Permanent Modifications Started (Cumulative) 1,200 All Permanent Modifications Started (000s) Homeowners who have HAMP-eligible loans may qualify for Tier 1 if they meet additional criteria including, but not limited to requiring: a debt-to-income ratio greater than 31%, occupancy, employment, and pooling and servicing agreement eligibility. Based on current estimates, of the 3.8 million homeowners who are currently 60+ days delinquent, an estimated 656,049 homeowners are eligible for HAMP Tier 1. 1,722 1,758 1,776 1,830 1,884 1,931 1,988 1,700 Estimated Eligible Loans and Borrowers Under the original HAMP program, launched in March 2009, now referred to as “Tier 1,” eligible loans include conventional loans more than 60 days delinquent (unless the borrower is in imminent default), that originated on or before January 1, 2009 with a current unpaid principal balance below the maximum conforming loan limit4 and were owner-occupied at origination. 1,964 1,950 1,977 New Trials Started (000s) All Trials Started Total All Trials Started (000s) HAMP Activity Through February 2013 1,100 1,000 900 857 883 910 933 951 974 994 1,009 1,026 1,043 1,060 1,077 1,091 1,136 1,107 1,122 1,151 1,167 800 700 600 Sep Oct 2011 Nov Source: HAMP system of record. Dec Jan Feb 2012 Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb 2013 3 Making Home Affordable: Summary Results Program Performance Report Through February 2013 Home Affordable Foreclosure Alternatives (HAFA) Activity HAMP Principal Reduction 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: • 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 caused servicers to increase use of non-PRA principal reductions. Of all non-GSE loans eligible1 for principal reduction that started a trial in February 2013, 70% included a principal reduction feature, including 54% through the HAMP PRA program. HAMP Modifications with Earned Principal Reduction Under PRA2 HAMP Modifications with Upfront Principal Reduction Outside of PRA Total HAMP Modifications with Principal Reduction 119,444 39,184 158,628 Trials Reported Since January 2013 Report 3,180 1,181 4,361 Active Trial Modifications 13,556 3,798 17,354 All Permanent Modifications Started 96,094 32,183 128,277 3,430 1,771 5,201 All Trial Modifications Started Permanent Modifications Reported Since January 2013 Report Active Permanent Modifications Median Principal Amount Reduced for Active Permanent Modifications3 82,813 28,124 110,937 $73,344 $56,209 $67,409 Median Principal Amount Reduced for Active Permanent Modifications (%)4 32.1% 18.0% 29.2% Total Outstanding Principal Balance Reduced on Active Permanent Modifications 3 $7,665,030,318 $1,895,423,819 $9,560,454,137 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. 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 HAMP PRA amount as a percentage of before-modification UPB, excluding capitalization. 2 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 23,051 All Treasury FHA-HAMP Permanent Modifications Started 11,920 1As reported in the March 2013 edition of the Obama Administration’s Housing Scorecard, FHA has offered more than 1.7 million loss mitigation and early delinquency interventions, which includes their activity under MHA. 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. Effective November 2012, the GSEs revised their short sale and deed-in-lieu programs. The GSE Standard HAFA program is closely aligned with Treasury’s MHA HAFA program. In HAFA transactions, homeowners: • Follow a streamlined process for short sales and deed-in-lieu transactions that requires no verification of income (unless as required by investors) 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. Non-GSE Activity GSE Activity1 Total Short Sale 97,098 26,006 123,104 Deed-in-Lieu 2,910 226 3,136 100,008 26,232 126,240 Total Transactions Completed 1 Includes GSE activity under the MHA program in addition to the GSE Standard HAFA program implemented in November 2012. GSE Standard HAFA data provided by Fannie Mae and Freddie Mac as of February 2013. Does not include other GSE short sale and deed-in-lieu activity outside the HAFA program. Per the Federal Housing Finance Agency’s Foreclosure Prevention Report for the Fourth Quarter of 2012, since 4Q 2008 the GSEs have completed nearly 450,000 short sales and deed-in-lieu of foreclosure actions, which includes their activity under MHA. Please visit www.FHFA.gov for the complete FHFA report. 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 31,291 UP Forbearance Plans With Some Payment Required 26,872 UP Forbearance Plans With No Payment Required 4,419 Note: Data is as reported by servicers via survey for UP participation through January 31, 2013. See Appendix A2 for servicer participants in additional Making Home Affordable programs. 4 Making Home Affordable: Summary Results Program Performance Report Through February 2013 Second Lien Modification Program (2MP) 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 or a full or partial extinguishment of the second lien. 2MP requires that a participating servicer offer a second lien modification if that borrower also has a permanent and active first lien HAMP modification, and that the second lien has an unpaid balance of $5,000 or more and a pre-modification scheduled monthly payment of at least $100. Estimated Eligible 2nd Liens 2MP Activity Bank of America, N.A. 41,557 34,479 CitiMortgage, Inc. 18,798 13,389 GMAC Mortgage, LLC 7,382 4,696 JPMorgan Chase Bank, N.A. 34,473 30,567 OneWest Bank 4,266 3,562 Wells Fargo Bank, N.A. 18,554 15,753 Other Servicers 7,733 4,954 132,763 107,400 2MP Participating Servicer Name4 Total 1 Includes second lien modifications reported into HAMP system of record through the end of cycle for February 2013 data, though the effective date may occur in March. Number of modifications is net of cancellations, which are primarily due to servicer data corrections. 2 Includes 2,823 loans paid off. 3 Includes 5,397 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 Only six of the nine largest SPA servicers participate in 2MP. See Appendix A for servicer participants in 2MP and other programs. 5 Data is as reported by servicers via survey as of February 28, 2013. 6 Borrowers with an active 1MP permanent modification who have also received a 2MP modification realize a higher monthly payment reduction on their first lien compared to the overall population of 1MP borrowers as the median first lien unpaid principal balance is higher. 107,400 Second Lien Modifications Involving Full Lien Extinguishments 27,296 Second Lien Modifications Disqualified2 9,342 Active Second Lien Modifications3 110 Cumulative 2MP Modification Starts (Left Axis)1 Monthly 2MP Modification Starts (Right Axis)1 100 90 80 70 70,762 71 76 80 84 87 90 94 97 99 102 103 105 107 11 6 66 60 1 50 New Modifications Started (000s) Eligible 2nd Liens5 2MP Modifications Started All Second Lien Modifications Started (Cumulative)1 All Modifications Started (000s) • Based on survey data as reported by servicers through February 2013, 81% of eligible second liens have received a 2MP modification, with many of the remaining second liens either still in the evaluation process by the servicers, awaiting homeowner response to the 2MP offer, or awaiting conversion of the first lien HAMP trial to permanent modification. • Important factors affecting the size of the population of second liens eligible for 2MP modifications include: Servicer participation in 2MP is voluntary; current 2MP servicers represent approximately 70% of the homeowners with active, permanent HAMP first lien modifications4. Under 2MP, participating servicers are notified when a match is found between one of their second liens and a HAMP first lien modification. Survey data indicates that approximately 342,089 HAMP modifications have been matched with a second lien5. Of these matched second liens, approximately 61% are found to be ineligible for a 2MP modification. The most common reasons for ineligibility are: • Cancellation or failure of a trial or permanent first lien HAMP modification, • Extinguishment of the second lien prior to evaluation for 2MP, • Failure of a 2MP trial modification, and • Some homeowners with eligible second liens decline to participate in 2MP. Modification Characteristics Borrowers with an active 2MP modification, including those with a partial extinguishment of their second lien, save a median $780, or 41% of their combined total first and second lien mortgage payment. Those who received a full extinguishment of their second lien have reduced their total monthly mortgage payment by a median amount of $1,047, or 53%.6 Median Amount of Full Extinguishment $61,346 Median Amount of Partial Extinguishment for Active 2MP Modifications $9,609 Median Payment Reduction for Active 2MP Modifications $155 Top three States by Activity, Percent of Total 2MP Modifications Started: • California 36% • Florida 9% • New York 7% 5 Making Home Affordable: Summary Results Program Performance Report Through February 2013 Homeowner Benefits and First Lien Modification Characteristics Aggregate payment savings to homeowners who received HAMP first lien permanent modifications are estimated to total approximately $18.5 billion, program to date, compared with unmodified mortgage obligations. The median monthly savings for homeowners in active permanent first lien modifications is $546.10, or 38% of the median monthly payment before modification. Modification Steps of Active Permanent Modifications HAMP modifications follow a series of waterfall steps. The modification steps include interest rate adjustment, term extension and principal forbearance. • Under Tier 1, servicers apply the modification steps in sequence until the homeowner’s after modification front-end debt-to-income (DTI) ratio is 31%. The impact of each modification step can vary to achieve the target of 31%. • Under Tier 2, servicers apply consistent modification terms resulting in the homeowner’s post modification DTI falling within an allowable target range.1 Select Median Characteristics of Active Permanent Modifications Tier 1 Tier 2 Interest Rate Reduction 96.7% 72.2% Term Extension 61.7% 84.1% 32.6% 19.1% Principal Forbearance 1 Subject to investor restrictions. Effective February 1, 2013, Supplemental Directive 12-09 expands the acceptable DTI range for Tier 2 to 10-55%. After Modification Median Decrease Tier 1 45.5% 31.0% -14.9 pct pts Tier 2 40.8% 30.6% -8.7 pct pts Tier 1 70.8% 52.4% -15.2 pct pts Tier 2 54.7% 43.0% -8.7 pct pts Tier 1 $1,421.81 $807.17 ($546.75) Tier 2 $1,250.64 $839.45 ($368.18) Front-End Debt-to-Income Ratio2 Back-End Debt-to-Income Ratio3 Active permanent modifications reflect the following modification steps: Modification Step Before Modification Loan Characteristic Median Monthly Housing Payment4 Ratio of housing expenses (principal, interest, taxes, insurance and homeowners association and/or condo fees) to monthly gross income. 3 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. Homeowners who have a back-end debt-to-income ratio of greater than 55% are required to seek housing counseling under program guidelines. 4 Principal and interest payment. Before modification payment is homeowner’s current payment at time of evaluation. 2 Homeowner Characteristics • Tier 2 provides another modification opportunity for struggling homeowners who did not qualify for Tier 1 or received a Tier 1 trial or permanent modification but lost good standing. Of the Tier 2 trial modifications started: • 36% were previously in a Tier 1 trial or permanent modification. • 22% were previously evaluated for Tier 1 and did not meet eligibility requirements. • The primary hardship reasons for homeowners in active permanent modifications are: • Of the Tier 2 trial modifications started, 9% were for non owner-occupied properties. • Of all HAMP 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. • The median gross monthly income of homeowners in the program is $3,843.09. • The median credit score of homeowners in the program is 574. • 68.1% experienced loss of income (curtailment of income or unemployment) • 10.6% reported excessive obligation • 3.5% reported an illness of the principal borrower 6 Making Home Affordable: Summary Results Program Performance Report Through February 2013 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 43 397 440 0.0% MT 76 985 1,061 0.1% AL 407 4,640 5,047 0.5% NC 1,164 15,197 16,361 1.8% AR 146 1,807 1,953 0.2% ND 4 131 135 0.0% AZ 1,250 33,864 35,114 3.8% NE 81 1,126 1,207 0.1% CA 14,088 223,557 237,645 25.8% NH 261 3,810 4,071 0.4% CO 813 12,156 12,969 1.4% NJ 2,295 27,768 30,063 3.3% CT 952 10,989 11,941 1.3% NM 253 2,845 3,098 0.3% DC 102 1,521 1,623 0.2% NV 1,052 19,015 20,067 2.2% DE 187 2,533 2,720 0.3% NY 4,196 43,181 47,377 5.1% FL 7,399 104,492 111,891 12.1% OH 1,302 17,816 19,118 2.1% GA 2,077 30,734 32,811 3.6% OK HI 253 3,341 3,594 0.4% OR IA 123 1,994 2,117 0.2% PA ID 186 3,250 3,436 0.4% RI IL 3,034 44,576 47,610 5.2% IN 579 7,931 8,510 KS 165 1,991 KY 234 3,091 LA 396 4,734 185 1,949 2,134 0.2% 684 9,693 10,377 1.1% 1,504 17,446 18,950 2.1% 257 4,155 4,412 0.5% SC 564 7,680 8,244 0.9% 0.9% SD 17 295 312 0.0% 2,156 0.2% TN 738 8,427 9,165 1.0% 3,325 0.4% TX 1,979 23,046 25,025 2.7% 5,130 0.6% UT 390 7,706 8,096 0.9% MA 1,604 20,676 22,280 2.4% VA 1,335 20,428 21,763 2.4% MD 1,914 27,158 29,072 3.2% VT 66 727 793 0.1% ME 203 2,351 2,554 0.3% WA 1,331 18,224 19,555 2.1% MI 1,247 25,773 27,020 2.9% WI 598 7,996 8,594 0.9% MN 675 13,572 14,247 1.5% WV 77 1,123 1,200 0.1% MO 631 8,320 8,951 1.0% WY 21 408 429 0.0% MS 220 2,894 3,114 0.3% Other2 101 3,117 3,218 0.3% Total reflects active trials and active permanent modifications. 2 Includes Guam, Puerto Rico and the U.S. Virgin Islands. 1 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 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 7 Making Home Affordable: Summary Results Program Performance Report Through February 2013 15 Metropolitan Areas With Highest HAMP Activity Active Trials Active Permanent Modifications Total MSA HAMP Activity1 % of U.S. HAMP Activity Los Angeles-Long Beach-Santa Ana, CA 5,050 71,217 76,267 8.3% $876.90 41% New York-Northern New Jersey-Long Island, NY-NJ-PA 5,132 57,514 62,646 6.8% $888.79 43% Miami-Fort Lauderdale-Pompano Beach, FL 3,361 45,998 49,359 5.4% $586.92 45% Chicago-Joliet-Naperville, IL-IN-WI 2,910 43,307 46,217 5.0% $572.68 44% Riverside-San Bernardino-Ontario, CA 2,350 43,260 45,610 4.9% $691.28 40% Washington-Arlington-Alexandria, DC-VA-MD-WV 1,790 28,924 30,714 3.3% $697.49 38% 900 26,973 27,873 3.0% $502.06 41% Atlanta-Sandy Springs-Marietta, GA 1,598 24,896 26,494 2.9% $412.91 40% San Francisco-Oakland-Fremont, CA 1,366 19,819 21,185 2.3% $936.50 40% San Diego-Carlsbad-San Marcos, CA 1,038 16,364 17,402 1.9% $810.39 39% Las Vegas-Paradise, NV 843 15,538 16,381 1.8% $571.89 42% Detroit-Warren-Livonia, MI 689 15,581 16,270 1.8% $416.74 41% Orlando-Kissimmee-Sanford, FL 934 15,289 16,223 1.8% $496.53 42% 1,122 14,887 16,009 1.7% $682.44 38% 837 14,558 15,395 1.7% $655.20 39% Metropolitan Statistical Area Phoenix-Mesa-Glendale, AZ Boston-Cambridge-Quincy, MA-NH Sacramento-Arden-Arcade-Roseville, CA A complete list of HAMP activity for all metropolitan areas is available at http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/ 1 Total Median $ Median % Payment Payment Reduction Reduction2 reflects active trials and active permanent modifications. % of the median monthly payment before modification for active permanent modifications. 2 Reflects 8 Making Home Affordable: Summary Results Program Performance Report Through February 2013 HAMP Modification Activity by Servicer and Investor Type Total Active Modifications4 Active Trial Modifications2 Active Trial Modifications Lasting 6 Months or Longer3 Active Permanent Modifications2 GSE Private Portfolio Total Trial Plan Offers Extended1 All HAMP Trials Started2 All HAMP Permanent Modifications Started2 Bank of America, N.A. 568,830 340,733 164,761 11,980 4,811 120,079 66,270 54,338 11,451 132,059 CitiMortgage, Inc. 215,121 142,091 68,615 2,864 811 53,157 33,204 5,728 17,089 56,021 GMAC Mortgage, LLC 90,925 60,780 44,428 1,944 54 30,396 12,188 6,610 13,542 32,340 Homeward Residential, Inc. 57,120 47,575 40,208 1,265 263 29,056 5,451 24,870 0 30,321 423,273 335,139 192,655 8,577 834 144,982 67,237 58,236 28,086 153,559 118,133 173,148 109,446 7,519 1,053 75,628 13,120 68,712 1,315 83,147 OneWest Bank 98,262 66,351 44,563 1,272 88 35,359 15,392 18,233 3,006 36,631 Select Portfolio Servicing 77,415 66,398 38,124 2,101 410 25,366 498 23,489 3,480 27,467 Wells Fargo Bank, N.A. 255,150 288,660 160,369 11,499 2,111 124,177 56,483 22,990 56,203 135,676 Other Servicers 309,992 479,349 303,557 10,438 1,529 224,436 187,263 29,355 18,256 234,874 2,214,221 2,000,224 1,166,726 59,459 11,964 862,636 457,106 312,561 152,428 922,095 Servicer JPMorgan Chase Bank, N.A. Ocwen Loan Servicing, LLC Total 1 2 As reported in the monthly servicer survey of large SPA servicers through January 31, 2013. 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. 3 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. Total active modifications reflects active trial and active permanent HAMP modifications. See Appendix A1 and A2 for additional information on servicer participants in Making Home Affordable programs. 9 Making Home Affordable: Servicer Results Program Performance Report Through February 2013 Making Home Affordable Programs by Servicer1 HAMP First Lien Modifications Second Lien Modification (2MP) Home Affordable Foreclosure Alternatives (HAFA)5 Trials Started3 Permanent Modifications Started3 Trials Started3 Permanent Modifications Started3 Second Lien Modifications Started4 Transactions Completed Bank of America, N.A. 340,733 164,761 13,629 11,358 34,479 33,097 CitiMortgage, Inc. 142,091 68,615 2,520 2,049 13,389 756 GMAC Mortgage, LLC 60,780 44,428 3,662 2,670 4,696 3,926 Homeward Residential, Inc. 47,575 40,208 13 0 N/A 1,482 JPMorgan Chase Bank, N.A. 335,139 192,655 29,495 24,819 30,567 30,239 Ocwen Loan Servicing, LLC 173,148 109,446 32,465 24,688 N/A 2,860 OneWest Bank 66,351 44,563 6,465 5,756 3,562 3,498 Select Portfolio Servicing 66,398 38,124 2,785 2,477 N/A 2,998 Wells Fargo Bank, N.A. 288,660 160,369 23,793 18,327 15,753 15,441 Other Servicers 479,349 303,557 4,617 3,950 4,954 5,711 2,000,224 1,166,726 119,444 96,094 107,400 100,008 Servicer Total 1 Principal Reduction Alternative (PRA)2 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. 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. Includes Non-GSE activity under the MHA program only. Servicer GSE program data not available. 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. 10 Making Home Affordable: Servicer Results Program Performance Report Through February 2013 Servicer Outreach to 60+ Day Delinquent Homeowners: Cumulative Servicer Results, February 2012 – January 2013 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% 98% 93% 90% 95% 92% 91% 88% 83% 80% 70% 70% 70% 60% 50% 40% 78% 93% 85% 90% 78% 71% 64% 30% 58% 66% 20% 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 Jan. 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 are including 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. 11 Source: Survey of 9 largest participating servicers as of January 31, 2013. Making Home Affordable: Servicer Results Program Performance Report Through February 2013 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 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. 1 12 Making Home Affordable: Servicer Results Program Performance Report Through February 2013 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, 87% 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 87% Converted to Permanent Modification 3% Pending Processing or Decision 100% 85% 87% 88% 89% 88% 82% 82% 80% Conversion Rate 92% 89% 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 13 Making Home Affordable: Servicer Results Program Performance Report Through February 2013 Select Measures of Homeowners’ Experience with MHA Homeowner’s HOPETM Hotline Volume1 Program to Date February Total Number of Calls Taken at 1-888-995-HOPE 3,671,647 50,542 Borrowers Referred for Free Housing Counseling Assistance Through the Homeowner’s HOPETM Hotline 1,772,290 24,787 Selected Homeowner Outreach Measures Program to Date Homeowner Outreach Events Hosted Nationally by Treasury and Partners (cumulative) Homeowners Attending Treasury-Sponsored Events (cumulative) 1 Source: Homeowner’s HOPETM Hotline. Numbers reflect calls that resulted in customer records. 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. 2 82 72,543 Servicer Solicitation of Borrowers (cumulative)2 9,118,616 Page views on MakingHomeAffordable.gov (February 2013) 2,211,438 Page views on MakingHomeAffordable.gov (cumulative) 167,711,909 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 three quarters, all of the nine largest servicers’ non-GSE resolved cases have an average resolution time at or below the 30 day target. Q2 2012 Q3 2012 Q4 2012 Current QTD Target: 30 Calendar Days2 35 30 Days 25 20 15 10 5 0 Bank of America GSE Cases Resolved Cases3 Non-GSE Cases Total Active Cases Total CitiMortgage Bank of America 6,945 8,657 15,602 105 GMAC Homeward Residential CitiMortgage GMAC 1,056 766 1,822 12 430 678 1,108 5 JPMorgan Chase Homeward Residential 54 1,248 1,302 10 JPMorgan Chase 2,304 3,589 5,893 56 Ocwen OneWest SPS Wells Fargo Ocwen OneWest SPS Wells Fargo 262 2,038 2,300 14 560 783 1,343 5 9 338 347 4 1,825 3,768 5,593 36 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 February 28, 2013 and exclude those that did not require servicer actions. Source: MHA Support Centers. 14 Making Home Affordable: Servicer Results Program Performance Report Through February 2013 Disposition Path Homeowners in Canceled HAMP Trial Modifications Survey Data Through January 2013 (Largest Servicers) Status of Homeowners Whose HAMP Trial Modification Was Canceled: Action Pending1 Action Not Allowed – Bankruptcy in Process Borrower Current Alternative Modification Payment Plan2 Loan Payoff Short Sale/ Deed-in-Lieu Foreclosure Starts Foreclosure Completions Total Bank of America, N.A. 5,317 3,732 13,120 55,624 1,107 7,962 22,342 10,973 38,309 158,486 CitiMortgage Inc. 1,676 6,338 6,667 26,086 1,821 3,835 6,361 3,434 12,036 68,254 GMAC Mortgage, LLC 218 198 645 6,471 19 823 1,553 1,070 2,567 13,564 Homeward Residential, Inc. 144 116 800 2,864 93 862 434 685 81 6,079 JPMorgan Chase Bank, N.A. 4,361 3,304 21,487 40,803 1,306 2,641 15,714 10,856 15,788 116,260 Ocwen Loan Services, LLC 2,415 2,000 2,700 25,679 2,803 909 1,637 6,105 5,244 49,492 845 634 610 6,281 540 158 2,217 3,166 5,937 20,388 Select Portfolio Servicing 3,047 495 1,904 7,939 245 379 2,384 2,039 4,828 23,260 Wells Fargo Bank, N.A. 1,087 4,570 8,776 39,181 666 10,001 8,896 14,206 28,083 115,466 19,110 21,387 56,709 210,928 8,600 27,570 61,538 52,534 112,873 571,249 3.3% 3.7% 9.9% 36.9% 1.5% 4.8% 10.8% 9.2% 19.8% 100% Servicer OneWest Bank TOTAL (These Largest Servicers) Note: Data is as reported by servicers for actions completed through January 31, 2013. 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. 15 Making Home Affordable: Servicer Results Program Performance Report Through February 2013 Disposition Path Homeowners Not Accepted for HAMP Trial Modifications Survey Data Through January 2013 (Largest Servicers) Status of Homeowners Not Accepted for a HAMP Trial Modification: Action Pending1 Action Not Allowed – Bankruptcy in Process Borrower Current Alternative Modification Payment Plan2 Loan Payoff Short Sale/ Deed-in-Lieu Foreclosure Starts Foreclosure Completions Total Bank of America, N.A. 13,505 11,126 73,694 120,071 4,614 29,920 47,750 29,469 72,271 402,420 CitiMortgage Inc. 8,632 17,637 27,362 61,780 8,150 7,726 21,821 11,983 26,786 191,877 GMAC Mortgage, LLC 6,072 3,637 30,309 48,517 955 14,504 16,464 11,417 20,278 152,153 Homeward Residential, Inc. 2,006 2,134 19,307 49,271 1,493 8,588 4,332 9,765 1,121 98,017 JPMorgan Chase Bank, N.A. 21,365 16,114 137,990 155,078 7,528 71,661 74,469 46,150 43,852 574,207 Ocwen Loan Services, LLC 9,004 6,215 25,874 121,126 11,726 6,541 8,114 18,120 16,467 223,187 OneWest Bank 6,156 3,357 35,480 28,964 4,360 5,770 9,775 11,519 17,364 122,745 Select Portfolio Servicing 4,718 556 4,824 4,899 284 602 3,161 1,947 3,354 24,345 Wells Fargo Bank, N.A. 15,329 11,256 58,339 49,662 1,414 25,040 36,563 29,724 37,277 264,604 86,787 72,032 413,179 639,368 40,524 170,352 222,449 170,094 238,770 2,053,555 4.2% 3.5% 20.1% 31.1% 2.0% 8.3% 10.8% 8.3% 11.6% 100.0% Servicer TOTAL (These Largest Servicers) Note: Data is as reported by servicers for actions completed through January 31, 2013. 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. 16 Making Home Affordable Program Performance Report Through February 2013 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, LLC2 Great Lakes Credit Union Greater Nevada Mortgage Services Green Tree Servicing LLC Hartford Savings Bank Hillsdale County National Bank HomEq Servicing Homeward Residential, Inc. 3 Horicon Bank IC Federal Credit Union Idaho Housing and Finance Association iServe Residential Lending LLC iServe Servicing Inc. JPMorgan Chase Bank, N.A.4 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, LLC5 OneWest Bank ORNL Federal Credit Union Pathfinder Bank PennyMac Loan Services, LLC PNC Bank, National Association PNC Mortgage6 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.7 Yadkin Valley Bank Bank of America, N.A. includes all loans previously reported under BAC Home Loans Servicing 4 JPMorgan Chase Bank, N.A. includes all loans previously reported under EMC Mortgage LP, Home Loan Services and Wilshire Credit Corporation. Corporation. 2 Effective February 15, 2013, GMAC Mortgage, LLC. was acquired by Ocwen Loan Servicing, LLC. 5 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP. 6 Formerly National City Bank. The acquisition will be reflected in future reports. 3 Formerly American Home Mortgage Servicing, Inc. Effective December 27, 2012, Homeward 7 Wells Fargo Bank, N.A. includes all loans previously reported under Wachovia Mortgage, FSB. Residential, Inc. was acquired by Ocwen Loan Servicing, LLC. The acquisition will be reflected in future reports. 1 17 Making Home Affordable Program Performance Report Through February 2013 Appendix A2: Participants in Additional Making Home Affordable Programs Second Lien Modification Program (2MP) N.A.1 Bank of America, Bayview Loan Servicing, LLC CitiMortgage, Inc. GMAC Mortgage, LLC2 Green Tree Servicing LLC iServe Residential Lending, LLC iServe Servicing, Inc. JPMorgan Chase Bank, N.A.3 Nationstar Mortgage LLC OneWest Bank PennyMac Loan Services, LLC PNC Bank, National Association PNC Mortgage 4 Residential Credit Solutions Servis One Inc., dba BSI Financial Services, Inc. Wells Fargo Bank, N.A. 5 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, LLC2 Green Tree Servicing, LLC Guaranty Bank iServe Residential Lending, LLC iServe Servicing, Inc. James B. Nutter & Company JPMorgan Chase Bank, N.A. 3 M&T Bank Marix Servicing, LLC Marsh Associates, Inc. Midland Mortgage Company Nationstar Mortgage ,LLC Ocwen Loan Servicing, LLC6 PennyMac Loan Services, LLC PNC Mortgage4 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. 5 Weststar Mortgage, Inc. GMAC Mortgage, LLC 2 Green Tree Servicing, LLC JPMorgan Chase Bank, N.A.3 Nationstar Mortgage LLC PNC Bank, National Association PNC Mortgage 4 Residential Credit Solutions Saxon Mortgage Services, Inc. Select Portfolio Servicing Wells Fargo Bank, N.A. 5 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.3 Magna Bank Marix Servicing, LLC Midland Mortgage Company Nationstar Mortgage LLC Wells Fargo Bank, N.A.5 FHA Second Lien Program (FHA 2LP) Bank of America, N.A.1 Bayview Loan Servicing, LLC CitiMortgage, Inc. Flagstar Capital Markets Corporation Bank of America, N.A. includes all loans previously reported under BAC Home Loans Servicing LP, Home Loan Services and Wilshire Credit Corporation. 2 Effective February 15, 2013, GMAC Mortgage, LLC. was acquired by Ocwen Loan Servicing, LLC. The acquisition will be reflected in future reports 3 JPMorgan Chase Bank, N.A. includes all loans previously reported under EMC Mortgage Corporation. 4 Formerly National City Bank 5 Wells Fargo Bank, N.A. includes all loans previously reported under Wachovia Mortgage FSB. 6 Ocwen Loan Servicing, LLC includes Litton Loan Servicing LP 1 18
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