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Making Home Affordable
Report Highlights

Program Performance Report Through January 2014

More Than 1.9 Million Homeowner Assistance Actions Taken through Making
Home Affordable
• More than 1.3 million homeowners have received a permanent modification through
the Home Affordable Modification Program (HAMP). Homeowners have reduced their
first lien mortgage payments by a median of approximately $544 each month – almost
40% of their median before-modification payment – saving a total estimated $25.5
billion to date in monthly mortgage payments.
• More than 126,000 second lien modifications have been started through the Second
Lien Modification Program (2MP).
• More than 266,000 homeowners have exited their homes through a short sale or deedin-lieu of foreclosure with assistance from the Home Affordable Foreclosure
Alternatives Program (HAFA).

This Month’s Feature: The HAMP Principal Reduction Alternative
• Homeowners currently in HAMP permanent modifications with some form of principal
reduction have been granted an estimated $13.3 billion in principal reduction. Of all
non-Government Sponsored Enterprise (GSE) loans eligible for principal reduction
entering HAMP in January, 64% included a principal reduction feature.

The Q4 2013 Quarterly Servicer Assessment
• For the fourth quarter of 2013, one servicer was found to need minor improvement
and the remainder were found to need moderate improvement. All servicers will need
to continue to demonstrate progress in areas identified during program reviews. On
average, servicer performance has improved since the inception of the Servicer
Assessment reports.

Inside:
SUMMARY AND PROGRAM RESULTS:
Making Home Affordable Program Summary
HAMP Summary
PRA, Treasury FHA-HAMP and UP Summary
HAFA and 2MP Summary
Featured Program Results: PRA
HAMP Modification Characteristics
HAMP Activity by State and MSA
Homeowner Outreach

2
3
4
5
6
7
8
9

SERVICER RESULTS:
HAMP, PRA, 2MP, and HAFA Activity
HAMP Modification Activity
Outreach to 60+ Day Delinquent Homeowners
Average Delinquency at Trial Start
Conversion Rate
Disposition of Homeowners Not in HAMP
SERVICER ASSESSMENT RESULTS:
Overview
Servicer Results
Description of Metrics

10
11
12
13
14
15
16-17
18-28
29

APPENDICES:

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.

Terms and Methodology
Program Notes
End Notes
Participants in MHA Programs

30
31
32
33-34

Making Home Affordable: Summary Results
Program Performance Report Through January 2014

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’s reach.

In total, the MHA program has completed more than 1.9 million first and second lien permanent modifications, HAFA transactions, and UP forbearance plans.
Program-to-Date

Reported Since Prior
Period

1,536,053

23,313

2MP Modifications Started

126,547

1,032

HAFA Transactions Completed

266,547

8,103

UP Forbearance Plans Started (through
December 2013)

38,445

572

1,967,592

33,020

MHA First Lien Permanent Modifications
Started*

Cumulative Activity1

*Program-to-Date Total Includes :
• 1,327,287 GSE and Non-GSE HAMP permanent modifications
• 27,703 FHA- and RD-HAMP modifications
• 181,063 GSE Standard Modifications since October 2011 under the GSEs’ Servicer
Alignment Initiative

Cumulative MHA Activity (000s)

MHA Program Activity
Cumulative Transactions Completed

2,200
2,000
1,800
1,600

1,475

1,515

1,550

1,588

1,624

1,665

1,703

1,740

1,791

1,826

1,864

1,900

1,935

1,968

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 an eligible first lien
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. A short sale requires a third-party
purchaser and cooperation of junior lienholders and
mortgage insurers to complete the transaction.

Unemployment
Program (UP)

Provides temporary forbearance of mortgage principal to
enable unemployed borrowers to look for a new job
without fear of foreclosure.

1,400
1,200
1,000

Purpose

800
Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan
2013
2014

Source: HAMP system of record for HAMP, 2MP, HAFA, FHA-HAMP, and RD-HAMP. UP participation is reported via
servicer survey. GSE Standard Modification and GSE Standard HAFA data provided by Fannie Mae and Freddie Mac.

See Appendix for Terms and Methodology, Program Notes, End Notes and additional
information on servicer participants in Making Home Affordable programs.

Making Home Affordable: Summary Results
Program Performance Report Through January 2014

HAMP (First Lien) Modifications

Tier 1

2,103,974

Tier 2

59,764

Trials Reported Since Last Report2

12,025

Active Trials

54,219

Trial Modifications Cancelled since Verified Income
Requirement*
All Permanent Modifications Started

Permanent Modifications

79,020
1,327,287

Tier 1

1,287,317

Tier 2

39,970

2,200
Cumulative Trial Starts (Left Axis)
2,150

Monthly Trial Starts (Right Axis)

2,100
2,055

2,050

2,072

2,088

2,103

2,116

2,129

2,143

2,155

2,164

35
30

2,017
1,972

1,985

45
40

2,035

2,000

1,999

20
15

1,950

Permanent Modifications Reported Since Last Report

15,729

1,900

Permanent Modifications Disqualified (Cumulative)**

368,514

1,850

Active Permanent Modifications

933,900

* When Treasury first launched HAMP in the spring of 2009, servicers were not required to verify a borrower’s
income prior to commencing a trial modification. This was the policy because of the severity of the crisis, the
number of homeowners already in default, and the fact that servicers had not yet built the systems to fully
implement the program. However, this resulted in many trials being cancelled once income was verified.
Treasury required all servicers to verify a borrower’s income as of June 10, 2010, which substantially lowered trial
cancelations. Prior to that date, 703,212 trials were cancelled, for a cumulative of 782,232.
** Does not include 24,873 loans paid off.

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 limit and were owner-occupied at origination.
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
million homeowners who are currently 60+ days delinquent, an estimated 500,000 homeowners
are potentially eligible for HAMP Tier 1.
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).

5
Dec

Jan
2013

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

Jan
2014

Servicers may enter new trial modifications into the HAMP system of record at any time. For example, 12,025 trials
have entered the HAMP system of record since the prior report; 8,421 were trials with a first payment recorded this
month.

HAMP Permanent Modifications Started (Cumulative)
1,400
All Permanent Modifications Started
(000s)

Trial
Modifications

HAMP Trials Started

2,163,738

New Trials Started (000s)

All Trials Started

Total

All Trials Started (000s)

HAMP Activity Through January 2014

1,300
1,200

1,136

1,151

1,167

1,179

1,191

Dec

Jan
2013

Feb

Mar

Apr

1,206

1,223

1,237

June

July

1,256

1,269

Aug

Sep

1,285

1,298

Oct

Nov

1,312

1,327

Dec

Jan
2014

1,100
1,000
900
800
700
600

May

Making Home Affordable: Summary Results
Program Performance Report Through January 2014

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.
Of all non-GSE loans eligible for principal reduction that started a trial in January 2014, 64% included a principal reduction feature, including 56% through the HAMP PRA program.

All Trial Modifications Started
Trials Reported Since Last Report

HAMP Modifications
with Earned Principal
Reduction Under PRA3

HAMP Modifications
with Upfront Principal
Reduction Outside of
PRA

Total HAMP
Modifications with
Principal Reduction

165,234

50,221

215,455

3,829

374

4,203

Active Trial Modifications

12,687

2,474

15,161

All Permanent Modifications Started

139,873

44,104

183,977

4,685

938

5,623

Permanent Modifications Reported Since Last Report
Active Permanent Modifications

115,857

37,150

153,007

Median Principal Amount Reduced for Active Permanent Modifications4

$72,598

$56,770

$67,678

Median Principal Amount Reduced for Active Permanent Modifications

(%)5

Total Outstanding Principal Balance Reduced on Active Permanent Modifications4

Treasury FHA-HAMP Modification Activity

32.4%

18.0%

30.4%

$10,782,241,958

$2,567,503,532

$13,349,745,490

Unemployment Program (UP) Activity

The Treasury FHA-HAMP Program provides assistance to eligible homeowners with
FHA-insured mortgages.

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 Treasury FHA-HAMP Trial Modifications Started

47,366

All UP Forbearance Plans Started

38,445

All Treasury FHA-HAMP Permanent Modifications Started

27,553

UP Forbearance Plans With Some Payment Required

32,435

UP Forbearance Plans With No Payment Required

6,010

Making Home Affordable: Summary Results
Program Performance Report Through January 2014

Home Affordable Foreclosure Alternatives (HAFA) Activity
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 preapproved short sale terms;
• Receive a waiver of deficiency once the transaction is completed that releases them from remaining mortgage debt;
• Receive at least $3,000 in relocation assistance at closing.
Non-GSE Activity

GSE Activity

Total

144,891

100,761

245,652

4,597

16,298

20,895

149,488

117,059

266,547

Short Sale
Deed-in-Lieu
Total Transactions Completed

Second Lien Modification Program (2MP) Activity
The Second Lien Modification Program (2MP) provides assistance to homeowners in a first lien permanent modification who have an eligible second lien with a participating HAMP
servicer. This assistance can result in a modification of the second lien and even full or partial extinguishment of the second lien. Second lien modifications follow a series of steps
and may include capitalization, interest rate reduction, term extension and principal forbearance or forgiveness. Effective September 2013, Treasury expanded 2MP program
eligibility to include second liens with a qualifying first lien modified under the GSEs’ Standard Modification program.
2MP modifications and partial extinguishments require that the qualifying first lien modification be permanent and active and that the second lien have an unpaid balance of $5,000
or more and a monthly payment of at least $100.
All Second Lien Modifications Started (Cumulative)*

126,547

Second Lien Modifications Involving Full Lien Extinguishments

33,005

Second Lien Modifications Disqualified**

9,699

Active Second Lien Modifications***

80,120

Active Second Lien Modifications Involving Partial Lien
Extinguishments

9,138

Second Lien Extinguishment Details
Median Amount of Full Extinguishment

$60,401

Median Amount of Partial Extinguishment for Active Second Lien
Modifications

$10,014

* Includes 1,853 loans that have a qualifying first lien GSE Standard Modification.
**Does not include 3,723 loans paid off.
*** Includes 7,484 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.

Making Home Affordable: Program Results
Program Performance Report Through January 2014

HAMP Principal Reduction
To encourage servicers and investors to consider or expand the use of HAMP PRA, Treasury issued program guidance on February 16, 2012 tripling financial incentives under HAMP
PRA for investors who agree to reduce principal for eligible underwater homeowners. The program guidance applies to all permanent modifications of non-GSE loans under HAMP
that include HAMP PRA and have a trial period plan effective date on or after March 1, 2012. HAMP PRA can be a feature of a HAMP trial or permanent modification.
Of non-GSE loans eligible for principal reduction that started a trial in January, 56% were offered principal reduction through the HAMP PRA program. The remaining HAMP trial
modifications with a principal reduction feature were granted outside the requirements of HAMP PRA, where the investor does not receive a financial incentive for the principal
reduction.
Trials Started with Principal Reduction as a
% of Eligible Loans

PRA

80%

72%

70%

71%

70%

67%

All Principal Reduction

70%

69%

60%
50%

56%

55%

56%

61%

58%

72%

64%

75%

72%

70%

65%

64%
56%

65%

61%

59%

56%

53%
47%

40%
30%
20%
10%
0%
Dec

Jan-13

Feb

Mar

Apr

May

June

July

Aug

All HAMP
Modifications

Total HAMP
Modifications with
Principal Reduction

80%
20%

84%
16%

Top three States by Total Active, Percent of Total Activity:
- California
- Florida
- Illinois
Top Three States’ Percent of Total

25%
12%
5%
43%

32%
16%
5%
53%

Active Permanent Modifications – Median Loan-to-Value (LTV) ratio:
- Before Modification
- After Modification*

119%
115%

148%
115%

Active Permanent Modifications – Median before Modification Debt-to-Income (DTI) ratio:
- Front-End DTI
- Back-End DTI

45.2%
68.3%

44.9%
57.7%

Modification Characteristics
Of trials started, delinquency at trial start:
- At least 60 days delinquent
- Up to 59 days delinquent or current and in imminent default

Sep

Oct

Nov

Dec

Jan-14

*All

Principal Reduction population consists of trials that have any principal
reduction, including those with HAMP PRA.

While the population of loan modifications with principal
reduction is still relatively small, program data indicates
that modifications with principal reduction include more
homeowners seriously delinquent at the time of trial start
than the overall population of HAMP homeowners. Overall,
homeowners receiving permanent loan modifications with
principal reduction also have a higher before-modification
LTV ratio than those without it.
*Because the first step of the standard HAMP waterfall includes the
capitalization of accrued interest, out-of-pocket escrow advances to third
parties, any escrow advances made to third parties during the trial period
plan, and servicing advances that are made for costs and expenses incurred in
performing servicing obligations, this can result in an increase in the principal
balance after modification. As a result, the loan-to-value ratio can increase in
the modification process.

Making Home Affordable: Program Results
Program Performance Report Through January 2014

HAMP Homeowner Benefits and First Lien Modification Characteristics
Aggregate payment savings to homeowners who received HAMP first lien permanent modifications are estimated to total approximately $25.5 billion, program to
date, compared with unmodified mortgage obligations. The median monthly savings for homeowners in active permanent first lien modifications is $544.05, or 39%
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 post-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.6
Active permanent modifications reflect the following modification steps:
Modification Step

Tier 1

Tier 2

Interest Rate Reduction

96.1%

76.5%

Term Extension

63.6%

69.5%

Principal Forbearance

34.1%

29.9%

Select Median Characteristics of Active Permanent Modifications
Before
Modification

After
Modification

Median
Decrease

Tier 1

45.6%

31.0%

-15.2 pct pts

Tier 2

29.4%

22.9%

-6.8 pct pts

Tier 1

69.2%

50.8%

-15.4 pct pts

Tier 2

45.8%

37.7%

-6.9 pct pts

Tier 1

$1,412.25

$792.09

($554.80)

Tier 2

$1,117.71

$733.44

($347.30)

Loan Characteristic
Front-End Debt-to-Income Ratio

Back-End Debt-to-Income Ratio

Median Monthly Housing Payment

Homeowner Characteristics
• The primary hardship reason for the majority of homeowners in active permanent
modifications is loss of income (curtailment of income or unemployment).
• The median gross monthly income of homeowners in the program is $3,867.
• The median credit score of homeowners in the program is 576.

• 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.

• 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:



25% were previously in a Tier 1 trial or permanent modification.
15% were previously evaluated for Tier 1 and did not meet eligibility
requirements.

• Of the Tier 2 trial modifications started, 6% were for non owner-occupied
properties.

Making Home Affordable: Program Results
Program Performance Report Through January 2014

15 Metropolitan Areas With Highest HAMP Activity

HAMP Activity by State

State

Active
Trials

Median %
Active
Median $
Payment
Permanent
Payment
Modifications Reduction7 Reduction7

State

Active
Median $
Active Permanent Payment
Trials Modifications Reduction7

Median %
Payment
Reduction7

421

$508.05

33%

1,076

$437.48

36%

469

5,151

$288.96

34%

1,226

16,598

$334.52

36%

180

1,967

$283.07

35%

142

$290.55

33%

939

34,094

$483.55

41%

112

1,220

$283.33

35%

8,879

242,103

$768.24

40%

249

4,046

$504.14

37%

601

13,018

$442.23

36%

2,444

30,135

$696.89

41%

957

12,221

$586.36

40%

186

3,182

$391.46

37%

103

1,593

$603.88

35%

882

19,678

$570.88

42%

184

2,754

$449.81

35%

4,119

48,355

$866.21

42%

6,953

115,247

$508.24

43%

1,618

19,402

$311.18

38%

1,870

32,818

$396.59

40%

236

2,205

$273.27

36%

Metropolitan Statistical Area

Active
Trials

Active
Median $ Median %
Permanent Payment Payment
Mods
Reduction7 Reduction7

Los Angeles-Long Beach-Santa
Ana, CA

3,077

78,585

$865.12

41%

New York-Northern New JerseyLong Island, NY-NJ-PA

4,978

63,595

$887.06

43%

Miami-Fort Lauderdale-Pompano
Beach, FL

3,170

51,483

$577.58

45%

Chicago-Joliet-Naperville, IL-INWI

2,695

46,614

$566.93

44%

Riverside-San BernardinoOntario, CA

1,502

45,565

$686.80

41%

Washington-ArlingtonAlexandria, DC-VA-MD-WV

1,646

30,994

$696.26

38%

Atlanta-Sandy Springs-Marietta,
GA

1,395

26,432

$413.76

40%

Phoenix-Mesa-Glendale, AZ

608

26,974

$502.88

41%

San Francisco-Oakland-Fremont,
CA

741

21,803

$924.31

40%

211

3,651

$864.64

36%

496

10,476

$499.50

38%

175

2,119

$276.25

36%

1,971

19,735

$385.23

36%

130

3,420

$412.70

37%

295

4,424

$584.60

42%

2,814

47,939

$557.11

44%

652

8,482

$329.75

35%

792

8,684

$283.07

35%

301

$287.77

31%

186

2,158

$319.45

36%

882

9,310

$314.43

37%

321

3,436

$289.67

36%

2,301

25,960

$307.10

36%

San Diego-Carlsbad-San Marcos,
CA

625

17,675

$808.52

39%

Orlando-Kissimmee-Sanford, FL

878

16,452

$493.15

42%

Boston-Cambridge-Quincy, MANH

1,009

15,874

$682.69

39%

Las Vegas-Paradise, NV

718

16,013

$571.91

42%

Detroit-Warren-Livonia, MI

677

15,947

$424.85

42%

Philadelphia-CamdenWilmington, PA-NJ-DE-MD

1,340

15,026

$449.37

37%

510

5,259

$311.01

35%

294

7,956

$478.46

36%

1,548

22,038

$644.60

39%

1,175

21,927

$543.35

35%

2,027

29,515

$630.06

38%

825

$413.80

37%

205

2,567

$428.52

38%

1,103

19,998

$551.94

37%

1,242

26,680

$378.76

40%

659

8,574

$376.34

38%

573

13,983

$464.14

38%

1,225

$341.36

33%

758

8,965

$323.77

37%

426

$398.12

32%

266

3,196

$278.45

36%

152

3,231

$300.92

39%

Note: A complete list of HAMP activity for all metropolitan areas is available at http://www.treasury.gov/initiatives/financial-stability/reports/Pages/HAMP-Report.aspx

Making Home Affordable: Program Results
Program Performance Report Through January 2014

Reaching Out to Homeowners

90 Treasury-sponsored
Outreach Events, through
January 2014, covering 57
cities, giving more than 76,000
homeowners the opportunity
to meet face-to-face with their
mortgage company and HUDapproved housing counselors.
In addition, Treasury has
partnered with the Ad Council
on three different public service
advertising campaigns featured
in both English and Spanish,
encouraging struggling
homeowners nationwide to
reach out for help with their
mortgages.

2.3

MILLION

Homeowners
referred to free
housing counseling
from a HUDapproved housing
expert.

16
6
5
3
15

Total HAMP Modifications Active

Number of Homeowner Events per State
1

NEARLY

OVER

10.5

MILLION

3 or more

Solicitations of
homeowners by
participating
mortgage
servicers.

NEARLY

4.2

MILLION

5,000 and lower
5,001-10,000
10,000-20,000
20,001-30,000
30,001 and higher

Calls taken
at the
Homeowner’s
HOPE Hotline.

OVER

183

Page views on
MakingHome
Affordable.gov.

MILLION

See page 8 for additional detail of activity by state and metropolitan statistical area.

Making Home Affordable: Servicer Results
Program Performance Report Through January 2014

Making Home Affordable Programs by Servicer
HAMP First Lien Modifications

Principal Reduction Alternative
(PRA)9

Second Lien
Modification (2MP)

Home Affordable
Foreclosure
Alternatives (HAFA)10

Trials
Started8

Permanent
Modifications
Started8

Trials
Started

Permanent
Modifications
Started

Second Lien
Modifications
Started

Non-GSE Transactions
Completed

Bank of America, N.A.

237,250

108,118

8,755

7,476

34,666

44,997

CitiMortgage, Inc.

138,418

68,520

4,085

3,367

15,386

1,040

JPMorgan Chase Bank, N.A.

318,881

190,845

28,268

25,596

36,761

35,503

Nationstar Mortgage LLC

190,104

126,197

6,651

6,267

3,798

5,879

Ocwen Loan Servicing, LLC

374,333

268,586

69,296

56,299

N/A

14,228

Select Portfolio Servicing, Inc.

105,623

63,029

7,624

6,072

N/A

7,597

Wells Fargo Bank, N.A.

312,048

188,545

30,239

26,153

18,575

26,315

Other Servicers

487,081

313,447

10,316

8,643

17,361

13,929

2,163,738

1,327,287

165,234

139,873

126,547

149,488

Servicer

Total

N/A - Servicer does not participate in the program.

See Appendix for Terms and Methodology, Program Notes, End Notes and additional information on servicer participants in Making Home Affordable programs.

Making Home Affordable: Servicer Results
Program Performance Report Through January 2014

HAMP Modification Activity by Servicer and Investor Type

Total Active Modifications

All HAMP
Trials
Started8

HAMP
Permanent
Modifications
Started8

Active Trial
Modifications11

Active
Permanent
Modifications

GSE

Private

Portfolio

Total

Bank of America, N.A.

237,250

108,118

3,677

72,537

23,863

37,180

15,171

76,214

CitiMortgage, Inc.

138,418

68,520

2,208

49,739

32,064

6,156

13,727

51,947

JPMorgan Chase Bank, N.A.

318,881

190,845

3,593

143,152

66,132

50,036

30,577

146,745

Nationstar Mortgage LLC

190,104

126,197

7,219

91,910

57,344

39,439

2,346

99,129

Ocwen Loan Servicing, LLC

374,333

268,586

13,984

184,222

38,912

144,082

15,212

198,206

Select Portfolio Servicing, Inc.

105,623

63,029

5,247

36,399

451

36,756

4,439

41,646

Wells Fargo Bank, N.A.

312,048

188,545

7,434

139,637

55,745

29,690

61,636

147,071

Other Servicers

487,081

313,447

10,857

216,304

169,576

24,544

33,041

227,161

2,163,738

1,327,287

54,219

933,900

444,087

367,883

176,149

988,119

Servicer

Total

Making Home Affordable: Servicer Results
Program Performance Report Through January 2014

Servicer Outreach to HAMP Eligible 60+ Day Delinquent Homeowners: Cumulative Servicer Results, January 2013 – December 2013
Per program guidance, servicers are directed to establish Right Party Contact (RPC) with homeowners of delinquent HAMP eligible loans
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%
91%

92%

90%

86%

87%

90%

82%
80%
70%

66%

60%
50%
40%

81%

84%

79%

77%
62%

30%

62%

64%

SPS

Wells Fargo

20%
10%
0%

Bank of America

CitiMortgage

JPMorgan Chase

Right Party Contact Ratio
Source: Survey of largest participating servicers as of December 31, 2013.

Nationstar

Ocwen

HAMP Evaluations Complete Ratio
12

Making Home Affordable: Servicer Results
Program Performance Report Through January 2014

HAMP Average Homeowner Delinquency at Trial Start
Servicers are instructed to follow a series of steps in order to evaluate homeowners for HAMP, including:
• Identifying and soliciting 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 homeowner for a HAMP trial; and,
• Communicating decisions to the homeowner.
Effective October 1, 2011, 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 Delinquent

200

150

100

Bank of America

CitiMortgage

JPMorgan Chase

Nationstar

Ocwen

SPS

Wells Fargo

Making Home Affordable: Servicer Results
Program Performance Report Through January 2014

HAMP Conversion Rate
Per program guidelines, effective June 1, 2010, all trials must be started using verified income documentation. Servicers have converted
most eligible trials to permanent modifications. 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 modifications.
Of eligible trials started on or after June 1, 2010, 88% have converted to permanent modifications* as of January 2014.
100%

91%

90%

91%

92%
81%

86%
75%

Conversion Rate

75%

50%

25%

Bank of America CitiMortgage JPMorgan Chase

Nationstar

Ocwen

SPS

Wells Fargo

For trials started on or after June 1, 2010 the average length of a trial is 3.5 months.
* With

another 3% pending processing or decision.

Making Home Affordable: Servicer Results
Program Performance Report Through January 2014

Disposition Path of Homeowners Not in HAMP
Survey Data For Actions Completed Through December 2013 12 (Largest Servicers)
100%

Status of Homeowners Not Accepted
for a HAMP Trial or Those Whose
HAMP Trial was Cancelled

•

HAMP guidance requires that
servicers evaluate homeowners
with eligible loans for HAMP,
before considering other
foreclosure alternatives.
For those homeowners that did
not qualify for HAMP or did not
successfully complete the trial
period, 58% received an
alternative modification or
resolved their delinquency.

% of Trials Cancelled and Not Approved

•

19%

80%

60%

•

HAMP guidance requires that a servicer
work with a delinquent homeowner in
a permanent modification to cure the
delinquency.
In the event the homeowner cannot
bring a delinquent HAMP modification
current without additional assistance,
the servicer is prevented from
commencing foreclosure proceedings
until the borrower is evaluated for any
other loss mitigation action.
The majority of homeowners who
disqualify from a HAMP permanent
modification receive an alternative to
foreclosure or resolve their
delinquency. Approximately one
quarter have been referred to
foreclosure.

4%
14%

13%

18%

40%

20%

10%
7%
7%

13%

39%

20%

36%

50%

398,497

235,057

16%
10%

721,231

18%

13%

22%

18%
7%
11%

26%

15%
6%
12%

30%

3%
17%

30%

28%

5%
2%

4%
6%

Ocwen

SPS

Wells Fargo

Top Servicers

216,788

537,545

95,536

427,989

2,632,643

10%

11%

12%

6%
42%

10%

17%
4%
10%

13%
12%
12%

25%
23%

40%

10%

12%
9%
4%
8%

13%
8%

10%

14,157

3%
11%

Bank of America CitiMortgage JPMorgan Chase
31,416

46%

10%

37,543

15%

13%
4%

Short Sale/
Deed in Lieu
Alternative
Modification/
Payment Plan
Borrower
Current/
Loan Payoff
Action Not
Allowed –
Bankruptcy in
Process
Action Pending

33%

36%

26%

Foreclosure
Completions
Foreclosure
Starts

Nationstar

7%
19%

2%
5%

46%

Servicer
Totals

34%

12%
18%

11%
2%
2%
4%
4%
2%
Bank of America CitiMortgage JPMorgan Chase

23%

11%
11%

25%

80%

20%

12%

21%

100%

60%

3%
12%

27%
28%

Servicer
Totals

% of Permanent Modifications Disqualified

•

5%
2%

Status of Homeowners with
Disqualified HAMP Permanent
Modification

30%

12%

6%
5%
6%
24%

13%

9%
7%

35%

10%
6%
12%

Nationstar

Ocwen

SPS

Wells Fargo

Top Servicers

27,641

71,347

22,550

43,391

248,045

MHA Servicer Assessment
Overview

Background
Since the Making Home Affordable Program’s (MHA) inception in the spring of
2009, Treasury has monitored the performance of participating mortgage
servicers. Treasury has been publicly reporting information about servicer
performance through two types of data: compliance data, which reflects servicer
compliance with specific MHA guidelines; and program results data, which
reflects how timely and effectively servicers assist eligible homeowners and
report program activity.
When MHA began, most servicers did not have the staff, procedures, or systems
in place to respond to the volume of homeowners struggling to pay their
mortgages, or to respond to the housing crisis generally. Very few mortgage
modifications were even occurring. Treasury sought to get servicers to join MHA
and to improve their operations quickly, so as to implement a national mortgage
modification program.
Through ongoing compliance reviews, Treasury requires participating servicers to
take specific actions to improve their servicing processes, as needed. In June of
2011, Treasury began publishing quarterly servicer assessments for the largest
servicers participating in MHA to drive servicers to improve their performance.
The assessments not only provide greater transparency to the public about
servicer performance in the program, but also prompt servicers to correct
identified instances of non-compliance.
Starting with the third quarter of 2013, the servicer assessments have been
enhanced to, among other things, present new compliance metrics and related
benchmarks. These changes will provide additional insight into the impact of
servicer performance on the borrower’s experience, allow for trending analysis of
all compliance metrics and foster further improvement in servicer performance
by tightening performance benchmarks.
The changes include:
• expanding the coverage of certain existing metrics to include other MHA
components, such as HAMP Tier 2, and the Second Lien Modification Program;
• tightening the performance benchmark thresholds for existing metrics; and
• removing three existing metrics while adding three new metrics.
Servicer participation in MHA is voluntary, based on a contract with Fannie Mae
as financial agent on behalf of Treasury. Although Treasury does not regulate
these institutions and does not have the authority to impose fines or penalties,
Treasury can, pursuant to the contract, take certain remedial actions against

servicers not in compliance with MHA guidelines. Such remedial actions include
requiring servicers to correct identified instances of noncompliance, as noted
above. In addition, Treasury can implement financial remedies such as
withholding incentive payments owed to servicers. Such incentive payments,
which are the only payments Treasury makes for the benefit of servicers under
the program, include payments for every successful permanent modification
under HAMP, and payments for completed short sale/deed-in-lieu transactions
pursuant to HAFA.
It is important to note that Treasury’s compliance work related to MHA applies
only to those servicers that have agreed to participate in MHA for mortgage loans
that are not owned or guaranteed by Fannie Mae or Freddie Mac (the GSEs).
Treasury cannot and does not perform compliance reviews of (1) mortgage loans
or activities that fall outside of MHA, (2) GSE loans or (3) those loans insured
through the Federal Housing Administration. For each servicer, the loans that
are eligible for MHA represent only a portion of that servicer’s overall mortgage
servicing operation.
Treasury’s foremost goal is to assist struggling homeowners who may be eligible
for MHA. These servicer assessments have set a benchmark for providing
detailed information about how mortgage servicers are performing against
specific metrics. But, in addition to this direct effect, MHA has had an important
indirect effect on the market as well. MHA has established standards that have
improved mortgage modifications across the industry, and has led to important
changes in the way mortgage servicers assist struggling homeowners generally.
These changes include standards for how mortgage modifications should be
designed so that they are sustainable, standards for communications with
homeowners so that the process is as efficient and as understandable as possible,
and a variety of standards for protecting homeowners, such as prohibitions on
“dual tracking” – simultaneously evaluating a homeowner for a modification
while proceeding to foreclose. Treasury believes these assessments will continue
to set the standard for transparency about mortgage servicer efforts to assist
homeowners.
Below are general descriptions of the data, the evaluation process, and the
consequences for servicers needing improvement.
(Continued on next page)

MHA Servicer Assessment
Overview

The Performance Data: Compliance and Program Results
Freddie Mac, acting as Treasury’s compliance agent for MHA, has created a
separate division known as Making Home Affordable–Compliance (MHA-C) to
evaluate servicer performance through reviews of program compliance. MHA-C
tests and evaluates a range of servicer activities for compliance with MHA
guidelines. Once MHA-C’s reviews are complete, MHA-C shares its results with the
servicers and identifies areas that need remediation. The compliance activities
tested fall into one of three overall compliance categories – Identifying and
Contacting Homeowners, Homeowner Evaluation and Assistance, and Program
Management and Reporting. The compliance results shared with the servicers are
then used to generate the servicer assessments.
The assessments highlight particular compliance activities tested by MHA-C and
include for those highlighted activities a one star, two star, or three star rating for
the most recent evaluations. One star means the servicer did not meet Treasury’s
benchmark required for that particular activity, and the servicer needs substantial
improvement in its performance of that activity. Two stars mean the servicer did
not meet Treasury’s benchmark required for that particular activity, and the
servicer needs moderate improvement in its performance of that activity. Three
stars mean the servicer met Treasury’s benchmark required for that particular
activity, but the servicer may nonetheless need minor improvement in its
performance of that activity.
Although the compliance reviews emphasize objective measurements and
observed facts, compliance reviews still involve a certain level of judgment.
Compliance reviews are also retrospective in nature – looking backward, not
forward, which means that activities identified as needing improvement in a given
quarter may already be under remediation by the servicer. In addition, the
compliance reviews use “sampling” as a testing methodology. Sampling, an
industry-accepted auditing technique, looks at a subset of a particular population
of activity transactions, rather than the entirety of the population of activity
transactions, to assess a servicer’s overall performance in that particular activity.
In addition to the ratings for compliance data, the assessments also include
program results metrics. Fannie Mae, acting as Treasury’s program administrator
for MHA, collects servicer data used to measure program results. These metrics
are key indicators of how timely and effectively servicers assist eligible
homeowners under MHA guidelines and report program data. Although the

servicers are not given an overall rating for this data, the results metrics
nonetheless compare a servicer’s performance for a given quarter against the
other largest servicers participating in the program.
The Determination Process: Results of the Data
Treasury reviews the compliance data and ratings, the program results metrics,
and other relevant factors affecting servicer performance (including, but not
limited to, a servicer’s progress in implementing previously identified
improvements) in determining whether a servicer needs substantial improvement,
moderate improvement, or minor improvement to its overall performance under
MHA guidelines. The assessments summarize the significant factors impacting
those decisions. Based on those assessments, Treasury may take remedial action
against servicers. Page 18 summarizes the overall level of improvement needed
for each servicer.
Consequences for Servicers
For servicers in need of substantial improvement, Treasury will, absent
extenuating circumstances, withhold financial incentives owed to those servicers
until they make certain identified improvements. In certain cases, particularly
where there is a failure to correct identified problems within a reasonable time,
Treasury may also permanently reduce the financial incentives. Servicers in need
of moderate improvement may be subject to withholding in the future if they fail
to make certain identified improvements. All withholdings apply only to incentives
owed to servicers for their participation in MHA; these withholdings do not apply
to incentives paid to servicers for the benefit of homeowners or investors.
Additional Information
See the “Metrics Description” on page 29 for a description of each of the
compliance metrics presented in the assessments.
For more information on the assessments, please visit: www.FinancialStability.gov.

MHA Servicer Assessment:
Compliance Results

4th Quarter 2013 Servicer Assessment Results
The following table details the results of the Servicer Assessments:
Improvement Needed

Servicer Name

Minor

JPMorgan Chase Bank, N.A.

Moderate

Bank of America, N.A
CitiMortgage, Inc.
Nationstar Mortgage LLC
Ocwen Loan Servicing, LLC
Select Portfolio Servicing, Inc.
Wells Fargo Bank, N.A.

Substantial

None

For the fourth quarter of 2013, JPMorgan Chase Bank, N.A was determined to need minor improvement.
Wells Fargo Bank, N.A was found to need moderate improvement, however, their compliance results approached the level required for
a determination of minor improvement. Bank of America, N.A, CitiMortgage, Inc., Nationstar Mortgage LLC, Ocwen Loan Servicing, LLC
and Select Portfolio Servicing, Inc. were found to need moderate improvement.
Please refer to the following MHA Servicer Assessment pages for further detail on this quarter’s servicer assessment results.

MHA Servicer Assessment: Bank of America, N.A.
Compliance Results

Overview
 These metrics reflect the results of compliance reviews of servicers' adherence to MHA Program Requirements.
 Servicer results reflect percentages of tests that did not have a desired outcome.

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

Percentage of loans reviewed where MHA-C did not concur that the servicer had assigned a Single
Point of Contact to a borrower in accordance with MHA guidelines
 Second Look % Disagree
Percentage of loans reviewed where MHA-C did not concur with servicer's MHA determination for
applicable programs
 Second Look % Unable to Determine
Percentage of loans reviewed where MHA-C was not able to conclude on the servicer's MHA

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

 Income Calculation Error %
Percentage of loans for which MHA-C's income calculation differs from the servicer's by more than 5%
for applicable programs
 Non-Approval Notice % Noncompliance
Percentage of loans reviewed where MHA-C did not concur with completion and accuracy of the
notices sent to borrowers communicating reasons for non-approval, in accordance with MHA
guidelines
 Incentive Payment Data Errors
Average percentage of differences in calculated incentives resulting from data discrepancies between
servicer files and the MHA system of record for applicable programs
 Disqualified Modification % Noncompliance
Percentage of loans reviewed where MHA-C did not concur with servicer's processing of defaulted
HAMP modifications, in accordance with MHA guidelines

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

 Met benchmark; minor improvement may be indicated

Q4 2013BOAResult

Q4 2013BOARating

Q4 2013

Q4 2013
Fourth Quarter 2013

Servicer Result

Rating

5.0%

4.7%

***

2.0%

0.9%

***

2.0%

0.0%

***

2.0%

***

5.0%

0.0%

***

2.0%

0.0%

***

5.0%

10.0%

Benchmark

Q4 Results
 Bank of America, N.A. has areas requiring moderate improvement.
 After considering all relevant factors, Bank of America, N.A. servicer incentives will
not be withheld at this time.

MHA Servicer Assessment: CitiMortgage, Inc.
Compliance Results

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

 Met benchmark; minor improvement may be indicated

Q4 2013CITIResult

Q4 2013CITIRating

Q4 2013

Q4 2013
Fourth Quarter 2013

Servicer Result

Rating

5.0%

0.0%

***

2.0%

4.3%

2.0%

0.0%

***

2.0%

***

5.0%

1.8%

***

2.0%

0.8%

***

5.0%

3.3%

***

Benchmark

Q4 Results
 CitiMortgage, Inc. has areas requiring moderate improvement.
 After considering all relevant factors, CitiMortgage, Inc. servicer incentives will
not be withheld at this time.

MHA Servicer Assessment: JPMorgan Chase Bank, N.A.
Compliance Results

Overview
 These metrics reflect the results of compliance reviews of servicers' adherence to MHA Program Requirements.

Q4 2013JPMResult

Q4 2013JPMRating

Q4 2013

 Servicer results reflect percentages of tests that did not have a desired outcome.

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

Fourth Quarter 2013

Servicer Result

Rating

5.0%

4.7%

***

2.0%

1.4%

***

2.0%

0.0%

***

2.0%

0.0%

***

5.0%

3.4%

***

2.0%

0.1%

***

5.0%

0.0%

***

Benchmark

Q4 Results
 JPMorgan Chase Bank, N.A. has areas requiring minor improvement.

 Met benchmark; minor improvement may be indicated

MHA Servicer Assessment: Nationstar Mortgage LLC
Compliance Results

Overview

Q4
Q4
2013NationstarResul 2013NationstarRatin
Q4 2013
Q4 2013

 These metrics reflect the results of compliance reviews of servicers' adherence to MHA Program Requirements.
 Servicer results reflect percentages of tests that did not have a desired outcome.

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

 Met benchmark; minor improvement may be indicated

Fourth Quarter 2013

Servicer Result

Rating

5.0%

3.1%

***

2.0%

1.7%

***

2.0%

0.0%

***

2.0%

3.0%

5.0%

0.0%

***

2.0%

3.4%

5.0%

0.0%

***

Benchmark

Q4 Results
 Nationstar Mortgage, LLC has areas requiring moderate improvement.
 After considering all relevant factors, Nationstar Mortgage, LLC servicer incentives will
not be withheld at this time.

MHA Servicer Assessment: Ocwen Loan Servicing, LLC
Compliance Results

Overview

Q4
Q4
2013OCWEN*Result 2013OCWEN*Rating
Q4 2013
Q4 2013

 These metrics reflect the results of compliance reviews of servicers' adherence to MHA Program Requirements.
 Servicer results reflect percentages of tests that did not have a desired outcome.

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

 Met benchmark; minor improvement may be indicated

Fourth Quarter 2013

Servicer Result

Rating

5.0%

1.4%

***

2.0%

3.8%

2.0%

1.0%

***

2.0%

0.5%

***

5.0%

1.5%

***

2.0%

1.6%

***

5.0%

0.0%

***

Benchmark

Q4 Results
 Ocwen Loan Servicing, LLC has areas requiring moderate improvement.
 After considering all relevant factors, Ocwen Loan Servicing, LLC servicer incentives will
not be withheld at this time.

MHA Servicer Assessment: Select Portfolio Servicing, Inc.
Compliance Results

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

 Met benchmark; minor improvement may be indicated

Q4 2013SPSResult

Q4 2013SPSRating

Q4 2013

Q4 2013
Fourth Quarter 2013

Servicer Result

Rating

5.0%

4.8%

***

2.0%

4.0%

2.0%

1.7%

***

2.0%

3.1%

5.0%

1.7%

***

2.0%

1.0%

***

5.0%

0.0%

***

Benchmark

Q4 Results
 Select Portfolio Servicing has areas requiring moderate improvement.
 After considering all relevant factors, Select Portfolio Servicing servicer incentives will
not be withheld at this time.

MHA Servicer Assessment: Wells Fargo Bank, N.A.
Compliance Results

Overview

Q4
2013WELLSResult
Q4 2013

 These metrics reflect the results of compliance reviews of servicers' adherence to MHA Program Requirements.
 Servicer results reflect percentages of tests that did not have a desired outcome.

Performance Category
8



Identifying and Contacting Homeowners

Metric
 Single Point of Contact Assignment % Noncompliance

Assesses whether the servicer identifies and
communicates appropriately with potentially
eligible MHA homeowners.

determination for applicable programs
12





Homeowner Evaluation and Assistance
Assesses whether servicer correctly evaluates
homeowners' eligibility for MHA programs and
accurately communicates decisions.

Program Management and Reporting
Assesses whether the servicer has effective program
management and submits timely and accurate
program reports and information.

Rating Legend


Did not meet benchmark; substantial improvement needed



Did not meet benchmark; moderate improvement needed

 Met benchmark; minor improvement may be indicated

Q4
2013WELLSRating
Q4 2013

Fourth Quarter 2013

Servicer Result

Rating

5.0%

3.4%

***

2.0%

3.1%

2.0%

0.0%

***

2.0%

1.0%

***

5.0%

1.4%

***

2.0%

1.7%

***

5.0%

0.0%

***

Benchmark

Q4 Results
 Wells Fargo Bank, N.A. has areas requiring moderate improvement.
 After considering all relevant factors, Wells Fargo Bank, N.A. servicer incentives will
not be withheld at this time.

MHA Servicer Assessment:
Compliance Results

MHA Compliance Results, Loan File Review: 4th Quarter 2010–4th Quarter 2013
Second Look % Disagree*
Servicer
Bank of America, N.A.

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

2.4%

1.5%

0.8%

1.0%

2.0%

1.0%

1.2%

1.3%

0.0%

0.9%

CitiMortgage, Inc.

4.0%

2.0%

0.5%

1.5%

1.0%

2.0%

6.7%

1.3%

4.7%

5.6%

4.3%

JPMorgan Chase Bank, N.A.

3.9%

1.6%

1.2%

0.0%

0.7%

0.2%

0.0%

0.1%

0.2%

0.7%

1.0%

1.4%

Nationstar Mortgage LLC

N/A

1.7%

Ocwen Loan Servicing, LLC

6.3%

6.7%

2.7%

0.0%

0.7%

1.0%

0.0%

0.7%

3.1%

2.3%

3.8%

Select Portfolio Servicing, Inc.

2.0%

0.0%

0.8%

0.0%

0.5%

0.0%

2.0%

1.3%

2.0%

1.7%

4.0%

Wells Fargo Bank, N.A.

1.7%

1.2%

0.4%

0.0%

0.3%

1.0%

1.3%

3.0%

1.3%

3.0%

4.4%

3.1%

Starting with the third quarter of
2013, the Servicer Assessment has
been enhanced to present new
compliance metrics and related
benchmarks, including a
methodology change to the
metrics on this page. The
coverage of these metrics now
includes additional MHA
components and programs, such
as HAMP Tier 2, and the Second
Lien Modification Program. Thus,
the results of these metrics
starting in Q3 2013 are not
entirely comparable to previous
quarters.

Second Look % Unable to Determine**

Servicer
Bank of America, N.A.

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013
0.0%

19.6%

18.8%

8.2%

1.5%

1.0%

0.0%

CitiMortgage, Inc.

12.3%

13.3%

5.5%

0.5%

1.0%

0.5%

1.0%

3.8%

6.0%

4.7%

0.0%

JPMorgan Chase Bank, N.A.

16.0%

11.3%

3.2%

0.9%

1.0%

0.7%

1.7%

1.4%

3.8%

3.1%

2.7%

2.0%

0.0%

Nationstar Mortgage LLC

N/A

N.A

N/A

0.0%

Ocwen Loan Servicing, LLC

24.7%

10.3%

3.0%

2.4%

0.0%

1.3%

0.0%

2.0%

0.0%

1.0%

Select Portfolio Servicing,
Inc.

17.0%

2.3%

0.3%

0.8%

0.0%

3.0%

0.0%

0.7%

0.0%

Wells Fargo Bank, N.A.

6.8%

6.0%

1.3%

0.0%

0.8%

1.0%

0.5%

0.3%

0.0%

1.7%
0.0%

Income Calculation Error Rate***

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Bank of America, N.A.

22.0%

13.2%

6.0%

5.0%

2.0%

3.0%

1.0%

3.0%

1.0%

2.0%

CitiMortgage, Inc.

8.0%

10.0%

12.0%

6.0%

3.0%

4.0%

1.0%

3.1%

0.0%

1.0%

2.0%

0.0%

2.0%

JPMorgan Chase Bank,
N.A.

31.0%

20.6%

6.0%

10.0%

9.0%

0.0%

2.0%

0.0%

1.0%

0.0%

Nationstar Mortgage LLC

N/A

3.0%

Ocwen Loan Servicing, LLC

18.0%

33.0%

2.0%

3.0%

0.0%

1.0%

1.3%

0.5%

Select Portfolio Servicing,
Inc.

22.0%

15.0%

10.0%

3.2%

1.0%

3.0%

2.0%

3.0%

2.0%

0.0%

3.1%

2.1%

Wells Fargo Bank, N.A.

27.0%

4.4%

5.5%

4.0%

2.0%

0.0%

1.0%

1.5%

1.0%

0.5%

1.0%

Servicer

0.0%

Second Look % Disagree:
Percentage of loans reviewed
where MHA-C did not concur with
the servicer’s MHA determination.

** Second

Look % Unable to
Determine: Percentage of loans
reviewed where MHA-C was not
able to conclude on the servicer’s
MHA determination.

***

Income Calculation Error %:
Percentage of loans for which
MHA-C’s income calculation differs
from the servicer’s by more than
5%.

3.1%
1.0%

MHA Servicer Assessment:
Program Results

Quarterly Program Performance Metrics Q1-Q4 2013
Trials Aged 6+ Months (% of Active Trials)
50.0%

45.0%

40.0%

35.0%

30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Bank of America, CitiMortgage Inc. JPMorgan Chase
Nationstar
N.A.
Bank, N.A.
Mortgage LLC

Ocwen Loan
Servicing, LLC

Select Portfolio
Servicing, Inc.

This quarterly metric measures trials lasting
six months or longer as a share of all active
trials. These figures include trial
modifications that have been cancelled or
converted to permanent modifications by the
servicer and are pending reporting to the
program system of record. Additionally,
servicers may process cancellations of
permanent modifications for reasons,
including but not limited to, data corrections,
loan repurchase agreements, etc. This
process requires reverting the impacted
permanent modifications to trials in the
HAMP system of record and resubmitting
them in subsequent reporting periods.

Wells Fargo
Bank, N.A.

Average Calendar Days to Resolve Escalated Cases
This quarterly metric measures servicer
response time for homeowner inquiries
escalated to MHA Support Centers. Effective
February 1, 2011, a target of 30 calendar
days was established for non-GSE escalation
cases, including an estimated 5 days
processing by the MHA Support Centers. The
methodology for calculating average days to
respond to escalated cases includes non-GSE
cases escalated on or after February 1, 2011.
Investor denial cases escalated prior to
November 1, 2011, cases involving
bankruptcy and those that did not require
servicer actions are not included in the
calculation of servicer time to resolve
escalations.

25
20
15
10
5
0
Bank of America, CitiMortgage Inc. JPMorgan Chase Nationstar
N.A.
Bank, N.A.
Mortgage LLC

Ocwen Loan
Servicing, LLC

Select Portfolio
Servicing, Inc.

Wells Fargo
Bank, N.A.

MHA Servicer Assessment:
Program Results

Quarterly Program Performance Metrics Q1-Q4 2013
Timely Reporting of Permanent Modifications (% Reported within the Month of Conversion)
100.0%

90.0%

80.0%

70.0%

60.0%
50.0%
40.0%
30.0%
20.0%

This quarterly metric measures the servicer’s
ability to promptly report the conversion
from a trial to a permanent modification.
Untimely reporting of permanent
modification conversions impacts incentive
compensation, including the possible delay of
borrower incentives. In addition, it hinders
the effectiveness of program monitoring and
transparency.

10.0%
0.0%
Bank of America, CitiMortgage Inc. JPMorgan Chase
N.A.
Bank, N.A.

Nationstar
Mortgage LLC

Ocwen Loan
Servicing, LLC

Select Portfolio Wells Fargo Bank,
Servicing, Inc.
N.A.

Missing Permanent Modification Status Reports (%)
This quarterly metric measures the servicer’s
ability to promptly report on the current
status of permanent modifications.
Inconsistent and untimely reporting of
modification status reports may impact
incentive compensation and loan
performance analysis.
Treasury revised its Federally Declared
Disaster (FDD) guidance, allowing servicers to
suspend the reporting of permanent
modification status for loans where the
homeowner was impacted by Hurricane
Sandy or any other FDD. This revised
guidance may impact missing permanent
modification status reporting.

10.0%

9.0%

8.0%

7.0%

6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Bank of America, CitiMortgage Inc. JPMorgan Chase
N.A.
Bank, N.A.

Nationstar
Mortgage LLC

Ocwen Loan
Servicing, LLC

Select Portfolio Wells Fargo Bank,
Servicing, Inc.
N.A.

MHA Servicer Assessment
Description of Metrics
Compliance Metrics

reconsidering borrowers for a modification if they
were
not properly solicited or incorrectly evaluated,
Single Point of Contact Assignment % Noncompliance:
retaining documentation to support solicitation efforts
Servicers are required to assign certain delinquent
and eligibility determination, and, if applicable,
borrowers to a Single Point of Contact (SPOC). This
engaging in systemic process remediation. All loans
metric measures the percentage of loans reviewed
categorized as Disagree or Unable to Determine
where MHA-C did not concur that the servicer had
remain on foreclosure hold until the servicer
assigned a SPOC to a borrower in a timely fashion and completes the appropriate corrective actions.
otherwise in accordance with MHA guidelines.
Income Calculation Error %:
For SPOC Assignment Noncompliance results, remedial
actions Treasury requires servicers to take include, but Correctly calculating homeowners’ monthly income is
are not limited to: assigning a SPOC to the borrower, a critical component of evaluating eligibility for MHA,
and correcting system and operational processes such as well as establishing an accurate modification
payment. This metric measures how often MHA-C
that SPOCs are properly assigned to borrowers in a
disagrees with a servicer’s calculation of a borrower’s
timely fashion.
Monthly Gross Income, allowing for up to a 5%
Second Look % Disagree:
differential from MHA-C’s calculations.

remediation in order to deliver accurate non-approval
notices.
Incentive Payment Data Errors:
Treasury provides incentives for servicers, investors,
and homeowners for permanent modifications
completed under MHA. Although intended for
different recipients, all incentives are initially paid to
servicers to distribute to the appropriate parties. Data
that servicers report to the program system of record
is used to calculate the incentives due to servicers,
investors, and homeowners. This metric measures how
data anomalies between servicer loan files and the
reported information affect incentive payments.

For Incentive Payment Data Error results, remedial
actions Treasury requires servicers to take include, but
are not limited to: correcting the identified errors and
Second Look is a process in which MHA-C reviews loans For Income Calculation Errors, remedial actions
correcting system and operational processes such that
not in a permanent modification, to assess the
Treasury requires servicers to take include, but are not accurate data is mapped to its appropriate places in
timeliness and accuracy of the servicer’s borrower
limited to: correcting income errors, requiring the
the program system of record.
outreach and eligibility review in order to verify that
servicer to review their own income calculation
Disqualified Modification % Noncompliance:
the borrower was properly considered, denied or
accuracy, enhancing policies and procedures, and
deemed ineligible for receiving a permanent
Permanent modifications on which borrowers lose
conducting staff training on income calculation.
modification. This metric measures the percentage of
good standing are subsequently disqualified from the
loans reviewed in Second Look where MHA-C did not Non-Approval Notice % Noncompliance:
program. This metric measures the percentage of
concur with a servicer’s solicitation efforts and/or
Correctly communicating reasons for non-approval
loans reviewed where MHA-C did not concur with a
eligibility review.
may affect borrowers’ awareness of other foreclosure servicer’s processing of defaulted HAMP modifications,
alternatives or the ability to challenge the nonin accordance with MHA guidelines.
Second Look % Unable to Determine:
approval. This metric measures the percentage of
For Disqualified Modification results, remedial actions
This metric measures the percentage of loans
loans reviewed where MHA-C did not concur with the
Treasury requires servicers to take include, but are not
reviewed in Second Look for which MHA-C is not able completion or accuracy of the notices sent to
to determine, based on the documentation provided, borrowers communicating reasons for non-approval, in limited to: correcting the status of improperly
disqualified modifications and reporting the corrected
whether the borrower was properly considered,
accordance with MHA guidelines.
data to the program system of record.
denied or deemed ineligible for receiving a permanent
For
Non-Approval
Notice
results,
remedial
actions
modification.
For more information on the assessments, please visit:
Treasury requires servicers to take include, but are not
www.FinancialStability.gov.
For both Second Look Disagree and Unable to
limited to: correcting the non-approval letter
Determine results, remedial actions Treasury requires template, and engaging in systemic process
servicers to take include, but are not limited to:
29

Making Home Affordable

Program Performance Report Through January 2014

Appendix A1: Terms and Methodology
HAMP Terms and Methodology:

reflected in the current servicer’s population.

Front-End Debt-to-Income Ratio:

Action Pending:

Disqualification:

Includes homeowners who were not approved for a
HAMP trial modification, trial loans that have been
cancelled or permanent modifications that have been
disqualified, but further action has yet to be taken at
this time.

A permanent modification disqualifies from HAMP
when the borrower has missed the equivalent of three
full monthly payments. Once disqualified, the borrower
is no longer eligible to receive HAMP incentives.
However, the terms of the permanent modification
remain the same, and the servicer will continue to work
with the borrower to cure the delinquency or identify
other loss mitigation options.

Ratio of housing expenses (principal, interest, taxes,
insurance and homeowners association and/or condo
fees) to monthly gross income.

Average Delinquency at Trial Start:
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.
Back-End Debt-to-Income Ratio:
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.
Conversion Rate:
Ratio of permanent modifications to trials eligible to
convert, defined as 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

Eligible Loans:
Homeowners with HAMP eligible loans, which include
conventional loans that were originated on or before
January 1, 2009; excludes loans with current unpaid
principal balances greater than current conforming loan
limits-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; 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.
Evaluation Complete:
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.

Median Monthly Housing Payment:
Principal and interest payment. Before modification
payment is homeowner’s current payment at time of
evaluation.
Payment Plan:
An arrangement with the borrower and servicer that
does not involve a formal loan modification.
RPC:
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.
Total Active:
Reflects active HAMP trials and permanent
modifications.

Making Home Affordable

Program Performance Report Through January 2014

Appendix A2: General Program Notes
General MHA Program Notes:
•

•

MHA Program Effective Dates:
HAMP First Lien: April 6, 2009
PRA: October 1, 2010
2MP: August 13, 2009
HAFA: April 5, 2010

•

MHA First Lien Permanent Modifications Started
includes: HAMP Tier 1, HAMP Tier 2, GSE Standard
Modifications and both Treasury FHA- and RDHAMP. HAMP Tier 1 includes both GSE and Non-GSE
modifications. The GSEs do no participate in HAMP
Tier 2, however the GSE Standard Modification is
similar to HAMP Tier 2. FHA-HAMP and RD-HAMP
are similar to HAMP Tier 1.
GSE Standard Modification data is provided by
Fannie Mae and Freddie Mac as of January 2014.
The GSEs 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 Third Quarter of 2013, since 4Q 2008, the GSEs
have completed nearly 1.5 million permanent
modifications, which includes their activity under

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 January 2014. It 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 Third Quarter of 2013, since 4Q 2008 the GSEs
have completed over 530,000 short sales and deedin-lieu of foreclosure actions, which includes their
activity under MHA. Please visit www.FHFA.gov for
the complete FHFA report.

Treasury FHA-HAMP Program Notes:
•

1MP, PRA, Treasury FHA-HAMP, RD-HAMP, 2MP,
and HAFA Program Metrics: Data includes activity
reported into the HAMP system of record through
the end of cycle for the current reporting month,
though the effective date may occur in the following
month.

MHA First Lien Program Notes:
•

MHA. Please visit www.FHFA.gov for the complete
FHFA report.

The FHA undertakes other foreclosure prevention
activities beyond their participation in MHA which is
not reflected in this report. As reported in the
February 2014 edition of the Obama
Administration’s Housing Scorecard, FHA has
offered approximately 2.2 million loss mitigation
and early delinquency interventions through
January 31, 2014 since April 1, 2009, which includes
their activity under MHA.

•

2MP Program Notes:
•

Number of modifications started is net of
cancellations, which are primarily due to servicer
data corrections.

•

2MP loans previously reported under top servicers
that were transferred to or acquired by nonparticipating 2MP servicers are reflected in “Other
Servicers.”

•

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.

HAFA Program Notes:
•

The debt relief represents the obligation relieved by
the short sale or deed-in-lieu transaction and is
calculated as the unpaid principal balance and
allowable transactions costs less the property sales
price. The allowable transaction costs may include
release of any subordinate lien, borrower relocation
assistance, sales commission, and closing costs for
taxes, title, and attorney fees.

PRA Program Notes:
•

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.

UP Program Notes:
•

Data is as reported by servicers via survey for UP
participation through December 31, 2013.

Unless otherwise noted, HAFA Transactions
Completed includes GSE activity under the MHA

Making Home Affordable

Program Performance Report Through January 2014

Appendix A3: End Notes
SUMMARY AND PROGRAM RESULTS:
1.

This does not include trial modifications that have
cancelled or not yet converted to permanent
modifications, or HAFA transactions started but
not yet completed.

Servicers may enter new trial modifications into
the HAMP system of record at any time.

Includes some modifications with additional
principal reduction outside of HAMP PRA.

Under HAMP PRA, principal reduction vests over a
3-year period. The amounts noted reflect the
entire amount that may be forgiven.

Principal amount reduced as a percentage of
before-modification UPB, excluding capitalization.

Subject to investor restrictions. Effective February
1, 2013, Supplemental Directive 12-09 expanded
the acceptable DTI range for Tier 2 to 10-55%.

For active permanent modifications. Median %
reflects percent of the median monthly payment
before modification.

SERVICER RESULTS:
8.

As reported into the HAMP system of record by
servicers. Excludes Treasury FHA-HAMP
modifications. Totals reflect impact of servicing
transfers. Servicers may enter new trial
modifications into the HAMP system of record at
any time.

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.
10. Includes Non-GSE activity under the MHA program
only. Servicer GSE program data not available.
11. These figures may include trial modifications that
have been converted to permanent modifications,
but not reported as such in the HAMP system of
record. Additionally, servicers may process
cancellations of permanent modifications for
reasons, including but not limited to, data
corrections, loan repurchase agreements, etc. This
process requires reverting the impacted
permanent modifications to trials in the HAMP
system of record with re-boarding of some of
these permanent modifications in subsequent
reporting periods. Prior to being re-boarded as
permanent modifications, these modifications are
reported as Active Trials.
12. Data is as reported by servicers for actions
completed through December 31, 2013 and
reflects the status of homeowners as of that date;
a homeowner's status may change over time.
Survey data is not subject to the same data quality
checks as data uploaded into the HAMP system of
record. Excludes cancellations and
disqualifications pending data corrections and
loans otherwise removed from servicing
portfolios.

Making Home Affordable

Program Performance Report Through January 2014

Appendix A4: 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
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
Glass City Federal Credit Union
Great Lakes Credit Union
Greater Nevada Mortgage Services
Green Tree Servicing LLC

Hartford Savings Bank
Hillsdale County National Bank
HomEq Servicing
Horicon Bank
IC Federal Credit Union
Idaho Housing and Finance Association
iServe Residential Lending LLC
iServe Servicing Inc.
JPMorgan Chase Bank, N.A.2
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, LLC3
OneWest Bank
ORNL Federal Credit Union
Pathfinder Bank
PennyMac Loan Services, LLC

PNC Bank, National Association
PNC Mortgage4
Purdue Employees Federal Credit
Union
QLending, Inc.
Quantum Servicing Corporation
Residential Credit Solutions
RG Mortgage Corporation
RoundPoint Mortgage Servicing
Corporation
Schools Financial Credit Union
Select Portfolio Servicing, Inc.
Servis One Inc., dba BSI Financial
Services, Inc.
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.5

Yadkin Valley Bank

Bank of America, N.A. includes all loans previously reported under BAC Home Loans Servicing LP,
Bank.
4 Formerly National City Bank.
Home Loan Services and Wilshire Credit Corporation.
2 JPMorgan Chase Bank, N.A. includes all loans previously reported under EMC Mortgage Corporation. 5 Wells Fargo Bank, N.A. includes all loans previously reported under Wachovia Mortgage, FSB.
3 Ocwen Loan Servicing, LLC includes loans previously reported under Litton Loan Servicing LP,
Homeward Residential, Inc., GMAC Mortgage, LLC and also reflects recent acquisitions from OneWest
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Making Home Affordable

Program Performance Report Through January 2014

Appendix A5: Participants in Additional Making Home Affordable Programs
Second Lien Modification Program (2MP)

Bank of America, N.A.1
Bayview Loan Servicing, LLC
CitiMortgage, Inc.
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.
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
Gateway Mortgage Group, 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, LLC5
PennyMac Loan Services, LLC
PNC Mortgage3
Residential Credit Solutions
Schmidt Mortgage Company
Select Portfolio Servicing, Inc.
Servis One Inc., dba BSI Financial Services, Inc.
Stockman Bank of Montana
Wells Fargo Bank, N.A. 4
Weststar Mortgage, Inc.

Select Portfolio Servicing, Inc.
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
Green Tree Servicing, LLC
JPMorgan Chase Bank, N.A.2
Nationstar Mortgage LLC
PNC Bank, National Association
PNC Mortgage 3
Residential Credit Solutions

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 loans previously reported under Litton Loan Servicing LP and GMAC
Mortgage, LLC and also reflects recent acquisitions from OneWest Bank.
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Full text of HAMP Performance Summary : Making Home Affordable Program : Program Performance Report, Through January 2014

FRASER