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Making Home Affordable Program Performance Report Third Quarter 2014 PROGRAM PERFORMANCE REPORT THROUGH THE THIRD QUARTER OF 2014 MHA AT-A-GLANCE More than 2.2 Million Homeowner Assistance Actions have taken place under Making Home Affordable (MHA) programs Treasury recently made enhancements to programs under Making Home Affordable (MHA) to better assist struggling homeowners and communities still recovering from the effects of the financial crisis. HAMP homeowners are now eligible to earn incentives of up to $10,000 to reduce their outstanding principal balance, among other enhancements. For more information, please see the press release. QUARTERLY PROGRAM VOLUMES FOR THE THIRD QUARTER OF 2014 (Months of July, August and September) 1MP 2MP HAFA UP Q3: 58K PTD: 1.7M Q3: 4K PTD: 142K Q3: 21K PTD: 323K Q3: .8K PTD: 41K See Page 9 See Page 9 See Page 4 See Page 8 THIRD QUARTER 2014 SERVICER ASSESSMENT RESULTS SERVICER Bank of America, N.A. MINOR IMPROVEMENT NEEDED SUBSTANTIAL IMPROVEMENT NEEDED CitiMortgage, Inc. JPMorgan Chase Bank, N.A. MODERATE IMPROVEMENT NEEDED Nationstar Mortgage LLC Ocwen Loan Servicing, LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. See page 12 for additional information and detailed results for this quarter. 2 Making Home Affordable Program Performance Report Third Quarter 2014 Table of Contents MHA PROGRAM UPDATES 4 HAMP PROGRAM RESULTS: HAMP Summary 5 Performance of Permanent HAMP Tier 1 Modifications 6 Homeowners with Disqualified Modifications 7 OTHER MHA PROGRAMS: Principal Reduction Alternative/2MP Program 8 HAFA Program/Unemployment Program 9 RESULTS BY SERVICER: MHA Program Activity by Servicer and Investor Servicer Assessment Results 10 11-17 APPENDIX: Program and Servicer Assessment Notes 18-21 Terms and Methodologies 22 End Notes 23 HAMP Activity by State 24 HAMP Tier 1 Scheduled Interest Rate Increases by State HAMP Tier 1 Performance Data by Vintage HAMP Activity by MSA 25-26 27 28-34 Note: For more information and quarterly updates on the Hardest Hit Fund, please visit the website for the Hardest Hit Fund or the TARP Monthly Report to Congress. For information and quarterly updates on efforts taken by the Government Sponsored Enterprises (GSEs) beyond their participation in MHA that are not reflected in this report please visit the Federal Housing Finance Agency’s Foreclosure Prevention Report. For more information on efforts undertaken by the Federal Housing Administration (FHA) please visit its website. 3 Making Home Affordable Program Performance Report Third Quarter 2014 MHA Program Updates • As part of the recently announced enhancements to MHA, Treasury increased the amount of relocation assistance provided to homeowners in the Home Affordable Foreclosure Alternatives® (HAFA) Program, to $10,000. In addition, the interest rate for HAMP Tier 2 is reduced by 50 basis points and all homeowners in HAMP will now be eligible for a $5,000 incentive if they are in good standing at the end of the sixth year of their modification. For more information, please see the press release. • To increase awareness of the MHA Program’s free resources and assistance for struggling homeowners, Treasury and HUD in conjunction with the Ad Council recently launched a series of public service advertisements (PSAs) under its Foreclosure Prevention Assistance campaign. Per the Ad Council model, all PSAs will be aired and run in airtime and space donated by media organizations. Since the campaign was launched in 2010, media outlets have donated more than $135 million in airtime and space. • For the third quarter of 2014, servicers either showed sustained performance or improvements in performance, with the exception of one servicer that moved out of the “minor improvement” category and into the “moderate improvement” category. One servicer’s performance improved from requiring “substantial improvement” in the prior quarter to requiring “moderate improvement.” This and other factors will result in the release of previously withheld incentives for this servicer. Also, this quarter’s results indicate that some servicers need to continue to make improvements in the area of accurate identification and reporting of disqualified modifications. The following table shows the program-to-date as well as this quarter’s activity for the various MHA programs Program-to-Date Q3 2014 QoQ % Change 1,695,306 58,367 -3% HAMP Tier 1 1,345,522 19,536 -10% HAMP Tier 2 71,183 9,848 -22% 223,298 15,021 -5% 55,303 13,962 42% 2MP Modifications Started 141,697 4,411 -25% HAFA Transactions Completed 323,287 21,256 0% UP Forbearance Plans Started 41,471 816 -27% 2,201,761 84,850 -4% MHA First Lien Permanent Modifications Started GSE Standard Modifications (SAI) Treasury FHA and RD HAMP Cumulative Activity Quarterly Trending of MHA Permanent Modifications Started & Estimated Number of Loans 60+ Days Delinquent* 4.0 70 3.5 60 50 3.0 40 2.5 30 20 2.0 10 Delinquent Loans (Millions) Permanent Modifications (Thousands) 80 1.5 0 Q1 2013 HAMP TIER 1 NON-GSE Q2 2013 Q3 2013 HAMP TIER 1 GSE Q4 2013 Q1 2014 HAMP TIER 2 *Derived from the Mortgage Bankers Association Quarterly National Delinquency Survey GSE SAI Q2 2014 FHA/RD-HAMP Q3 2014 60+ Days DLQ 4 Making Home Affordable: HAMP Program Results Program Performance Report Third Quarter 2014 HAMP Summary All Trials Started1 Tier 1 2,152,694 Tier 2 93,986 Active Trials 41,393 Trial Modifications Cancelled since Verified Income Requirement* 88,119 Trial Modifications Permanent Modifications 2,246,680 All Permanent Modifications Started 1,416,705 Permanent Modifications Disqualified (Cumulative)** 419,401 Active Permanent Modifications 961,648 * When Treasury launched HAMP in the spring of 2009, the housing crisis was severe. The number of homeowners already in default was high and servicers had not yet built systems to fully implement a national mortgage modification program. In an effort to provide assistance to struggling homeowners as soon as possible, servicers were not required to verify a homeowner’s income prior to commencing a trial modification. This resulted in many trials being cancelled if the homeowner could not ultimately provide the requisite documentation. Beginning in June 2010, servicers were required to verify a homeowner’s income prior to offering trial modifications, which substantially reduced the number of trial cancellations. Prior to that date, 700,463 trials were cancelled, for a cumulative 788,582 trials cancelled program-to-date. ** Does not include 35,656 loans paid off. Outcome for Homeowners Who Do Not Receive a HAMP Modification While not all homeowners qualify for HAMP, many have found alternative solutions to their delinquency. For homeowners who were not approved for a HAMP trial modification, or for those whose HAMP trial modifications were cancelled: • 58% received an alternative modification or resolved their delinquency. • 22% were referred to foreclosure. Status of Homeowners Not Accepted for a HAMP Trial Modification or Those Whose HAMP Trial Modification was Cancelled 5% 3% 18% Action Pending Action Not Allowed – Bankruptcy in Process 5% Borrower Current / Loan Payoff 32% 12% Alternative Modification / Payment Plan Short Sale / Deed-in-Lieu Foreclosure Starts 25% Source: Survey data from large servicers3 Foreclosure Completions 5 Making Home Affordable: HAMP Program Results Program Performance Report Third Quarter 2014 Performance of HAMP Tier 1 Permanent Modifications Performance of HAMP modifications has improved over time. For modifications seasoned 24 months, 23.7% of modifications started in 2011 have disqualified, compared to 28.8% of modifications started in 2009. Compared with other non-HAMP modifications, HAMP modifications continue to exhibit lower delinquency and re-default rates than industry modifications, as reported in the latest report by the Office of the Comptroller of the Currency. The table below shows the performance of HAMP permanent modifications at various seasoning points for those modifications that have aged to, or past, the number of months noted. # Months Post Modification 2009 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 ALL 3 2.1% 1.7% 1.2% 1.0% 0.9% 0.9% 1.1% 1.0% 1.4% 6 6.7% 6.7% 5.3% 4.3% 3.9% 3.9% 4.9% 12 16.2% 15.5% 12.7% 10.3% 9.4% 13.4% 18 22.9% 22.7% 18.9% 15.3% 14.1% 20.0% 24 28.8% 28.0% 23.7% 19.3% 25.5% 30 33.3% 32.6% 27.3% 23.1% 30.2% 36 37.5% 36.6% 30.5% 34.6% 42 41.0% 39.3% 34.1% 38.6% 48 43.5% 41.9% 42.1% 54 45.9% 45.4% 45.5% % of Disqualified Modifications2 5.6% See Appendix 6 for additional information on HAMP Tier 1 performance by vintage. The longer a homeowner remains in HAMP without defaulting, the less likely they are to default on their mortgage in the future. For example, the percent of loans active in month 12 that disqualified by month 15 is lower than the percent of loans active in month six that disqualified by month nine. Conditional Re-default Rate by Modification Year (% of Active Loans) 3-Month Re-default Rate 8% 2009 7% 2010 6% 2011 5% 2012 4% 2013 3% 2% 1% Month 6 Month 9 Month 12 Month 15 Month 18 Month 21 Month 24 Month 27 Month 30 Month 33 Month 36 Month 39 Month 42 Month 45 Month 48 Month 51 Month 54 Months After Conversion to Permanent Modification Note: A modification's inclusion in the 3-month re-default rate calculation is conditional on the modification being active at the start of the 3-month period being measured. 6 Making Home Affordable: HAMP Program Results Program Performance Report Third Quarter 2014 Homeowners with Disqualified HAMP Permanent Modifications Homeowners now have alternatives due to industry-wide changes instituted since the launch of HAMP. In addition, 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 prohibited from commencing foreclosure proceedings until the homeowner is evaluated for other loss mitigation action. The majority of homeowners who disqualify from a HAMP permanent modification receive an alternative to foreclosure or resolve their delinquency. Homeowners can also take advantage of other MHA and/or other government sponsored assistance programs. Of the homeowners who have missed three payments, and therefore disqualified from HAMP, approximately 25% have been referred to foreclosure. Status of Disqualified HAMP Permanent Modifications Action Pending Action Not Allowed – Bankruptcy in Process 16% 11% 5% Borrower Current/Loan Pay off 9% Alternative Modification/ Payment Plan Short Sale / Deed-in-Lieu 13% 13% Foreclosure Starts Foreclosure Completions 33% Source: Survey data from large servicers3 7 Making Home Affordable: Other MHA Programs Program Performance Report Third Quarter 2014 The HAMP Principal Reduction Alternative The HAMP Principal Reduction Alternative (PRA) broadened the use of principal reduction in mortgage modifications as a tool to help underwater homeowners. Servicers of non-GSE loans are required to evaluate the benefit of principal reduction under HAMP PRA for mortgages with a loan-to-value (LTV) ratio greater than 115% when evaluating a homeowner for a HAMP modification. While servicers are required to evaluate homeowners for principal reduction, they are not required to reduce principal as part of the modification. Under HAMP, servicers 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. All Permanent Modifications Started Active Permanent Modifications Median Principal Amount Reduced for Permanent Modifications5 Median Principal Amount Reduced for Permanent Modifications (%)6 Total Outstanding Principal Balance Reduced on Permanent Modifications5 HAMP Modifications with Earned Principal Reduction Under PRA4 HAMP Modifications with Upfront Principal Reduction Outside of PRA Total HAMP Modifications with Principal Reduction 163,951 130,592 47,491 38,107 211,442 168,699 $68,861 $55,145 $64,906 32.3% 18.0% 30.4% $14,754,337,376 $3,188,193,970 $17,942,531,346 The Second Lien Modification Program7 The Second Lien Modification Program (2MP) provides additional assistance to homeowners in a first lien permanent modification who have an eligible second lien with a participating servicer, including second liens with a qualifying first lien modified under the GSEs’ Standard Modification program. This assistance can result in a modification of the second lien, as well as a full or partial extinguishment of the second lien. Second lien modifications follow a series of steps that may include capitalization, interest rate reduction, term extension, and principal forbearance or forgiveness. All Second Lien Modifications Started (Cumulative)* 141,697 Second Lien Modifications Involving Full Lien Extinguishments 38,480 Active Second Lien Modifications** 84,287 Active Second Lien Modifications Involving Partial Lien Extinguishments 10,775 * Includes 5,012 loans that have a qualifying first lien GSE Standard Modification. ** Includes 6,929 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. 8 Making Home Affordable: Other MHA Programs Program Performance Report Third Quarter 2014 The Home Affordable Foreclosure Alternatives Program The Home Affordable Foreclosure Alternatives (HAFA) Program offers incentives and a streamlined process for homeowners looking to exit their homes or sell a rental property through a short sale or deed-in-lieu (DIL) of foreclosure. HAFA has established important homeowner protections and an industry standard for streamlined transactions. Effective November 2012, the GSEs revised their Standard HAFA program to align with Treasury’s HAFA program. In HAFA transactions, homeowners who need to relocate: • Follow a streamlined process for short sales and DIL transactions that requires no verification of income (unless 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; and • Receive at least $3,000* in relocation assistance at closing. * $10,000 beginning in February 2015. HAFA Activity by Investor Type Participating servicers must consider all homeowners not eligible for HAMP, or who request a short sale or DIL, for HAFA in accordance with their “HAFA Policy” and investor guidelines. Private Short Sale Deed-in-Lieu Total Transactions Completed Portfolio GSE Total 118,742 43,756 127,496 289,994 3,906 3,069 26,318 33,293 122,648 46,825 153,814 323,287 The Home Affordable Unemployment Program The Home Affordable Unemployment Program (UP) provides assistance to homeowners who are unable to make their mortgage payments as a result of unemployment. Unemployed homeowners can receive up to 12 months of forbearance, during which mortgage payments are reduced or suspended, allowing homeowners to seek employment without fear that they will lose their homes to foreclosure. All UP Forbearance Plans Started 41,471 UP Forbearance Plans With Some Payment Required 35,250 UP Forbearance Plans With No Payment Required 6,221 9 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 Making Home Affordable Program Activity by Servicer As of September 2014, there are 125 servicers that participate in Treasury’s MHA programs, but seven servicers make up nearly 90% of non-GSE HAMP modifications. Program activity for these servicers is provided below. Servicer HAMP Tier 1 Permanent Modifications HAMP Tier 2 2MP PRA8 Permanent Permanent Modifications Modifications Modifications HAFA9 non-GSE Transactions Completed 103,324 2,154 6,366 36,956 47,338 54,787 3,514 4,402 18,069 1,433 JPMorgan Chase Bank, N.A. 186,183 1,558 25,432 39,824 36,287 Nationstar Mortgage LLC 134,525 8,402 8,400 4,858 6,679 Ocwen Loan Servicing, LLC 256,004 28,446 68,384 N/A 17,199 73,820 8,387 10,900 N/A 12,387 Wells Fargo Bank, N.A. 193,419 6,365 29,005 21,796 30,722 Other Servicers 343,460 12,357 11,062 20,194 17,428 1,345,522 71,183 163,951 141,697 169,473 Bank of America, N.A. CitiMortgage, Inc. Select Portfolio Servicing, Inc. Total HAMP Permanent Modifications by Investor HAMP Permanent Modifications Servicer GSE Private Portfolio Total Bank of America, N.A. 40,416 45,772 19,290 105,478 CitiMortgage, Inc. 31,533 8,296 18,472 58,301 JPMorgan Chase Bank, N.A. 85,767 59,398 42,576 187,741 Nationstar Mortgage LLC 81,319 57,681 3,927 142,927 Ocwen Loan Servicing, LLC 55,312 207,006 22,132 284,450 677 75,659 5,871 82,207 78,855 41,172 79,757 199,784 Other Servicers 259,525 43,776 52,516 355,817 Total 633,404 538,760 244,541 1,416,705 Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. 10 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 Making Home Affordable Servicer Assessments Through ongoing compliance reviews performed by MHA-C, a division of Freddie Mac acting as Treasury’s compliance agent for MHA, Treasury requires participating servicers to take specific actions to improve their servicing processes, as needed. MHA-C tests and evaluates a range of servicers’ activities to determine compliance with MHA guidelines. MHA-C shares the results of each review with the servicer, requires remediation of identified issues, and reports to Treasury on the results of all reviews. The results of reviews are also used to generate the servicer assessments. In June 2011, Treasury began publishing quarterly servicer assessments for the large servicers participating in MHA to drive servicers to improve their performance. The assessments highlight particular compliance activities tested, and provide a rating of the results. 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. In addition to compliance data, the assessments include program results based on data reported by servicers into the MHA system of record. These program results are key indicators of how timely and effectively servicers assist eligible homeowners under MHA guidelines and report program data to Treasury. Although the servicers are not given an overall rating for this data, the results nonetheless compare a servicer’s performance for a given quarter against the other large servicers participating in the program. Starting with the third quarter of 2013, the servicer assessments were enhanced to, among other things, present new compliance metrics and related benchmarks. These changes help provide additional insight into the impact of servicer performance on the homeowner’s experience, allow for trending analysis of all compliance metrics, and foster further improvement in servicer performance. 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/DIL transactions pursuant to HAFA. 11 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 3rd Quarter 2014 Servicer Assessment Summary Results Improvement Needed Minor Servicer Name Bank of America, N.A. JPMorgan Chase, N.A. CitiMortgage, Inc.* Nationstar Mortgage LLC Moderate Ocwen Loan Servicing, LLC** Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. Substantial None *After considering all relevant factors, including performance in areas previously requiring substantial improvement, servicer incentives withheld from CitiMortgage beginning last quarter will be released this quarter. **The assessments provided in this report are based on the results of compliance reviews performed by MHA-C during the third quarter of 2014. Subsequent to those reviews, Ocwen reported that certain letters to borrowers were erroneously dated. Treasury is currently reviewing any impact of this matter on MHA programs. 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. 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. 12 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 Compliance Metrics Overview The metrics and benchmarks below reflect compliance areas tested and reported on across the large servicers to determine servicers’ adherence to MHA Program Requirements. Servicer results (see overleaf) reflect percentages of tests that did not have a desired outcome. Category Identifying and Contacting Homeowners Assesses whether the servicer identifies and communicates appropriately with potentially eligible MHA homeowners. Metric Single Point of Contact Assignment % Noncompliance Benchmark Percentage of loans reviewed where MHA-C did not concur that the servicer had assigned a Single Point of Contact to a homeowner in accordance with MHA guidelines 5.0% Percentage of loans reviewed where MHA-C did not concur with servicer's MHA determination for applicable programs 2.0% Percentage of loans reviewed where MHA-C was not able to conclude on the servicer's MHA determination for applicable programs 2.0% Second Look % Disagree Second Look % Unable to Determine 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 2.0% Non-Approval Notice % Noncompliance Percentage of loans reviewed where MHA-C did not concur with completion and accuracy of the notices sent to homeowners communicating reasons for non-approval, in accordance with MHA guidelines 5.0% 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 2.0% 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 5.0% 13 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 3rd Quarter Compliance Results Disqualified NonSecond Look Income Incentive Single Point Second Look Modification Approval Unable to Calculation Payment Disagree of Contact NonNotice NonDetermine Error Data Errors compliance compliance Servicer BENCHMARK Bank of America, N.A. CitiMortgage, Inc. JP Morgan Chase Bank, N.A. Nationstar Mortgage LLC Ocwen Loan Servicing, LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. 5.0% 2.0% 2.0% 2.0% 5.0% 2.0% 5.0% Servicer Result 0.0% 0.0% 0.0% 0.0% 1.9% 0.3% 3.0% Rating *** *** *** *** *** *** *** Servicer Result 1.1% 4.2% 0.0% 1.0% 2.8% 0.1% 12.0% Rating *** ** *** *** *** *** * Servicer Result 0.0% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% Rating *** *** *** *** *** *** *** Servicer Result 0.0% 0.0% 0.0% 4.0% 4.2% 2.0% 13.0% Rating *** *** *** ** *** *** * Servicer Result 0.0% 3.1% 0.0% 0.0% 5.0% 0.5% 1.0% Rating *** ** *** *** *** *** *** Servicer Result 0.0% 1.2% 1.2% 3.0% 0.0% 0.6% 1.0% Rating *** *** *** ** *** *** *** Servicer Result 4.2% 1.4% 0.0% 0.0% 0.0% 0.4% 8.0% Rating *** *** *** *** *** *** ** 14 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 Compliance Results Trending 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, starting in Q3 2013, the results of these metrics are not entirely comparable to previous quarters. Servicer Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Second Look % Disagree Bank of America 1.5% 0.8% 1.0% 1.0% 2.0% 1.0% 1.2% 1.3% 0.0% 0.0% 0.0% 0.9% 1.4% 1.4% 0.0% CitiMortgage 2.0% 0.5% 1.5% 1.0% 1.0% 1.0% 2.0% 6.7% 1.3% 4.7% 5.6% 4.3% 1.4% 15.2% 4.2% JPMorgan Chase 1.6% 1.2% 0.0% 0.7% 0.2% 0.0% 0.1% 0.2% 0.2% 0.7% 1.0% 1.4% 1.8% 0.5% 0.9% N/A 1.7% 1.6% 1.4% 0.0% Nationstar N/A Ocwen 6.7% 2.7% 0.0% 0.7% 1.0% 1.0% 0.0% 0.0% 0.7% 3.1% 2.3% 3.8% 3.5% 0.5% 3.1% SPS 0.0% 0.0% 0.8% 0.0% 0.0% 0.5% 0.0% 2.0% 1.3% 2.0% 1.7% 4.0% 1.2% 0.6% 1.2% Wells Fargo 1.2% 0.4% 0.4% 0.0% 0.3% 1.0% 1.3% 3.0% 1.3% 3.0% 4.4% 3.1% 2.5% 2.8% 1.4% Second Look Unable to Determine % Bank of America 18.8% 8.2% 1.5% 1.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% CitiMortgage 13.3% 5.5% 0.5% 1.0% 0.5% 1.0% 3.8% 6.0% 4.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% JPMorgan Chase 11.3% 3.2% 0.9% 1.0% 0.7% 1.7% 1.4% 3.8% 3.1% 2.7% 2.0% 0.0% 0.5% 0.0% 0.0% N/A 0.0% 0.0% 0.0% 0.0% Nationstar N/A Ocwen 10.3% 3.0% 2.4% 0.0% 0.0% 0.0% 1.3% 0.0% 0.0% 2.0% 0.0% 1.0% 0.0% 1.1% 0.0% SPS 2.3% 0.3% 0.8% 0.0% 3.0% 0.0% 0.7% 0.7% 0.7% 0.0% 0.0% 1.7% 0.0% 0.0% 1.2% Wells Fargo 6.0% 1.3% 1.3% 0.0% 0.0% 0.8% 1.0% 0.5% 0.3% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% Income Calculation Error % Bank of America 22.0% 13.2% 6.0% 6.0% 5.0% 2.0% 3.0% 1.0% 3.0% 3.0% 1.0% 2.0% 3.0% 1.0% 0.0% CitiMortgage 10.0% 12.0% 6.0% 3.0% 4.0% 1.0% 3.1% 0.0% 1.0% 2.0% 0.0% 2.0% 2.0% 6.0% 1.0% JPMorgan Chase 31.0% 20.6% 6.0% 10.0% 9.0% 0.0% 2.0% 0.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N/A 3.0% 3.0% 5.0% 4.0% Nationstar N/A Ocwen 33.0% 2.0% 2.0% 2.0% 3.0% 3.0% 0.0% 0.0% 1.0% 1.3% 0.5% 0.5% 1.0% 1.0% 0.0% SPS 15.0% 10.0% 3.2% 1.0% 3.0% 2.0% 3.0% 2.0% 0.0% 3.1% 2.1% 3.1% 6.0% 6.0% 3.0% Wells Fargo 27.0% 4.4% 5.5% 4.0% 2.0% 0.0% 1.0% 1.5% 1.0% 0.5% 1.0% 1.0% 1.0% 1.0% 0.0% 15 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 Program Results Trials Aged 6+ Months (% of Active Trials)10 40% Q4 2013 Q1 2014 Q2 2014 Q3 2014 30% 20% 10% Average # Aged Trials % of Active Trials 6+ Months 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 various 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. 0% Bank of America, CitiMortgage, Inc. JPMorgan Chase N.A. Bank, N.A. Nationstar Mortgage LLC Ocwen Loan Servicing, LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. Q4’13 1,156 865 859 1,184 1,820 1,888 800 Q1’14 722 550 672 1,183 2,969 1,733 1,001 Q2’14 579 469 492 1,226 2,728 1,076 931 Q3’14 495 411 351 1,378 943 504 672 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. 60 Q4 2013 Q1 2014 Q2 2014 Q3 2014 50 # Days 40 30 20 10 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. 16 Making Home Affordable: Results by Servicer Program Performance Report Third Quarter 2014 Program Results Timely Reporting of Permanent Modifications (% Reported within the Month of Conversion) % Reported Timely 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 homeowner incentives. In addition, it hinders the effectiveness of program monitoring and transparency. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q4 2013 Q1 2014 Bank of America, CitiMortgage, Inc. JPMorgan Chase N.A. Bank, N.A. Q2 2014 Nationstar Mortgage LLC Q3 2014 Ocwen Loan Servicing, LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, 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. 14.0% Q4 2013 Q1 2014 Q2 2014 Q3 2014 12.0% % Missing 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Bank of America, CitiMortgage, Inc. N.A. JPMorgan Chase Bank, N.A. Nationstar Mortgage LLC Ocwen Loan Servicing, LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. 17 Appendix 1: Program and Servicer Assessment Notes The Home Affordable Modification Program (HAMP) provides eligible homeowners the opportunity to lower their first lien mortgage payment through a loan modification. HAMP includes a Tier 1 modification for Government Sponsored Enterprises (GSEs) and nonGSE homeowners and a Tier 2 for non-GSE homeowners. In October 2011, the GSEs launched the Servicer Alignment Initiative (SAI), creating the GSE Standard Modification. Tier 2 is modeled after the GSE Standard Modification and expands HAMP eligibility to include homeowners with properties currently occupied by a tenant as well as vacant properties the homeowner intends to rent. Treasury FHA-HAMP provides first lien modifications for distressed homeowners in loans insured or guaranteed through the Federal Housing Administration. The FHA introduced FHA-HAMP to provide assistance to borrowers with FHA-insured loans who are unable to meet their mortgage payments. Treasury pays incentives to servicers for FHA-insured first lien non-GSE mortgages that are modified under Treasury FHA-HAMP guidelines. RD-HAMP provides first lien modifications for distressed homeowners in loans guaranteed through the Rural Housing Service. The 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. The Home Affordable Foreclosure Alternatives (HAFA) Program provides transition alternatives to foreclosure in the form of a short sale or deed-in-lieu of foreclosure. The GSE Standard HAFA program is closely aligned with Treasury’s MHA HAFA program. The Home Affordable Unemployment Program (UP) provides temporary forbearance of mortgage principal to enable unemployed homeowners to look for a new job without fear of foreclosure. 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 HAMP, PRA, Treasury FHA-HAMP, RD-HAMP, 2MP, and HAFA program data include 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 First Lien Permanent Modifications Started includes: HAMP Tier 1, HAMP Tier 2, GSE Standard Modifications and both Treasury FHA- and RD-HAMP. HAMP Tier 1 includes both GSE and non-GSE modifications. The GSEs do not participate in HAMP Tier 2, however the GSE Standard Modification is similar to HAMP Tier 2. Treasury's 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 September 2014. The GSEs undertake other foreclosure prevention activities beyond their participation in MHA that are not reflected in this report. The latest Federal Housing Finance Agency’s Foreclosure Prevention Report can be found at: www.FHFA.gov. Treasury FHA-HAMP Program Notes: The FHA undertakes foreclosure prevention activities beyond their participation in MHA that are not reflected in this report. Please refer to the latest edition of the Obama Administration’s Housing Scorecard for the total number of loss mitigation and early delinquency interventions FHA has offered since April 1, 2009. Please visit www.hud.gov to view the latest Housing Scorecard. 18 Appendix 1: Program and Servicer Assessment Notes 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 non-participating 2MP servicers are reflected in “Other Servicers.” Homeowners with an active first lien 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 first line homeowners as the median first lien unpaid principal balance is higher. HAFA Program Notes: Unless otherwise noted, HAFA Transactions Completed 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 September 2014. It does not include other GSE short sale and DIL activity outside the HAFA program. Please refer to the latest Federal Housing Finance Agency’s Foreclosure Prevention Report for the total number of short sales and DIL of foreclosure actions the GSEs have completed since 4Q 2008. Please visit www.FHFA.gov for the complete FHFA report. A short sale requires a third-party purchaser and cooperation of junior lien holders and mortgage insurers to complete the transaction. 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, homeowner 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. Servicer Assessment Notes: Treasury’s foremost goal is to assist struggling homeowners who may be eligible for MHA. The 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. Although the compliance reviews that form the basis for the servicer assessments 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 industryaccepted auditing technique, looks at a subset of a particular population of transactions, rather than the entirety of the population of transactions, to assess a servicer’s overall performance in that particular activity. 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. 19 Appendix 1: Program and Servicer Assessment Notes Compliance Metrics Single Point of Contact Assignment % Noncompliance: Servicers are required to assign certain delinquent homeowners to a Single Point of Contact (SPOC). This metric measures the percentage of loans reviewed where MHA-C did not concur that the servicer had assigned a SPOC to a homeowner in a timely fashion and otherwise in accordance with MHA guidelines. For SPOC Assignment Noncompliance results, remedial actions Treasury requires servicers to take include, but are not limited to: assigning a SPOC to the homeowner, and correcting system and operational processes such that SPOCs are properly assigned to homeowners in a timely fashion. Second Look % Disagree: Second Look is a process in which MHA-C reviews loans not in a permanent modification, to assess the timeliness and accuracy of the servicer’s homeowner outreach and eligibility review in order to verify that the homeowner was properly considered, denied or deemed ineligible for receiving a permanent modification. This metric measures the percentage of loans reviewed in Second Look where MHA-C did not concur with a servicer’s solicitation efforts and/or eligibility review. Second Look % Unable to Determine: This metric measures the percentage of loans reviewed in Second Look for which MHA-C is not able to determine, based on the documentation provided, whether the homeowner was properly considered, denied or deemed ineligible for receiving a permanent modification. For both Second Look Disagree and Unable to Determine results, remedial actions Treasury requires servicers to take include, but are not limited to: reconsidering homeowners for a modification if they were not properly solicited or incorrectly evaluated, retaining documentation to support solicitation efforts and eligibility determination, and, if applicable, engaging in systemic process remediation. All loans categorized as Disagree or Unable to Determine remain on foreclosure hold until the servicer completes the appropriate corrective actions. Income Calculation Error %: Correctly calculating homeowners’ monthly income is a critical component of evaluating eligibility for MHA, as well as establishing an accurate modification payment. This metric measures how often MHA-C disagrees with a servicer’s calculation of a homeowner’s Monthly Gross Income, allowing for up to a 5% differential from MHA-C’s calculations. For Income Calculation Errors, remedial actions Treasury requires servicers to take include, but are not limited to: correcting income errors, requiring the servicer to review their own income calculation accuracy, enhancing policies and procedures, and conducting staff training on income calculation. Non-Approval Notice % Noncompliance: Correctly communicating reasons for non-approval may affect homeowners’ awareness of other foreclosure alternatives or the ability to challenge the non-approval. This metric measures the percentage of loans reviewed where MHA-C did not concur with the completion or accuracy of the notices sent to homeowners communicating reasons for non-approval, in accordance with MHA guidelines. For Non-Approval Notice results, remedial actions Treasury requires servicers to take include, but are not limited to: correcting the non-approval letter template, and engaging in systemic process remediation in order to deliver accurate non-approval notices. 20 Appendix 1: Program and Servicer Assessment Notes 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 correcting system and operational processes such that accurate data is mapped to its appropriate places in the program system of record. Disqualified Modification % Noncompliance: Permanent modifications on which homeowners lose good standing are subsequently disqualified from the program. This metric measures the percentage of loans reviewed where MHA-C did not concur with a servicer’s processing of defaulted HAMP modifications, in accordance with MHA guidelines. 21 Appendix 2: Terms and Methodologies 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. Disqualification: 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. Servicers are required to report monthly payment information on HAMP modifications in the form of an Official Monthly Report (OMR). If a servicer does not report an OMR for a loan in a given month, the performance of that loan is not included in official Treasury reporting for that month. In addition, reported loan counts may shift from prior reports due to servicer data corrections. 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. Front-End Debt-to-Income Ratio: Ratio of housing expenses (principal, interest, taxes, insurance and homeowners association and/or condo fees) to monthly gross income. Median Monthly Housing Payment: Principal and interest payment. Before modification payment is homeowner’s current payment at time of evaluation. 22 Appendix 3: End Notes Note # Section End Notes HAMP 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. HAMP Servicers did not submit 23,997 OMRs, or 2.5% of the total required OMRs in the current reporting period. In addition, reported loan counts may shift from prior reports due to servicer data corrections. If it was assumed that all unreported OMRs reflect either a current payment status or the maximum number of missed payments based on the most recently submitted OMR, the redefault rate for permanent modifications that have aged 42 months may range between 37.9% and 38.1%. 3 HAMP Data is as reported by servicers for actions completed through the end of the month 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. 4 Other MHA Programs Includes some modifications with additional principal reduction outside of HAMP PRA. 5 Other MHA Programs Under HAMP PRA, principal reduction vests over a 3-year period. The amounts noted reflect the entire amount that may be forgiven. 6 Other MHA Programs Principal amount reduced as a percentage of before-modification UPB, excluding capitalization. Other MHA Programs Important factors affecting the size of the population of second liens eligible for 2MP modifications include: Servicer participation in 2MP is voluntary. Under 2MP, participating servicers are notified when a match is found between one of their second liens and a qualifying first lien modification. Survey data indicates that program to date, 358,426 qualifying first lien modifications have been matched with a second lien. Of these matched second liens, approximately 55% 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. 8 Servicer 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. 9 Servicer Includes non-GSE activity under the MHA program only. Servicer GSE program data not available. Servicer These figures 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. These modifications may be 6 months or more beyond their first trial payment due date resulting in their classification as an Aged Trials. As a result, fluctuations are expected in this population. 1 2 7 10 23 Appendix 4: HAMP Activity by State State Trial Modifications Started AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY PR Nationwide* * Includes U.S. Territories 1,212 15,619 6,137 90,037 485,602 30,406 30,175 3,995 7,321 278,863 86,200 8,126 6,775 8,447 116,867 24,499 6,530 9,983 15,265 51,347 72,602 6,514 67,909 35,604 26,270 9,527 2,744 46,038 460 3,616 9,921 77,450 8,103 52,125 112,042 55,187 7,004 24,817 54,531 10,599 23,971 995 27,000 75,772 18,529 52,835 1,933 46,165 22,886 3,467 1,163 5,456 2,246,680 Permanent Modifications Started 673 9,011 3,437 52,834 328,918 18,915 19,669 2,453 4,647 174,537 51,898 5,284 3,790 5,144 75,184 14,580 3,656 5,887 9,117 34,106 46,581 4,332 40,859 21,692 15,328 5,696 1,564 27,514 234 2,147 6,511 49,851 4,902 31,449 72,676 31,453 3,816 15,404 33,689 7,091 14,061 529 16,299 42,064 11,779 32,749 1,325 29,972 14,344 1,994 691 4,350 1,416,705 Median Monthly Payment Reduction $476.85 $260.24 $248.17 $442.63 $719.24 $409.46 $532.49 $552.49 $411.35 $473.24 $361.38 $797.42 $247.35 $369.76 $508.90 $259.53 $287.53 $264.69 $284.05 $584.64 $570.06 $388.35 $341.82 $419.72 $293.60 $251.29 $398.00 $304.05 $276.95 $261.12 $467.92 $634.27 $349.09 $527.72 $795.99 $288.89 $242.99 $458.11 $347.89 $541.15 $298.59 $257.17 $285.04 $285.76 $432.47 $488.25 $364.21 $507.07 $346.10 $309.02 $356.09 $290.28 $490.06 Median Monthly Payment Reduction % of PreModification Payment 31% 31% 31% 37% 37% 33% 37% 32% 32% 40% 36% 34% 32% 33% 40% 33% 32% 33% 32% 35% 34% 35% 37% 35% 34% 32% 32% 33% 31% 33% 34% 37% 33% 38% 39% 35% 32% 34% 33% 39% 32% 29% 34% 33% 32% 32% 33% 33% 35% 29% 29% 37% 36% 24 Appendix 5: HAMP Tier 1 Scheduled Interest Rate Increases by State Median Values State Before Mod DTI Pre-Mod Interest Rate Pre-Mod Monthly P&I Monthly Income at Time of Mod After Mod UPB After Mod Monthly P&I Monthly P&I Total Monthly Payment P&I Payment Increase at Increase after All First Interest Increases Rate Increase Final Monthly P&I Payment Reduction from Pre-Mod P&I AK 44.62% 6.8% $1,516.96 $4,238.00 $223,010.23 $882.50 $94.44 $181.86 -$396.06 AL 46.27% 6.8% $877.94 $2,298.23 $121,914.11 $518.41 $49.68 $101.72 -$226.26 AR 45.32% 6.5% $812.28 $2,144.29 $115,512.48 $473.94 $48.96 $102.31 -$198.32 AZ 49.12% 6.4% $1,197.37 $2,832.28 $179,267.43 $677.24 $79.62 $194.16 -$288.89 CA 48.55% 6.1% $1,943.65 $4,693.33 $306,977.86 $1,097.99 $138.14 $318.24 -$433.54 CO 46.14% 6.5% $1,238.83 $3,208.13 $189,703.13 $758.58 $81.59 $181.59 -$274.87 CT 45.37% 6.5% $1,467.02 $4,346.00 $211,930.54 $812.57 $93.05 $205.40 -$384.94 DC 47.92% 6.4% $1,716.89 $4,133.29 $275,854.40 $997.29 $122.64 $276.05 -$368.27 DE 46.89% 6.5% $1,288.94 $3,126.05 $196,449.66 $771.66 $83.89 $177.87 -$294.46 FL 47.59% 6.5% $1,194.96 $3,276.19 $170,800.00 $631.15 $75.94 $172.95 -$332.31 GA 47.28% 6.5% $1,009.53 $2,659.11 $144,438.10 $574.24 $62.66 $141.48 -$268.51 HI 48.73% 6.3% $2,411.45 $5,377.80 $391,550.12 $1,403.76 $175.10 $380.26 -$482.28 IA 44.11% 6.6% $781.19 $2,312.17 $109,056.79 $442.81 $45.90 $96.26 -$197.43 ID 48.31% 6.5% $1,145.72 $2,732.00 $171,535.27 $670.43 $74.92 $166.45 -$270.55 IL 46.91% 6.5% $1,285.65 $3,734.94 $180,488.10 $665.89 $80.33 $183.69 -$371.08 IN 46.02% 6.8% $819.98 $2,166.67 $111,276.51 $466.86 $46.01 $98.56 -$214.85 KS 44.14% 6.6% $904.92 $2,776.38 $128,349.10 $519.75 $52.30 $112.16 -$228.34 KY 45.41% 6.8% $811.90 $2,219.09 $112,309.16 $472.54 $46.80 $97.92 -$208.29 LA 45.37% 6.9% $907.06 $2,589.61 $126,570.32 $518.20 $52.55 $106.47 -$242.80 MA 46.85% 6.4% $1,664.81 $4,363.67 $250,758.46 $946.80 $110.33 $245.79 -$397.22 MD 46.69% 6.4% $1,674.88 $4,336.73 $259,982.10 $966.07 $115.48 $258.74 -$383.92 ME 46.41% 6.6% $1,137.96 $3,018.00 $164,752.87 $640.09 $71.52 $150.18 -$287.09 MI 46.66% 6.5% $959.28 $2,692.00 $130,917.51 $525.64 $55.79 $127.25 -$259.50 MN 45.93% 6.3% $1,208.00 $3,318.46 $179,664.42 $698.78 $78.10 $180.67 -$288.22 MO 45.79% 6.6% $887.82 $2,499.99 $125,103.99 $502.82 $53.07 $112.37 -$239.07 MS 46.12% 6.9% $822.15 $2,247.00 $113,091.69 $464.01 $46.15 $92.71 -$226.32 MT 46.53% 6.4% $1,259.38 $3,263.83 $194,342.55 $744.20 $82.93 $176.54 -$298.13 NC 46.09% 6.5% $959.91 $2,543.79 $136,458.09 $559.91 $57.60 $120.71 -$242.18 ND 42.07% 6.6% $891.55 $2,989.00 $136,122.49 $566.10 $57.21 $119.94 -$210.73 NE 43.64% 6.7% $799.48 $2,533.18 $110,921.68 $464.21 $47.08 $95.32 -$209.12 NH 43.97% 6.4% $1,360.17 $4,167.08 $200,654.34 $784.74 $86.42 $188.49 -$329.67 25 Appendix 5: HAMP Tier 1 Scheduled Interest Rate Increases by State Median Values State Before Mod DTI Pre-Mod Interest Rate Pre-Mod Monthly P&I Monthly Income at Time of Mod After Mod UPB After Mod Monthly P&I Monthly P&I Payment Total Monthly P&I Increase at Payment Increase First Interest after All Increases Rate Increase Final Monthly P&I Payment Reduction from Pre-Mod P&I NJ 45.25% 6.4% $1,717.92 $5,238.00 $252,345.36 $916.51 $112.35 $246.68 -$446.08 NM 46.94% 6.5% $1,071.30 $2,769.53 $158,537.59 $637.96 $69.03 $148.54 -$270.57 NV 49.93% 6.3% $1,373.54 $3,143.96 $208,277.52 $762.21 $93.16 $223.04 -$335.58 NY 47.27% 6.5% $2,090.65 $5,676.43 $311,263.27 $1,115.77 $139.58 $306.16 -$546.37 OH 45.26% 6.6% $828.11 $2,419.28 $112,392.69 $464.92 $46.88 $104.27 -$220.76 OK 44.63% 6.9% $785.66 $2,383.46 $107,497.75 $456.28 $43.87 $89.84 -$213.16 OR 46.56% 6.4% $1,336.57 $3,475.93 $207,902.96 $792.19 $91.93 $202.72 -$309.64 PA 45.09% 6.6% $1,104.57 $3,240.88 $155,402.96 $615.40 $66.19 $137.12 -$283.22 RI 47.33% 6.4% $1,370.44 $3,656.52 $197,682.76 $737.73 $87.84 $203.62 -$372.27 SC 46.50% 6.6% $972.24 $2,537.47 $139,413.87 $568.91 $59.04 $124.46 -$241.51 SD 44.26% 6.4% $929.37 $2,720.92 $136,536.39 $529.33 $57.73 $128.41 -$213.35 TN 46.72% 6.9% $885.31 $2,333.33 $120,544.61 $502.82 $49.53 $104.26 -$246.52 TX 43.12% 7.0% $869.56 $2,991.00 $120,531.05 $505.98 $50.06 $103.51 -$236.53 UT 47.06% 6.5% $1,369.53 $3,297.08 $212,087.60 $820.24 $93.36 $210.01 -$301.71 VA 46.46% 6.4% $1,597.09 $4,070.60 $249,370.39 $932.09 $109.21 $244.24 -$329.39 VT 45.90% 6.6% $1,131.62 $3,120.00 $168,109.94 $640.02 $72.09 $159.15 -$288.49 WA 46.33% 6.4% $1,519.76 $3,988.07 $241,944.86 $895.82 $107.30 $234.00 -$334.22 WI 44.80% 6.5% $992.47 $3,009.56 $140,241.45 $555.11 $60.01 $128.93 -$261.86 WV 46.40% 6.6% $1,092.77 $2,682.04 $155,456.03 $636.67 $64.98 $127.60 -$251.44 WY 46.13% 6.5% $1,298.10 $3,251.74 $189,322.74 $804.94 $81.40 $162.43 -$287.36 PR 50.67% 6.4% $775.05 $1,674.54 $104,560.05 $450.16 $44.20 $95.85 -$208.79 6.4% $1,447.82 $3,805.40 $215,000.00 $803.73 $94.58 $211.56 -$344.02 Nation47.17% wide* * Includes U.S. Territories 26 Appendix 6: Performance of HAMP Tier 1 Modifications by Vintage Delinquency: Months After Conversion to Permanent Modification 3 Mod. Effective in: # 6 60+ Days 90+ Days # 12 60+ Days 90+ Days # 18 60+ Days 90+ Days # 60+ Days 90+ Days 2009Q3 3,592 10.7% 4.5% 4,429 15.8% 10.6% 4,654 25.8% 21.2% 4,982 32.2% 28.9% 2009Q4 43,747 5.7% 1.9% 47,595 10.2% 6.3% 51,507 20.4% 15.8% 54,674 25.4% 22.3% 2010Q1 124,062 4.3% 1.5% 150,374 10.4% 6.1% 161,277 20.3% 16.1% 166,294 26.0% 22.4% 2010Q2 147,694 5.3% 1.8% 157,339 12.3% 7.5% 173,619 19.5% 16.1% 170,817 27.7% 24.1% 2010Q3 86,326 5.1% 1.9% 96,045 11.1% 7.1% 104,305 18.2% 14.5% 106,287 25.3% 21.9% 2010Q4 58,072 4.6% 1.8% 62,485 8.9% 5.8% 65,096 18.4% 14.5% 66,625 24.0% 21.1% 2011Q1 71,008 2.8% 1.0% 76,009 8.2% 5.0% 79,717 17.0% 13.6% 81,346 22.2% 19.1% 2011Q2 79,949 3.7% 1.3% 89,221 9.4% 5.8% 92,703 16.2% 13.2% 91,986 23.1% 20.0% 2011Q3 80,883 3.7% 1.3% 85,961 8.8% 5.6% 86,909 15.6% 12.3% 86,657 21.8% 18.9% 2011Q4 64,918 3.4% 1.2% 67,443 6.9% 4.4% 67,772 14.7% 11.4% 67,913 19.3% 16.8% 2012Q1 49,415 2.5% 0.8% 50,856 6.8% 4.1% 50,886 14.1% 10.9% 50,261 18.5% 15.8% 2012Q2 43,996 3.0% 1.0% 44,977 7.7% 4.6% 45,255 13.6% 10.9% 44,784 18.9% 16.1% 2012Q3 47,298 3.1% 1.0% 48,976 7.4% 4.6% 49,717 13.0% 10.1% 50,246 17.9% 15.1% 2012Q4 39,300 3.2% 1.1% 41,216 6.3% 4.0% 42,433 12.3% 9.4% 42,701 16.3% 14.1% 2013Q1 39,259 2.3% 0.7% 40,916 6.1% 3.5% 42,044 12.6% 9.6% 42,414 16.6% 14.0% 2013Q2 31,559 2.7% 0.8% 33,030 6.6% 3.9% 33,723 11.8% 9.4% 11,267 17.2% 14.6% 2013Q3 31,982 3.0% 1.1% 33,458 7.1% 4.3% 34,849 12.1% 9.3% 2013Q4 27,324 3.1% 1.1% 28,646 6.4% 4.0% 10,192 12.2% 9.5% 2014Q1 23,702 2.6% 0.9% 25,583 6.8% 3.9% 2014Q2 19,017 3.6% 1.1% 7,276 7.5% 4.9% 2014Q3 5,746 3.3% 1.0% 3.9% 1.4% 9.0% 5.6% 16.8% 13.4% 23.1% 20.0% All 1,118,849 1,191,835 1,196,658 1,139,254 Delinquency: Months After Conversion to Permanent Modification 24 Mod. Effective in: # 30 60+ Days 90+ Days # 36 60+ Days 90+ Days # 42 60+ Days 90+ Days # 60+ Days 90+ Days 2009Q3 5,084 36.8% 33.5% 5,148 41.1% 38.6% 5,183 43.9% 41.7% 5,066 48.4% 46.3% 2009Q4 55,632 31.5% 28.4% 56,708 35.2% 32.8% 56,446 39.7% 37.1% 56,259 42.3% 40.5% 2010Q1 168,095 31.8% 28.7% 168,023 35.5% 33.0% 166,347 39.7% 37.4% 165,238 42.3% 40.5% 2010Q2 178,946 31.0% 28.7% 177,378 35.9% 33.4% 175,157 39.2% 37.4% 175,281 41.9% 40.1% 2010Q3 106,337 29.4% 26.8% 105,921 34.2% 31.7% 104,628 37.1% 35.2% 105,090 39.6% 37.8% 2010Q4 66,383 29.6% 26.6% 66,044 33.1% 31.0% 65,909 36.4% 34.3% 66,214 38.3% 36.7% 2011Q1 80,983 27.5% 24.8% 80,109 31.1% 28.9% 81,136 33.8% 31.8% 81,353 35.7% 34.0% 2011Q2 91,572 27.3% 25.0% 92,076 30.7% 28.5% 91,647 33.1% 31.5% 33,768 35.9% 34.3% 2011Q3 85,133 25.8% 23.4% 86,438 29.0% 26.7% 86,889 31.0% 29.2% 2011Q4 67,652 23.4% 21.0% 67,515 26.1% 24.3% 24,426 28.9% 27.2% 2012Q1 50,778 22.5% 20.0% 50,945 25.0% 22.9% 2012Q2 44,989 22.0% 20.0% 15,503 25.6% 23.6% 2012Q3 50,504 20.8% 18.5% 2012Q4 13,916 20.1% 17.9% 28.1% 25.5% 971,808 32.5% 30.2% 857,768 36.6% 34.6% 688,269 40.3% 38.6% 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 All 1,066,004 Loan payment status is not reported by servicers after program disqualification (90+ days delinquent). Therefore, 90+ days delinquent loans are included in each of the 60+ and 90+ days delinquent metrics for all future reporting periods, even though some loans may have cured or paid off following program disqualification. In addition, once a loan is reported as paid off it is no longer reflected in future periods. 27 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Abilene, TX Metropolitan Statistical Area Aguadilla-Isabela, PR Metropolitan Statistical Area Akron, OH Metropolitan Statistical Area Albany, GA Metropolitan Statistical Area Albany-Schenectady-Troy, NY Metropolitan Statistical Area Albuquerque, NM Metropolitan Statistical Area Alexandria, LA Metropolitan Statistical Area Allentown-Bethlehem-Easton, PA-NJ Metropolitan Statistical Area Altoona, PA Metropolitan Statistical Area Amarillo, TX Metropolitan Statistical Area Ames, IA Metropolitan Statistical Area Anchorage, AK Metropolitan Statistical Area Anderson, IN Metropolitan Statistical Area Anderson, SC Metropolitan Statistical Area Ann Arbor, MI Metropolitan Statistical Area Anniston-Oxford-Jacksonville, AL Metropolitan Statistical Area Appleton, WI Metropolitan Statistical Area Asheville, NC Metropolitan Statistical Area Athens-Clarke County, GA Metropolitan Statistical Area Atlanta-Sandy Springs-Roswell, GA Metropolitan Statistical Area Atlantic City-Hammonton, NJ Metropolitan Statistical Area Auburn-Opelika, AL Metropolitan Statistical Area Augusta-Richmond County, GA-SC Metropolitan Statistical Area Austin-Round Rock, TX Metropolitan Statistical Area Bakersfield, CA Metropolitan Statistical Area Baltimore-Columbia-Towson, MD Metropolitan Statistical Area Bangor, ME Metropolitan Statistical Area Barnstable Town, MA Metropolitan Statistical Area Baton Rouge, LA Metropolitan Statistical Area Battle Creek, MI Metropolitan Statistical Area Bay City, MI Metropolitan Statistical Area Beaumont-Port Arthur, TX Metropolitan Statistical Area Bellingham, WA Metropolitan Statistical Area Bend-Redmond, OR Metropolitan Statistical Area Billings, MT Metropolitan Statistical Area Binghamton, NY Metropolitan Statistical Area Birmingham-Hoover, AL Metropolitan Statistical Area Bismarck, ND Metropolitan Statistical Area Blacksburg-Christiansburg-Radford, VA Metropolitan Statistical Area Bloomington, IN Metropolitan Statistical Area Bloomington-Normal, IL Metropolitan Statistical Area Boise City, ID Metropolitan Statistical Area Boston-Cambridge-Newton, MA-NH Metropolitan Statistical Area Boulder, CO Metropolitan Statistical Area Bowling Green, KY Metropolitan Statistical Area Bremerton-Silverdale, WA Metropolitan Statistical Area Bridgeport-Stamford-Norwalk, CT Metropolitan Statistical Area Brownsville-Harlingen, TX Metropolitan Statistical Area Brunswick, GA Metropolitan Statistical Area Buffalo-Cheektowaga-Niagara Falls, NY Metropolitan Statistical Area Burlington, NC Metropolitan Statistical Area Burlington-South Burlington, VT Metropolitan Statistical Area Canton-Massillon, OH Metropolitan Statistical Area Cape Coral-Fort Myers, FL Metropolitan Statistical Area Cape Girardeau, MO-IL Metropolitan Statistical Area Permanent Modifications Started 63 164 2,429 288 1,643 3,225 153 3,920 139 131 59 521 288 526 1,149 168 349 1,258 535 41,324 2,271 239 915 2,696 7,891 15,451 356 1,751 2,173 418 264 299 602 1,226 146 240 3,346 51 147 229 192 2,917 23,949 619 148 926 6,085 494 241 1,457 388 417 1,197 4,979 107 Median Monthly Payment Reduction $194.85 $258.00 $296.51 $249.22 $364.35 $340.34 $244.05 $405.75 $216.06 $259.80 $274.76 $499.01 $220.20 $252.41 $419.72 $208.89 $315.87 $356.80 $310.01 $379.34 $496.41 $285.38 $262.71 $331.67 $479.10 $478.67 $307.85 $616.42 $264.74 $261.99 $226.46 $228.08 $477.78 $536.91 $299.50 $247.80 $280.05 $339.62 $301.30 $258.50 $310.53 $385.78 $629.83 $482.47 $243.47 $473.34 $720.49 $233.77 $329.88 $262.02 $258.00 $420.58 $260.34 $480.77 $233.50 Median Monthly Payment Reduction % of Pre-Modification Payment 33% 36% 36% 31% 34% 33% 29% 34% 31% 35% 32% 32% 32% 31% 35% 30% 34% 33% 33% 37% 38% 29% 32% 33% 37% 32% 34% 36% 30% 37% 34% 34% 34% 37% 28% 36% 32% 34% 29% 31% 35% 34% 36% 34% 33% 31% 40% 34% 33% 34% 31% 35% 34% 41% 31% 28 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Carson City, NV Metropolitan Statistical Area Casper, WY Metropolitan Statistical Area Cedar Rapids, IA Metropolitan Statistical Area Champaign-Urbana, IL Metropolitan Statistical Area Charleston, WV Metropolitan Statistical Area Charleston-North Charleston, SC Metropolitan Statistical Area Charlotte-Concord-Gastonia, NC-SC Metropolitan Statistical Area Charlottesville, VA Metropolitan Statistical Area Chattanooga, TN-GA Metropolitan Statistical Area Cheyenne, WY Metropolitan Statistical Area Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area Chico, CA Metropolitan Statistical Area Cincinnati, OH-KY-IN Metropolitan Statistical Area Clarksville, TN-KY Metropolitan Statistical Area Cleveland, TN Metropolitan Statistical Area Cleveland-Elyria, OH Metropolitan Statistical Area Coeur d'Alene, ID Metropolitan Statistical Area College Station-Bryan, TX Metropolitan Statistical Area Colorado Springs, CO Metropolitan Statistical Area Columbia, MO Metropolitan Statistical Area Columbia, SC Metropolitan Statistical Area Columbus, GA-AL Metropolitan Statistical Area Columbus, IN Metropolitan Statistical Area Columbus, OH Metropolitan Statistical Area Corpus Christi, TX Metropolitan Statistical Area Corvallis, OR Metropolitan Statistical Area Crestview-Fort Walton Beach-Destin, FL Metropolitan Statistical Area Cumberland, MD-WV Metropolitan Statistical Area Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area Dalton, GA Metropolitan Statistical Area Danville, IL Metropolitan Statistical Area Danville, VA Metropolitan Statistical Area Davenport-Moline-Rock Island, IA-IL Metropolitan Statistical Area Dayton, OH Metropolitan Statistical Area Decatur, AL Metropolitan Statistical Area Decatur, IL Metropolitan Statistical Area Deltona-Daytona Beach-Ormond Beach, FL Metropolitan Statistical Area Denver-Aurora-Lakewood, CO Metropolitan Statistical Area Des Moines-West Des Moines, IA Metropolitan Statistical Area Detroit-Warren-Dearborn, MI Metropolitan Statistical Area Dothan, AL Metropolitan Statistical Area Dover, DE Metropolitan Statistical Area Dubuque, IA Metropolitan Statistical Area Duluth, MN-WI Metropolitan Statistical Area Durham-Chapel Hill, NC Metropolitan Statistical Area Eau Claire, WI Metropolitan Statistical Area El Centro, CA Metropolitan Statistical Area El Paso, TX Metropolitan Statistical Area Elizabethtown-Fort Knox, KY Metropolitan Statistical Area Elkhart-Goshen, IN Metropolitan Statistical Area Elmira, NY Metropolitan Statistical Area Erie, PA Metropolitan Statistical Area Eugene, OR Metropolitan Statistical Area Evansville, IN-KY Metropolitan Statistical Area Fairbanks, AK Metropolitan Statistical Area Permanent Modifications Started 398 125 323 194 198 2,920 8,413 581 1,333 134 72,630 1,100 5,713 237 220 7,942 640 123 1,981 169 2,364 690 117 5,021 348 103 665 132 14,095 483 45 152 530 2,016 174 81 4,646 11,596 1,381 24,215 174 849 104 650 1,278 232 1,423 1,226 103 578 103 338 1,112 433 65 Median Monthly Payment Reduction $530.67 $336.55 $252.94 $239.18 $229.61 $356.98 $318.62 $395.86 $273.54 $269.03 $520.83 $463.18 $308.45 $222.24 $261.10 $306.72 $412.43 $220.10 $393.67 $244.41 $267.78 $267.38 $228.97 $324.67 $244.94 $348.52 $387.28 $245.12 $301.61 $260.32 $208.42 $194.96 $244.10 $264.28 $227.94 $177.23 $382.40 $409.40 $271.43 $377.43 $221.83 $401.68 $274.25 $284.63 $322.94 $298.51 $444.69 $250.01 $238.72 $253.86 $272.21 $239.36 $396.49 $214.00 $339.78 Median Monthly Payment Reduction % of Pre-Modification Payment 37% 29% 31% 29% 33% 33% 33% 31% 33% 26% 41% 34% 34% 30% 31% 37% 33% 27% 33% 32% 32% 32% 33% 35% 32% 26% 34% 30% 33% 35% 37% 28% 35% 35% 28% 30% 37% 33% 31% 38% 31% 30% 38% 33% 34% 32% 35% 33% 30% 32% 40% 37% 33% 31% 23% 29 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Fajardo, PR Metropolitan Statistical Area Fargo, ND-MN Metropolitan Statistical Area Farmington, NM Metropolitan Statistical Area Fayetteville, NC Metropolitan Statistical Area Fayetteville-Springdale-Rogers, AR-MO Metropolitan Statistical Area Flagstaff, AZ Metropolitan Statistical Area Flint, MI Metropolitan Statistical Area Florence, SC Metropolitan Statistical Area Florence-Muscle Shoals, AL Metropolitan Statistical Area Fond du Lac, WI Metropolitan Statistical Area Fort Collins, CO Metropolitan Statistical Area Fort Smith, AR-OK Metropolitan Statistical Area Fort Wayne, IN Metropolitan Statistical Area Fresno, CA Metropolitan Statistical Area Gadsden, AL Metropolitan Statistical Area Gainesville, FL Metropolitan Statistical Area Gainesville, GA Metropolitan Statistical Area Glens Falls, NY Metropolitan Statistical Area Goldsboro, NC Metropolitan Statistical Area Grand Forks, ND-MN Metropolitan Statistical Area Grand Junction, CO Metropolitan Statistical Area Grand Rapids-Wyoming, MI Metropolitan Statistical Area Great Falls, MT Metropolitan Statistical Area Greeley, CO Metropolitan Statistical Area Green Bay, WI Metropolitan Statistical Area Greensboro-High Point, NC Metropolitan Statistical Area Greenville, NC Metropolitan Statistical Area Greenville-Anderson-Mauldin, SC Metropolitan Statistical Area Guayama, PR Metropolitan Statistical Area Gulfport-Biloxi-Pascagoula, MS Metropolitan Statistical Area Hagerstown-Martinsburg, MD-WV Metropolitan Statistical Area Hanford-Corcoran, CA Metropolitan Statistical Area Harrisburg-Carlisle, PA Metropolitan Statistical Area Harrisonburg, VA Metropolitan Statistical Area Hartford-West Hartford-East Hartford, CT Metropolitan Statistical Area Hattiesburg, MS Metropolitan Statistical Area Hickory-Lenoir-Morganton, NC Metropolitan Statistical Area Hinesville, GA Metropolitan Statistical Area Holland-Grand Haven, MI Metropolitan Statistical Area Honolulu, HI Metropolitan Statistical Area Hot Springs, AR Metropolitan Statistical Area Houma-Thibodaux, LA Metropolitan Statistical Area Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area Huntington-Ashland, WV-KY-OH Metropolitan Statistical Area Huntsville, AL Metropolitan Statistical Area Idaho Falls, ID Metropolitan Statistical Area Indianapolis-Carmel-Anderson, IN Metropolitan Statistical Area Iowa City, IA Metropolitan Statistical Area Ithaca, NY Metropolitan Statistical Area Jackson, MI Metropolitan Statistical Area Jackson, MS Metropolitan Statistical Area Jackson, TN Metropolitan Statistical Area Jacksonville, FL Metropolitan Statistical Area Jacksonville, NC Metropolitan Statistical Area Janesville-Beloit, WI Metropolitan Statistical Area Permanent Modifications Started 78 165 112 586 1,181 313 1,728 449 146 161 821 233 813 8,460 159 653 1,113 315 153 59 545 2,522 73 1,065 563 2,365 348 1,718 41 531 1,593 875 1,013 234 5,251 226 980 106 688 2,618 140 239 15,231 244 586 280 4,896 103 48 595 1,559 257 9,507 158 559 Median Monthly Payment Reduction $257.67 $280.25 $284.24 $236.96 $288.16 $527.72 $320.27 $220.87 $210.17 $299.36 $412.10 $211.26 $243.16 $483.60 $225.77 $336.56 $331.71 $333.76 $237.42 $231.80 $420.75 $280.60 $261.72 $359.01 $346.76 $284.46 $269.40 $265.62 $183.65 $289.51 $423.26 $427.66 $311.63 $411.67 $455.71 $239.02 $243.80 $253.44 $305.53 $770.32 $328.31 $247.74 $288.24 $236.47 $235.77 $260.89 $275.58 $310.49 $346.89 $281.57 $251.66 $230.81 $372.34 $260.83 $264.18 Median Monthly Payment Reduction % of Pre-Modification Payment 40% 30% 25% 33% 34% 34% 36% 29% 33% 34% 31% 29% 34% 37% 30% 35% 36% 35% 33% 30% 33% 34% 29% 30% 37% 33% 33% 32% 33% 35% 32% 34% 32% 34% 36% 31% 31% 33% 33% 32% 35% 31% 34% 35% 29% 25% 32% 31% 36% 35% 31% 32% 35% 27% 33% 30 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Jefferson City, MO Metropolitan Statistical Area Johnson City, TN Metropolitan Statistical Area Johnstown, PA Metropolitan Statistical Area Jonesboro, AR Metropolitan Statistical Area Joplin, MO Metropolitan Statistical Area Kalamazoo-Portage, MI Metropolitan Statistical Area Kankakee, IL Metropolitan Statistical Area Kansas City, MO-KS Metropolitan Statistical Area Kennewick-Richland, WA Metropolitan Statistical Area Killeen-Temple, TX Metropolitan Statistical Area Kingsport-Bristol-Bristol, TN-VA Metropolitan Statistical Area Kingston, NY Metropolitan Statistical Area Knoxville, TN Metropolitan Statistical Area Kokomo, IN Metropolitan Statistical Area La Crosse-Onalaska, WI-MN Metropolitan Statistical Area Lafayette, IN Metropolitan Statistical Area Lafayette, LA Metropolitan Statistical Area Lake Charles, LA Metropolitan Statistical Area Lake Havasu City-Kingman, AZ Metropolitan Statistical Area Lakeland-Winter Haven, FL Metropolitan Statistical Area Lancaster, PA Metropolitan Statistical Area Lansing-East Lansing, MI Metropolitan Statistical Area Laredo, TX Metropolitan Statistical Area Las Cruces, NM Metropolitan Statistical Area Las Vegas-Henderson-Paradise, NV Metropolitan Statistical Area Lawrence, KS Metropolitan Statistical Area Lawton, OK Metropolitan Statistical Area Lebanon, PA Metropolitan Statistical Area Lewiston, ID-WA Metropolitan Statistical Area Lewiston-Auburn, ME Metropolitan Statistical Area Lexington-Fayette, KY Metropolitan Statistical Area Lima, OH Metropolitan Statistical Area Lincoln, NE Metropolitan Statistical Area Little Rock-North Little Rock-Conway, AR Metropolitan Statistical Area Logan, UT-ID Metropolitan Statistical Area Longview, TX Metropolitan Statistical Area Longview, WA Metropolitan Statistical Area Los Angeles-Long Beach-Santa Ana, CA Metropolitan Statistical Area Louisville/Jefferson County, KY-IN Metropolitan Statistical Area Lubbock, TX Metropolitan Statistical Area Lynchburg, VA Metropolitan Statistical Area Macon, GA Metropolitan Statistical Area Madera, CA Metropolitan Statistical Area Madison, WI Metropolitan Statistical Area Manchester-Nashua, NH Metropolitan Statistical Area Manhattan, KS Metropolitan Statistical Area Mankato-North Mankato, MN Metropolitan Statistical Area Mansfield, OH Metropolitan Statistical Area Mayaguez, PR Metropolitan Statistical Area McAllen-Edinburg-Mission, TX Metropolitan Statistical Area Medford, OR Metropolitan Statistical Area Memphis, TN-MS-AR Metropolitan Statistical Area Merced, CA Metropolitan Statistical Area Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area Michigan City-La Porte, IN Metropolitan Statistical Area Permanent Modifications Started 154 243 91 69 216 814 401 5,558 335 239 332 885 1,536 237 142 235 416 245 1,248 4,247 1,014 1,453 478 332 25,763 146 91 250 93 309 764 191 348 1,045 203 125 398 103,383 3,004 157 414 793 1,631 1,090 2,051 70 147 282 79 1,101 1,186 6,578 2,377 74,020 318 Median Monthly Payment Reduction $212.54 $251.91 $168.64 $242.10 $198.86 $305.04 $353.87 $312.87 $269.09 $220.19 $236.66 $496.43 $260.92 $222.10 $263.08 $260.40 $244.35 $232.72 $409.10 $373.91 $307.86 $311.65 $289.93 $326.86 $530.46 $309.77 $203.83 $301.62 $272.55 $330.33 $294.80 $244.04 $265.21 $240.07 $320.23 $232.60 $383.86 $819.97 $267.03 $231.12 $248.76 $278.31 $511.20 $394.42 $479.94 $302.72 $299.84 $233.20 $237.80 $254.52 $465.89 $296.93 $533.82 $549.87 $253.89 Median Monthly Payment Reduction % of Pre-Modification Payment 30% 32% 25% 32% 31% 37% 36% 34% 31% 29% 33% 38% 30% 32% 29% 33% 29% 32% 36% 36% 30% 35% 36% 30% 39% 31% 30% 30% 26% 33% 34% 38% 32% 30% 28% 34% 33% 39% 33% 32% 27% 36% 38% 34% 33% 29% 29% 33% 37% 34% 35% 35% 38% 42% 32% 31 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Midland, TX Metropolitan Statistical Area Milwaukee-Waukesha-West Allis, WI Metropolitan Statistical Area Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area Missoula, MT Metropolitan Statistical Area Mobile, AL Metropolitan Statistical Area Modesto, CA Metropolitan Statistical Area Monroe, LA Metropolitan Statistical Area Monroe, MI Metropolitan Statistical Area Montgomery, AL Metropolitan Statistical Area Morgantown, WV Metropolitan Statistical Area Morristown, TN Metropolitan Statistical Area Mount Vernon-Anacortes, WA Metropolitan Statistical Area Muncie, IN Metropolitan Statistical Area Muskegon, MI Metropolitan Statistical Area Myrtle Beach-Conway-North Myrtle Beach, SC-NC Metropolitan Statistical Area Napa, CA Metropolitan Statistical Area Naples-Immokalee-Marco Island, FL Metropolitan Statistical Area Nashville-Davidson--Murfreesboro--Franklin, TN Metropolitan Statistical Area New Haven-Milford, CT Metropolitan Statistical Area New Orleans-Metairie, LA Metropolitan Statistical Area New York-Newark-Jersey City, NY-NJ-PA Metropolitan Statistical Area Niles-Benton Harbor, MI Metropolitan Statistical Area North Port-Sarasota-Bradenton, FL Metropolitan Statistical Area Norwich-New London, CT Metropolitan Statistical Area Ocala, FL Metropolitan Statistical Area Ocean City, NJ Metropolitan Statistical Area Odessa, TX Metropolitan Statistical Area Ogden-Clearfield, UT Metropolitan Statistical Area Oklahoma City, OK Metropolitan Statistical Area Olympia-Tumwater, WA Metropolitan Statistical Area Omaha-Council Bluffs, NE-IA Metropolitan Statistical Area Orlando-Kissimmee-Sanford, FL Metropolitan Statistical Area Oshkosh-Neenah, WI Metropolitan Statistical Area Owensboro, KY Metropolitan Statistical Area Oxnard-Thousand Oaks-Ventura, CA Metropolitan Statistical Area Palm Bay-Melbourne-Titusville, FL Metropolitan Statistical Area Palm Coast, FL Metropolitan Statistical Area Panama City, FL Metropolitan Statistical Area Parkersburg-Vienna, WV Metropolitan Statistical Area Pascagoula, MS Metropolitan Statistical Area Pensacola-Ferry Pass-Brent, FL Metropolitan Statistical Area Peoria, IL Metropolitan Statistical Area Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Statistical Area Phoenix-Mesa-Scottsdale, AZ Metropolitan Statistical Area Pine Bluff, AR Metropolitan Statistical Area Pittsburgh, PA Metropolitan Statistical Area Pittsfield, MA Metropolitan Statistical Area Pocatello, ID Metropolitan Statistical Area Ponce, PR Metropolitan Statistical Area Port St. Lucie, FL Metropolitan Statistical Area Portland-South Portland, ME Metropolitan Statistical Area Portland-Vancouver-Hillsboro, OR-WA Metropolitan Statistical Area Poughkeepsie-Newburgh-Middletown, NY Metropolitan Statistical Area Prescott, AZ Metropolitan Statistical Area Providence-Warwick, RI-MA Metropolitan Statistical Area Permanent Modifications Started 62 5,450 17,675 234 1,120 6,480 202 726 769 47 274 471 164 578 1,444 1,087 2,381 4,648 5,152 3,911 96,382 455 5,080 1,319 2,330 541 52 1,682 1,659 999 1,646 25,418 254 106 7,197 4,307 1,151 569 138 340 1,555 415 25,830 41,787 70 3,819 223 165 143 4,962 2,407 10,707 4,227 1,305 10,265 Median Monthly Payment Reduction $252.08 $359.84 $451.30 $410.55 $259.93 $569.88 $208.45 $355.27 $232.30 $384.61 $280.65 $517.72 $187.86 $244.76 $386.55 $837.87 $618.81 $314.61 $481.23 $335.72 $824.31 $267.56 $478.87 $488.86 $362.61 $479.95 $189.73 $365.73 $256.54 $443.04 $272.50 $461.49 $278.89 $194.59 $847.14 $402.28 $428.43 $384.89 $218.13 $243.89 $310.50 $220.62 $405.73 $460.40 $248.85 $267.52 $330.17 $254.84 $251.08 $462.51 $444.91 $483.57 $573.28 $446.30 $542.53 Median Monthly Payment Reduction % of Pre-Modification Payment 28% 37% 36% 31% 35% 37% 27% 35% 29% 38% 33% 37% 29% 36% 36% 36% 42% 32% 36% 35% 40% 34% 40% 37% 37% 33% 28% 28% 32% 32% 33% 39% 35% 33% 36% 38% 37% 36% 33% 31% 34% 33% 33% 37% 35% 34% 33% 31% 39% 39% 35% 35% 36% 36% 38% 32 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Provo-Orem, UT Metropolitan Statistical Area Pueblo, CO Metropolitan Statistical Area Punta Gorda, FL Metropolitan Statistical Area Racine, WI Metropolitan Statistical Area Raleigh, NC Metropolitan Statistical Area Rapid City, SD Metropolitan Statistical Area Reading, PA Metropolitan Statistical Area Redding, CA Metropolitan Statistical Area Reno, NV Metropolitan Statistical Area Richmond, VA Metropolitan Statistical Area Riverside-San Bernardino-Ontario, CA Metropolitan Statistical Area Roanoke, VA Metropolitan Statistical Area Rochester, MN Metropolitan Statistical Area Rochester, NY Metropolitan Statistical Area Rockford, IL Metropolitan Statistical Area Rocky Mount, NC Metropolitan Statistical Area Rome, GA Metropolitan Statistical Area Sacramento--Roseville--Arden-Arcade, CA Metropolitan Statistical Area Saginaw, MI Metropolitan Statistical Area Salem, OR Metropolitan Statistical Area Salinas, CA Metropolitan Statistical Area Salisbury, MD-DE Metropolitan Statistical Area Salt Lake City, UT Metropolitan Statistical Area San Angelo, TX Metropolitan Statistical Area San Antonio-New Braunfels, TX Metropolitan Statistical Area San Diego-Carlsbad, CA Metropolitan Statistical Area San Francisco-Oakland-Hayward, CA Metropolitan Statistical Area San German, PR Metropolitan Statistical Area San Jose-Sunnyvale-Santa Clara, CA Metropolitan Statistical Area San Juan-Carolina-Caguas, PR Metropolitan Statistical Area San Luis Obispo-Paso Robles-Arroyo Grande, CA Metropolitan Statistical Area Sandusky, OH Metropolitan Statistical Area Santa Barbara-Santa Maria-Goleta, CA Metropolitan Statistical Area Santa Cruz-Watsonville, CA Metropolitan Statistical Area Santa Fe, NM Metropolitan Statistical Area Santa Rosa, CA Metropolitan Statistical Area Savannah, GA Metropolitan Statistical Area Scranton--Wilkes-Barre--Hazleton, PA Metropolitan Statistical Area Seattle-Tacoma-Bellevue, WA Metropolitan Statistical Area Sebastian-Vero Beach, FL Metropolitan Statistical Area Sheboygan, WI Metropolitan Statistical Area Sherman-Denison, TX Metropolitan Statistical Area Shreveport-Bossier City, LA Metropolitan Statistical Area Sioux City, IA-NE-SD Metropolitan Statistical Area Sioux Falls, SD Metropolitan Statistical Area South Bend-Mishawaka, IN-MI Metropolitan Statistical Area Spartanburg, SC Metropolitan Statistical Area Spokane-Spokane Valley, WA Metropolitan Statistical Area Springfield, IL Metropolitan Statistical Area Springfield, MA Metropolitan Statistical Area Springfield, MO Metropolitan Statistical Area Springfield, OH Metropolitan Statistical Area St. Cloud, MN Metropolitan Statistical Area St. George, UT Metropolitan Statistical Area St. Joseph, MO-KS Metropolitan Statistical Area Permanent Modifications Started 2,488 561 1,190 705 3,315 136 1,248 1,085 3,862 5,565 65,189 689 373 1,483 1,342 344 167 22,038 430 1,551 3,295 508 5,648 50 3,088 23,226 28,342 78 9,073 3,643 1,506 214 2,541 1,436 591 3,927 1,210 1,267 19,296 1,084 206 158 689 152 235 925 776 1,416 172 2,641 735 313 473 1,020 167 Median Monthly Payment Reduction $465.25 $263.54 $446.61 $354.25 $343.50 $310.18 $340.90 $448.47 $525.67 $372.77 $643.30 $276.92 $328.33 $266.44 $324.81 $251.64 $231.10 $615.09 $260.44 $385.80 $876.15 $362.22 $427.84 $182.47 $258.10 $770.03 $880.40 $238.91 $969.82 $302.33 $773.73 $272.57 $741.38 $989.40 $516.97 $815.59 $326.24 $284.07 $564.53 $410.64 $272.38 $236.00 $235.54 $230.78 $223.23 $251.32 $248.53 $326.88 $246.67 $370.86 $263.21 $256.99 $324.10 $538.21 $248.07 Median Monthly Payment Reduction % of Pre-Modification Payment 32% 33% 42% 36% 32% 33% 32% 34% 36% 32% 37% 31% 33% 36% 37% 35% 30% 36% 36% 34% 40% 33% 33% 26% 32% 36% 38% 33% 38% 38% 37% 34% 38% 39% 35% 37% 33% 35% 34% 39% 31% 32% 31% 35% 25% 34% 31% 32% 35% 34% 33% 37% 31% 37% 35% 33 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area St. Louis, MO-IL Metropolitan Statistical Area State College, PA Metropolitan Statistical Area Steubenville-Weirton, OH-WV MSA Stockton-Lodi, CA Metropolitan Statistical Area Sumter, SC Metropolitan Statistical Area Syracuse, NY Metropolitan Statistical Area Tallahassee, FL Metropolitan Statistical Area Tampa-St. Petersburg-Clearwater, FL Metropolitan Statistical Area Terre Haute, IN Metropolitan Statistical Area Texarkana, TX-AR Metropolitan Statistical Area Toledo, OH Metropolitan Statistical Area Topeka, KS Metropolitan Statistical Area Trenton, NJ Metropolitan Statistical Area Tucson, AZ Metropolitan Statistical Area Tulsa, OK Metropolitan Statistical Area Tuscaloosa, AL Metropolitan Statistical Area Tyler, TX Metropolitan Statistical Area Utica-Rome, NY Metropolitan Statistical Area Valdosta, GA Metropolitan Statistical Area Vallejo-Fairfield, CA Metropolitan Statistical Area Victoria, TX Metropolitan Statistical Area Vineland-Bridgeton, NJ Metropolitan Statistical Area Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area Visalia-Porterville, CA Metropolitan Statistical Area Waco, TX Metropolitan Statistical Area Warner Robins, GA Metropolitan Statistical Area Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area Waterloo-Cedar Falls, IA Metropolitan Statistical Area Wausau, WI Metropolitan Statistical Area Wenatchee, WA Metropolitan Statistical Area Wheeling, WV-OH Metropolitan Statistical Area Wichita Falls, TX Metropolitan Statistical Area Wichita, KS Metropolitan Statistical Area Williamsport, PA Metropolitan Statistical Area Wilmington, NC Metropolitan Statistical Area Winchester, VA-WV Metropolitan Statistical Area Winston-Salem, NC Metropolitan Statistical Area Worcester, MA-CT Metropolitan Statistical Area Yakima, WA Metropolitan Statistical Area Yauco, PR Metropolitan Statistical Area York-Hanover, PA Metropolitan Statistical Area Youngstown-Warren-Boardman, OH-PA Metropolitan Statistical Area Yuba City, CA Metropolitan Statistical Area Yuma, AZ Metropolitan Statistical Area Permanent Modifications Started 10,287 130 127 9,180 190 697 1,200 21,194 167 84 2,143 259 1,517 5,795 1,344 321 204 315 184 6,177 40 656 6,585 3,690 163 246 45,570 195 185 275 114 59 730 139 1,320 789 1,335 4,727 388 37 1,563 1,206 1,391 1,155 Median Monthly Payment Reduction $304.56 $374.70 $208.11 $655.36 $224.28 $261.78 $331.28 $408.85 $226.00 $192.53 $258.83 $221.80 $491.55 $367.98 $247.92 $288.58 $315.85 $246.68 $283.88 $737.38 $283.93 $364.89 $396.35 $424.42 $208.46 $275.28 $645.97 $212.70 $301.80 $363.93 $176.00 $188.96 $235.20 $210.76 $386.50 $458.76 $270.31 $509.87 $284.84 $211.99 $368.98 $252.13 $501.24 $338.82 Median Monthly Payment Reduction % of Pre-Modification Payment 35% 36% 33% 38% 32% 34% 31% 38% 37% 28% 35% 28% 37% 35% 32% 31% 35% 34% 31% 37% 38% 35% 31% 36% 31% 33% 35% 33% 37% 29% 30% 34% 33% 29% 35% 31% 32% 36% 32% 36% 32% 36% 36% 35% 34
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