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Making Home Affordable Program Performance Report Second Quarter 2014 PROGRAM PERFORMANCE REPORT THROUGH THE SECOND QUARTER OF 2014 MHA AT-A-GLANCE More than 2.1 Million Homeowner Assistance Actions have taken place under Making Home Affordable (MHA) programs MAKING HOME AFFORDABLE EXTENDED FOR AT LEAST ANOTHER YEAR On June 26, 2014, at the MHA Five Year Anniversary Summit, U.S. Treasury Secretary Jacob L. Lew announced the extension of MHA at least until December 31, 2016. More information on the announcement is located in the U.S. Department of the Treasury’s press release. QUARTERLY PROGRAM VOLUMES FOR THE SECOND QUARTER OF 2014 (Months of April, May, and June) 1MP 2MP HAFA UP Q2: 60K PTD: 1.6M Q2: 6K PTD: 137K Q2: 21K PTD: 302K Q2: 1.1K PTD: 41K See Page 5 See Page 15 See Page 16 See Page 17 SERVICER ASSESSMENT RESULTS SERVICER MINOR IMPROVEMENT NEEDED Bank of America, N.A. JPMorgan Chase Bank, N.A. Ocwen Loan Servicing, LLC MODERATE IMPROVEMENT NEEDED Nationstar Mortgage LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. CitiMortgage, Inc. SUBSTANTIAL IMPROVEMENT NEEDED 2 Making Home Affordable Program Performance Report Second Quarter 2014 Table of Contents MHA HISTORY MHA PROGRAM UPDATES 4 5 HAMP PROGRAM RESULTS: HAMP Summary 6 HAMP Modification Characteristics 7 HAMP Tier 1 Payment Adjustment Summary 8 Performance of Permanent HAMP Tier 1 Modifications 9-10 Homeowners with Disqualified Modifications 11 HAMP State by State 12 Treasury’s Hardest Hit State Programs 13 OTHER MHA PROGRAMS: Principal Reduction Alternative 14 2MP Program 15 HAFA Program 16 Unemployment Program 17 RESULTS BY SERVICER: MHA Program Activity by Servicer and Investor Servicer Assessment Results 18 19-25 APPENDIX: Program and Servicer Assessment Notes Terms and Methodologies End Notes A-1 A-2 A-3 HAMP Activity by State A-4 HAMP Tier 1 Scheduled Interest Rate Increases by State A-5 HAMP Tier 1 Performance Data by Vintage HAMP Activity by MSA Note: For more 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. For information and quarterly updates about efforts taken by the Government Sponsored Enterprises (GSEs) beyond their participation in MHA which is not reflected in this report please visit the Federal Housing Finance Agency’s Foreclosure Prevention Report. For information on efforts undertaken by the Federal Housing Administration (FHA) please visit its website. A-6 A-7 3 Making Home Affordable Program Performance Report Second Quarter 2014 MHA History In March 2009, the U.S. Department of the Treasury (Treasury) launched the Making Home Affordable Program (MHA) to provide relief to families at risk of foreclosure and help the housing market recover from a historic crisis. The cornerstone of MHA is the Home Affordable Modification Program (HAMP), a first lien mortgage modification program which helps struggling homeowners avoid foreclosure by lowering monthly mortgage payments to affordable levels. MHA also includes other programs designed to assist homeowners facing specific hardships, such as unemployment, negative equity and second liens. MHA's impact on the housing market goes far beyond the assistance actions achieved through the program thus far. MHA combined financial incentives, a standardized modification structure, focused eligibility criteria, and consumer protection guidelines to encourage homeowners, servicers, and investors to participate in the first nationwide mortgage modification program. By setting new standards for mortgage assistance, MHA has prompted improvements across the mortgage servicing industry and indirectly assisted millions more. MHA also includes a robust compliance process to help ensure that mortgage servicers are treating homeowners appropriately, and promote transparency and accountability throughout the industry. Source: Mortgage Banker’s Association National Delinquency Survey MHA is part of a wider government response that helped stabilize the housing market and provide security for homeowners. More detail on the Administration’s efforts can be found in the Department of Housing and Urban Development’s monthly scorecard. The Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA) and the Government Sponsored Enterprises (GSEs) participate in some MHA programs in addition to their own foreclosure prevention programs. The Administration’s programs have spurred the industry to initiate millions of private modifications and foreclosure alternatives, more than double the number of foreclosures completed. The latest housing data show important progress across many key indicators; however, the overall recovery remains fragile, and there are still many homeowners struggling to avoid foreclosure. 4 Making Home Affordable Program Performance Report Second Quarter 2014 MHA Program Updates • Treasury now requires servicers to offer free financial counseling to homeowners that have received trial period plans under HAMP, as well as homeowners with permanent modifications that show signs of distress. The counseling is offered at no cost to the homeowner and is designed to help the homeowner stay current on their modified mortgage loan. • Homeowners experiencing an interest rate step-up in a HAMP modification will receive a notice 60-75 calendar days before the first payment is due at the adjusted interest rate. This follows a required first notice sent at least 120-240 calendar days before the first payment is due at the adjusted interest rate. • During the second quarter of 2014, MHA hosted three Help for Homeowner events in Orlando, Florida; Novi, Michigan; and Cleveland, Ohio. More than 700 homeowners attended the events to seek assistance with their mortgages through MHA programs. • For the second quarter of 2014, servicers with one exception, showed overall improvement in program compliance from the prior quarter, with three servicers moving out of the “moderate improvement” category and into the “minor improvement” category. However, this quarter’s results indicate that some servicers continue to need to make improvements in accurately calculating homeowners' income. One servicer was rated as requiring substantial improvement and will have incentives withheld until its performance improves. The following table shows the program-to-date as well as this quarter’s activity for the various MHA programs Program-to-Date MHA First Lien Permanent Modifications Started Q2 2014 QoQ % Change 1,636,939 60,026 -6% HAMP Tier 1 1,325,986 21,771 -19% HAMP Tier 2 61,335 12,629 -12% 208,277 15,819 -7% 41,341 9,807 68% 2MP Modifications Started 137,286 5,883 0% HAFA Transactions Completed 302,031 21,220 -5% UP Forbearance Plans Started 40,655 1,121 3% 2,116,911 88,250 -6% GSE Standard Modifications (SAI) Treasury FHA and RD HAMP Cumulative Activity 4.0 80 70 3.5 60 50 3.0 40 2.5 30 20 Millions (Delinquent Loans) Thousands (Permanent Modifications) Quarterly Trending of MHA Permanent Modifications Started & Estimated Number of Loans 60+ Days Delinquent* 2.0 10 0 1.5 Q1 2013 HAMP TIER 1 NON-GSE Q2 2013 HAMP TIER 1 GSE Q3 2013 Q4 2013 HAMP TIER 2 *Derived from the Mortgage Bankers Association Quarterly National Delinquency Survey Q1 2014 GSE SAI FHA/RD-HAMP Q2 2014 60+ Days DLQ 5 Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 HAMP Summary All Trials Started1 Tier 1 2,134,941 Tier 2 79,446 Active Trials 40,672 Trial Modifications Cancelled since Verified Income Requirement* 84,754 Trial Modifications Permanent Modifications 2,214,387 All Permanent Modifications Started 1,387,321 Permanent Modifications Disqualified (Cumulative)** 398,222 Active Permanent Modifications 958,549 * When Treasury launched HAMP in the spring of 2009, the 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 on June 10, 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, 701,640 trials were cancelled, for a cumulative 786,394. ** Does not include 30,550 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: • 57% received an alternative modification or resolved their delinquency. • 22% went 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 4% Borrower Current / Loan Payoff 31% 13% Alternative Modification / Payment Plan Short Sale / Deed-in-Lieu Foreclosure Starts 26% Foreclosure Completions 6 Source: Survey data from large servicers Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 Select HAMP Modification Characteristics Aggregate payment savings to homeowners who received HAMP first lien permanent modifications are estimated at approximately $28.8 billion, program to date, compared with unmodified mortgage obligations. HAMP modifications follow a series of waterfall steps that include capitalization, interest rate adjustment, term extension, and principal forbearance/forgiveness. HAMP has two evaluation tiers: • Under HAMP Tier 1, servicers apply the modification steps in sequence until the homeowner’s postmodification front-end debt-to-income (DTI) ratio is 31%. The impact of each modification step can vary to achieve the target of 31%. • Under HAMP Tier 2, servicers apply the modification steps simultaneously to achieve a post-modification DTI that falls within an allowable range (subject to investor restrictions). HAMP Tier 2 applies to non-GSE mortgages only. Homeowner Characteristics Modification Steps for Permanent Modifications All permanent modifications reflect some combination of the following modification steps: Tier 1 Tier 2 All Median Monthly Gross Income $3,913 $5,080 $3,955 59.3% Median Credit Score 565 560 565 30.3% Median Property Value $176,200 Modification Step Tier 1 Tier 2 All Interest Rate Reduction 96.1% 74.6% 95.1% Term Extension 58.9% 69.2% Principal Forbearance 30.2% 31.4% Select Median Permanent Modification Characteristics Loan Before After Characteristic Modification Modification Front-End Debt-to-Income Ratio Median Decrease $143,000 $175,000 Additional HAMP Tier 2 Characteristics HAMP Tier 2 provides another modification opportunity for struggling homeowners who did not qualify for a HAMP Tier 1 modification, or for those who lost good standing (missed three payments) on their HAMP Tier 1 modification. Of the HAMP Tier 2 trial modifications started: Tier 1 44.0% 31.0% -13.5 pct pts Tier 2 28.7% 21.9% -6.5 pct pts All 43.6% 31.0% -13.0 pct pts • 24% were previously in a HAMP Tier 1 trial or permanent modification. • 14% were previously evaluated for HAMP Tier 1 and did not meet eligibility requirements. • 6% were non-owner-occupied properties. Back-End Debt-to-Income Ratio Tier 1 68.7% 51.6% -13.8 pct pts Tier 2 44.9% 37.3% -6.5 pct pts All 67.6% 50.8% -13.3 pct pts Median Monthly Housing Payment Tier 1 $1,395.02 $822.81 ($502.32) Tier 2 $1,083.97 $720.21 ($331.07) All $1,381.15 $818.31 ($492.04) 7 Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 HAMP Tier 1 Payment Adjustment Summary • • • The HAMP Tier 1 modification was designed to relieve homeowners facing a temporary financial hardship as a result of the crisis, by providing a modification that would reduce their monthly mortgage payment to an affordable level. HAMP Tier 1 has reduced homeowners’ first lien mortgage payments by approximately 36% of the median beforemodification payment. Under HAMP Tier 1, servicers apply a uniform loan modification waterfall to achieve a monthly mortgage payment of 31% DTI: capitalization, principal forgiveness (optional), interest rate reduction, term extension, principal forbearance. o The interest rate is reduced in increments to achieve the target 31% DTI with an interest rate floor of 2%. o After five years, the interest rate may begin to increase 1% per year (or less) until the Primary Mortgage Market Survey (PMMS) rate at time of modification is reached (PMMS averaged 5.04% in 2009 and 3.98% in 2013), at which time the interest rate will be fixed for the remaining loan term. 83% of HAMP Tier 1 homeowners will experience an interest rate increase after five years. o The first interest rate increase goes into effect in Q3 2014 for the earliest group of HAMP modifications. o The majority of HAMP homeowners will experience two to three interest rate increases. o homeowners who received a modification in 2009-2011 are more likely to experience three to four increases than homeowners who received a modification in 2012-2013, most of whom will experience two increases. o The median amount of the first monthly payment increase is $95, and the median monthly payment increase after the final interest rate increase is $211. Number of Interest Rate Increases by Quarter* 180,000 160,000 Number of Loans 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 First Increase Second Increase Third Increase Fourth Increase * As of June 2014. Assumes no re-defaults of active HAMP Tier 1 modifications. See Appendix 5 for additional information on HAMP Tier 1 Rate Increases by state. 8 Making Home Affordable: HAMP Program Results Program Performance Report Second 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. % of Disqualified Modifications2 # Months Post Modification 2009 2010 2011 2012 2013 Q1 2014 Q2 2014 ALL 3 2.1% 1.7% 1.2% 1.0% 0.9% 0.9% 1.0% 1.4% 6 6.7% 6.7% 5.3% 4.3% 3.9% 3.4% 12 16.2% 15.5% 12.7% 10.3% 9.5% 13.5% 18 22.9% 22.7% 18.9% 15.3% 13.7% 20.2% 24 28.8% 28.0% 23.7% 19.7% 25.8% 30 33.3% 32.6% 27.3% 23.1% 30.6% 36 37.5% 36.5% 31.4% 35.3% 42 41.0% 39.3% 34.6% 39.2% 48 43.5% 42.3% 42.4% 54 45.9% 43.2% 44.8% 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 6% 2009 2010 5% 2011 4% 2012 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. 9 Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 Drivers of Performance The most significant factors driving HAMP Tier 1 modification performance are the amount of the reduction in the monthly mortgage payment, the length of the homeowner’s delinquency at the start of the trial modification, and the homeowner’s credit score at the time of modification. Performance by Monthly Payment Reduction Performance by Delinquency at Trial Start Payment reduction is strongly correlated with permanent modification sustainability. For modifications seasoned 24 months, only 15.6% of modifications with a monthly payment reduction greater than 50% have been disqualified due to missing three payments, compared to a disqualification rate of 40.4% where the payment had been cut by 20% or less. <=20% 20%-30% 40%-50% >50% homeowners who were 31 to 90 days delinquent at the start of the HAMP trial period experienced a 23.6% redefault rate in the subsequent 24 months, compared to 29.8% for homeowners whose delinquency was between 121 and 210 days at trial start. <= 30 Days 121 - 210 Days 30%-40% 50% 40% 30% 20% 10% 50% 40% 30% 20% 10% 0% 0% 12 18 24 30 36 12 42 Months After Conversion to Permanent Modification 580 - 619 620 - 660 24 30 36 42 Performance by Investor Modifications of private label security loans have the highest delinquency rates, followed by modifications of portfolio loans and GSE loans. homeowners with credit scores between 580-619 at the time of modification experienced a 20.8% re-default rate in the subsequent 24 months, compared to a rate of 11.0% for homeowners whose credit scores were above 660. < 580 18 Months After Conversion to Permanent Modification Performance by Credit Score at the Time of Modification GSE > 660 Portfolio Private 60% 60% 90+ Day Delinquency Rate 90+ Day Delinquency Rate 91 - 120 Days 60% 90+ Day Delinquency Rate 90+ Day Delinquency Rate 60% 31 - 90 Days > 210 Days 50% 40% 30% 20% 10% 50% 40% 30% 20% 10% 0% 0% 12 18 24 30 36 Months After Conversion to Permanent Modification 42 12 18 24 30 36 Months After Conversion to Permanent Modification 42 10 Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 Homeowners with Disqualified HAMP Permanent Modifications Homeowners now have alternative options 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 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. 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 HAMP Permanent Modifications Disqualified Action Pending Action Not Allowed – Bankruptcy in Process 15% 11% Borrower Current 6% Alternative Modification 9% Payment Plan 11% Loan Payoff Short Sale / Deed-in-Lieu Foreclosure Starts 13% 2% 3% 30% Foreclosure Completions Source: Survey data from large servicers 3 11 Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 HAMP Modification State by State WA OR NV CA MN ID WI UT IL CO NH MA CT RI MI NJ OH MO MD WV VA Total HAMP Modifications 10,000 and lower 10,001-50,000 50,001-100,000 100,001 and higher AZ GA Median LTV Ratio (Pre-Modification) ST 100-115% ST >115 FL HI Characteristics of Select States Arizona Arkansas California Florida Indiana Louisiana Michigan Montana Nevada New Jersey New York Ohio Oklahoma Rhode Island Texas Median Before Modification Front End DTI 45.2% 40.7% 45.9% 44.5% 40.7% 40.7% 42.6% 42.7% 46.2% 42.7% 44.6% 41.2% 39.6% 44.2% 39.3% Median Before Modification LTV Ratio 152.5% 95.3% 139.9% 146.6% 99.4% 90.2% 134.1% 90.2% 175.7% 105.3% 96.5% 107.0% 89.3% 121.7% 90.9% Median Monthly Income 12-Month HPI Change* Peak-to-Current HPI Change* $3,086.26 $2,408.28 $4,948.16 $3,468.00 $2,450.00 $2,839.50 $2,889.92 $3,436.07 $3,455.82 $5,485.39 $5,887.15 $2,654.53 $2,617.25 $4,004.91 $3,271.13 6.6% -0.4% 11.3% 7.6% 3.1% 2.9% 11.5% 4.5% 11.1% 4.1% 8.8% 6.5% 3.7% 3.4% 8.4% -29.5% -2.1% -15.3% -34.1% -5.3% 0.0% -19.7% -5.6% -37.3% -22.2% -0.6% -8.4% 0.0% -27.2% 0.0% *Source: CoreLogic Home Price Index Report, June 2014 (HPI for Single Family including Distressed) See Appendix 4 for additional information on HAMP modification activity by state. 12 Making Home Affordable: HAMP Program Results Program Performance Report Second Quarter 2014 Treasury’s Hardest Hit State Assistance Programs: Interaction with HAMP Treasury’s Hardest Hit Fund (HHF) program provides $7.6 billion to 18 states and the District of Columbia to develop locally tailored programs to assist struggling homeowners in their communities. Unlike the MHA programs which are national in scope, the Hardest Hit Fund sought to address state-by-state differences in the housing crisis. Treasury designed HHF to capitalize on Housing Finance Agencies’ (HFAs’) on-the-ground understanding of the conditions in their communities to create programs they determine will most effectively help prevent foreclosures and stabilize housing markets. Since then, HFAs and Treasury have worked together to develop and implement 71 programs that are making a difference for homeowners throughout these hardest hit states. As housing markets, local economies, and industry dynamics evolve, Treasury, HFAs, servicers, and other stakeholders share best practices. HFAs continue to refine programs and outreach campaigns in order to increase the number of homeowners assisted and improve the quality of assistance provided to homeowners. HFAs leverage HHF with HAMP when possible, and they engage housing counseling agencies to help homeowners access HAMP and other types of loan modifications, or other long-term foreclosure prevention solutions. Change in Housing Price Index (HPI) Decline from Peak to Q2 2014: H H H H H H H H H H H H H H H H H (20%) or more (15%)-(19.9%) (10%)-(14.9%) (5%)-(9.9%) 0%-(4.9%) H H H Indicates HHF State Source: CoreLogic Home Price Index Report, June 2014 (HPI for Single Family including Distressed) How Do Treasury’s Hardest Hit Fund Programs Interact with MHA? • Every MHA homeowner Outreach Event in an HHF state has included representatives from HHF-participating HFAs, who typically take applications from homeowners on site. • The Homeowner’s HOPE Hotline ™ includes information about HHF assistance in their scripting. When a homeowner from an HHF state contacts the Hotline and is in need of assistance, they receive MHA and HHF assistance information and a referral to their state’s HFA. • Treasury provides guidance to servicers regarding HHF – HAMP interaction. • Treasury requires HFAs to describe how HHF and HAMP interact in their program term sheets. • HFAs have engaged housing counseling agencies and other means to help homeowners access HAMP since HHF’s inception. For further information on the Hardest Hit Fund please visit the website 13 Making Home Affordable: Other MHA Programs Program Performance Report Second 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. HAMP Modifications with Earned Principal Reduction Under PRA4 HAMP Modifications with Upfront Principal Reduction Outside of PRA Total HAMP Modifications with Principal Reduction 156,071 126,790 46,602 38,253 202,673 165,043 $71,867 $56,270 $67,229 32.6% 18.0% 30.7% $11,777,017,733 $2,622,722,931 $14,399,740,664 Trials Started with Principal Reduction as a % of Eligible Loans All Permanent Modifications Started Active Permanent Modifications Median Principal Amount Reduced for Active Permanent Modifications5 Median Principal Amount Reduced for Active Permanent Modifications (%)6 Total Outstanding Principal Balance Reduced on Active Permanent Modifications5 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 73.0% 70.1% 54.4% 60.6% 58.9% 2Q 2012 2Q 2013 2Q 2014 64.2% 45.4% 45.2% 2Q 2011 PRA All Principal Reduction Modification Characteristics: HAMP vs. HAMP with Principal Reduction All HAMP Modifications Active Permanent Modifications – Median LTV ratio: - Before Modification 118.0% - After Modification 115.0% Active Permanent Modifications – Median Before Modification Debt-to-Income (DTI) ratio: - Front-End DTI 45.0% - Back-End DTI 67.5% Total HAMP Modifications with Principal Reduction 146.7% 110.0% 44.4% 56.9% 14 Making Home Affordable: Other MHA Programs Program Performance Report Second Quarter 2014 The Second Lien Modification Program 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)* 137,286 Second Lien Modifications Involving Full Lien Extinguishments 36,928 Active Second Lien Modifications** 83,403 Active Second Lien Modifications Involving Partial Lien Extinguishments 10,520 * Includes 4,281 loans that have a qualifying first lien GSE Standard Modification. ** Includes 6,813 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. 2MP Modification Characteristics Median Monthly Payment Reduction: HAMP homeowners with an active 2MP modification Debt Extinguishment: HAMP homeowners receiving partial or full extinguishment Reduction on second lien only $154 Total Outstanding Principal Balance Extinguished Combined first and second lien reduction $783 Top Three States by Activity: Percent of Total 2MP Modifications Started % of total monthly payment 42% California HAMP homeowners receiving full extinguishment Combined first and second lien reduction $1,038 % of total monthly payment 53% $2.8B 35% Florida 9% New York 7% Estimated Eligible 2nd Liens7 2MP Participating Servicer Name 2MP Modifications Started Current Estimated Eligible 2nd Liens Bank of America 36,155 8,327 CitiMortgage 17,173 3,415 JPMorgan Chase 38,974 3,000 4,396 1,187 Wells Fargo Bank 21,185 4,075 Other Servicers 19,403 1,938 137,286 21,942 Nationstar Mortgage Total Note: Only six of the eight largest SPA servicers participate in 2MP. 15 Making Home Affordable: Other MHA Programs Program Performance Report Second 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 short sale and DIL programs, such that their Standard HAFA program is closely aligned with Treasury’s HAFA program. In HAFA transactions, homeowners who need to relocate: • Follow a streamlined process for short sales and deed-in-lieu 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. HAFA Activity by Investor Type Participating servicers must consider all homeowners denied for HAMP for a short sale or deed-in-lieu of foreclosure through the HAFA program. However, individual investors can impose additional eligibility requirements. Private Short Sale GSE Total 113,431 42,057 118,364 273,852 2,907 2,555 22,717 28,179 116,338 44,612 141,081 302,031 Deed-in-Lieu Total Transactions Completed Portfolio Characteristics of Non-GSE HAFA Activity Non-GSE HAFA Debt Relief & Release of Subordinate Liens Through HAFA, homeowners can be relieved of significant unpaid principal balances. Median Unpaid Principal Balance before HAFA $282,573 Median Sales Price $165,000 Median Debt Relief $127,737 Median Debt Relief as % of UPB Total Subordinate Debt Relief (cumulative) 47% $22.1B In addition to satisfying the primary mortgage debt, as part of a HAFA short sale or deed-in-lieu the homeowner must be fully released from liability for subordinate liens. % of HAFA transactions completed that included release of a homeowner’s subordinate liens Total subordinate liens released (cumulative) In 15% of HAFA transactions completed, the homeowner began a HAMP trial modification but later requested a HAFA agreement or was disqualified from HAMP. Non-GSE HAFA Activity by State Top Three States by HAFA Activity: % of HAFA Transactions Completed California 38% Florida 17% Arizona 5% 42% $405M 16 Making Home Affordable: Other MHA Programs Program Performance Report Second Quarter 2014 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 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 40,655 UP Forbearance Plans With Some Payment Required 34,559 UP Forbearance Plans With No Payment Required 6,096 UP Activity by State Top Three States by UP Activity: % of UP Forbearance Plans Started California 25% Florida 7% Illinois 5% Status of Homeowners Who Completed an UP Forbearance Plan 4% 1% 2% 28% Foreclosure Started 18% Foreclosure Completed Short Sale / Deed-in-Lieu Alternative Modification / Payment Plan 1% UP Forbearance Plan Extension New HAMP Trial Borrower Current / Loan Paid Off 21% Other* 25% *Other dispositions include Bankruptcy, Charge-Off, and Action Pending 17 Making Home Affordable: Results by Servicer Program Performance Report Second Quarter 2014 Making Home Affordable Program Activity by Servicer There are currently 124 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 103,340 1,878 6,422 36,155 46,603 62,334 2,887 3,979 17,173 1,191 JPMorgan Chase Bank, N.A. 187,632 1,415 25,338 38,974 36,143 Nationstar Mortgage LLC 130,291 6,546 7,444 4,396 6,541 Ocwen Loan Servicing, LLC 258,353 25,236 65,648 N/A 15,579 66,072 7,301 8,586 N/A 10,476 Wells Fargo Bank, N.A. 190,582 5,795 28,177 21,185 28,270 Other Servicers 327,382 10,277 10,477 19,403 16,147 1,325,986 61,335 156,071 137,286 160,950 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. 39,863 45,190 20,165 105,218 CitiMortgage, Inc. 39,345 8,040 17,836 65,221 JPMorgan Chase Bank, N.A. 87,031 59,794 42,222 189,047 Nationstar Mortgage LLC 80,505 52,903 3,429 136,837 Ocwen Loan Servicing, LLC 54,795 206,097 22,697 283,589 674 67,366 5,333 73,373 77,933 39,780 78,664 196,377 Other Servicers 247,035 41,494 49,130 337,659 Total 627,181 520,664 239,476 1,387,321 Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. 18 Making Home Affordable: Results by Servicer Program Performance Report Second 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 of 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 largest 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/deed-in-lieu transactions pursuant to HAFA. 19 Making Home Affordable: Results by Servicer Program Performance Report Second Quarter 2014 2nd Quarter 2014 Servicer Assessment Summary Results Improvement Needed Servicer Name Bank of America, N.A. Minor JPMorgan Chase Bank, N.A. Ocwen Loan Servicing, LLC Nationstar Mortgage LLC Moderate Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. Substantial CitiMortgage, Inc.* *CitiMortgage, Inc. was found to need substantial improvement. Beginning this month, Treasury will withhold payment of servicer incentives until CitiMortgage’s performance improves. 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. 20 Making Home Affordable: Results by Servicer Program Performance Report Second 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 Benchmark Single Point of Contact Assignment % Noncompliance 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% Second Look % Disagree Percentage of loans reviewed where MHA-C did not concur with servicer's MHA determination for applicable programs 2.0% 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. Percentage of loans reviewed where MHA-C was not able to conclude on the servicer's MHA determination for applicable programs 2.0% 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% 21 Making Home Affordable: Results by Servicer Program Performance Report Second Quarter 2014 2nd 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 4.6% 1.4% 0.0% 1.0% 0.0% 0.2% 0.0% Rating *** *** *** *** *** *** *** Servicer Result 0.0% 15.2% 0.0% 6.0% 0.0% 1.0% 6.0% Rating *** * *** * *** *** ** Servicer Result 2.8% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% Rating *** *** *** *** *** *** *** Servicer Result 0.0% 1.4% 0.0% 5.0% 2.8% 1.7% 0.0% Rating *** *** *** ** *** *** *** Servicer Result 1.6% 0.5% 1.1% 1.0% 2.9% 0.7% 4.0% Rating *** *** *** *** *** *** *** Servicer Result 0.0% 0.6% 0.0% 6.0% 0.0% 1.1% 0.0% Rating *** *** *** * *** *** *** Servicer Result 6.7% 2.8% 0.0% 1.0% 2.6% 1.1% 0.0% Rating ** ** *** *** *** *** *** 22 Making Home Affordable: Results by Servicer Program Performance Report Second 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, the results of these metrics starting in Q3 2013 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 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% 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% 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% N/A 1.7% 1.6% 1.4% 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% 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% 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% 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% 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% 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% N/A 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% 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% 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% 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% 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% 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% N/A 3.0% 3.0% 5.0% 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% 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% 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% 23 Making Home Affordable: Results by Servicer Program Performance Report Second Quarter 2014 Program Results Trials Aged 6+ Months (% of Active Trials)10 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. % of Active Trials 6+ Months 40% Q3 2013 Q4 2013 Q1 2014 Q2 2014 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. 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 Q3 2013 Q4 2013 Q1 2014 Q2 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. 24 Making Home Affordable: Results by Servicer Program Performance Report Second 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. Q3 2013 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Bank of America, CitiMortgage Inc. N.A. Q4 2013 JPMorgan Chase Bank, N.A. Q1 2014 Nationstar Mortgage LLC Q2 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% Q3 2013 Q4 2013 Q1 2014 Q2 2014 12.0% % Missing 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Bank of America, N.A. CitiMortgage Inc. JPMorgan Chase Bank, N.A. Nationstar Mortgage LLC Ocwen Loan Servicing, LLC Select Portfolio Servicing, Inc. Wells Fargo Bank, N.A. 25 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 non-GSE 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 June 2014. The GSEs undertake other foreclosure prevention activities beyond their participation in MHA which is not reflected in this report. The latest Federal Housing Finance Agency’s Foreclosure Prevention Report can be found at: www.FHFA.gov. 26 Appendix 1: Program and Servicer Assessment Notes Treasury FHA-HAMP Program Notes: The FHA undertakes foreclosure prevention activities beyond their participation in MHA which is 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. 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 June 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. 27 Appendix 1: Program and Servicer Assessment Notes 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 activity transactions, rather than the entirety of the population of activity 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. 28 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. 29 Appendix 1: Program and Servicer Assessment Notes 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. 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. For Disqualified Modification results, remedial actions Treasury requires servicers to take include, but are not limited to: correcting the status of improperly disqualified modifications and reporting the corrected data to the program system of record. 30 Appendix 2: Terms and Methodologies 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. 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. 31 Appendix 3: End Notes # 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 15,658 OMRs, or 1.6% 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 re-default rate for permanent modifications that have aged 42 months may range between 38.5% and 38.8%. 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 5 Other MHA Programs 6 Other MHA Programs 1 2 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. 7 Other MHA Programs Based on survey data as reported by servicers. 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, 365,022 qualifying first lien modifications have been matched with a second lien. Of these matched second liens, approximately 56% 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. 10 32 Appendix 4: HAMP Activity by State State 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 Trial Modifications Started 1,199 15,294 6,019 89,559 480,909 30,044 29,546 3,925 7,195 274,848 85,045 8,010 6,654 8,371 115,307 23,976 6,417 9,768 14,918 50,561 71,396 6,378 67,128 35,263 25,871 9,294 2,709 45,211 456 3,554 9,786 75,886 7,970 51,730 109,419 Permanent Modifications Started Median Monthly Payment Reduction 657 8,729 3,322 52,398 324,478 18,575 19,129 2,406 4,508 170,646 50,809 5,165 3,680 5,070 73,610 14,106 3,556 5,701 8,854 33,432 45,426 4,209 40,082 21,414 14,955 5,545 1,539 26,817 230 2,087 6,392 48,454 4,772 30,994 70,483 $470.08 $261.33 $249.86 $443.90 $720.83 $410.54 $535.42 $552.85 $412.06 $474.70 $362.64 $796.20 $248.73 $370.83 $510.44 $259.37 $288.02 $264.89 $284.26 $587.71 $571.74 $388.76 $342.36 $420.13 $294.11 $250.78 $397.99 $305.25 $276.95 $261.50 $468.60 $636.51 $351.14 $527.98 $798.55 Median Monthly Payment Reduction % of Pre-Modification Payment 30% 31% 31% 37% 37% 33% 37% 32% 32% 40% 36% 34% 32% 33% 40% 32% 32% 32% 32% 35% 34% 35% 37% 35% 34% 32% 32% 33% 31% 32% 34% 37% 33% 38% 39% 33 Appendix 4: HAMP Activity by State State OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY PR Trial Modifications Started 54,180 6,864 24,487 53,285 10,409 23,496 980 26,467 74,323 18,373 52,094 1,889 45,507 22,518 3,418 1,144 5,305 Permanent Modifications Started Median Monthly Payment Reduction 30,581 3,699 15,130 32,565 6,911 13,704 520 15,814 40,911 11,642 32,080 1,290 29,362 13,997 1,958 676 4,234 $288.43 $244.46 $458.58 $349.87 $542.76 $299.49 $258.86 $284.35 $286.83 $433.45 $490.07 $365.28 $508.74 $346.61 $308.69 $357.18 $292.20 Median Monthly Payment Reduction % of Pre-Modification Payment 35% 32% 34% 33% 39% 32% 29% 33% 33% 32% 32% 33% 33% 35% 29% 29% 38% 34 Appendix 5: HAMP Tier 1 Scheduled Interest Rate Increases by State Median Values State Before Mod Pre-Mod Interest Rate DTI Pre-Mod Monthly P&I Monthly Income at Time of Mod After Mod UPB After Mod Monthly P&I Monthly P&I Total Monthly Final Monthly P&I Payment P&I Payment Payment Increase at Increase after All Reduction from First Interest Pre-Mod P&I Increases Rate Increase AK 44.54% 6.8% $1,490.62 $4,205.71 $219,345.37 $867.72 $93.32 $171.59 -$390.42 AL 46.24% 6.8% $877.74 $2,297.28 $121,477.23 $518.06 $49.49 $101.14 -$227.11 AR 45.41% 6.5% $820.50 $2,152.00 $116,207.94 $475.68 $49.31 $104.44 -$198.67 AZ 49.06% 6.4% $1,199.11 $2,837.58 $179,623.35 $679.08 $79.68 $194.31 -$288.40 CA 48.53% 6.1% $1,944.18 $4,695.61 $307,000.38 $1,099.27 $138.08 $318.04 -$432.59 CO 46.07% 6.5% $1,240.05 $3,215.50 $189,733.30 $759.82 $81.60 $181.49 -$274.11 CT 45.43% 6.5% $1,476.26 $4,348.44 $212,502.50 $817.09 $93.30 $205.99 -$385.94 DC 47.77% 6.4% $1,719.78 $4,148.43 $275,808.47 $999.12 $122.54 $272.90 -$367.17 DE 46.89% 6.5% $1,291.61 $3,141.67 $197,717.97 $775.91 $84.29 $180.04 -$295.39 FL 47.62% 6.5% $1,196.25 $3,275.00 $170,797.73 $631.77 $75.89 $172.92 -$332.10 GA 47.22% 6.5% $1,011.69 $2,666.24 $144,897.13 $576.57 $62.88 $141.99 -$268.10 HI 48.68% 6.3% $2,414.24 $5,377.80 $391,386.67 $1,403.50 $174.91 $377.55 -$481.82 IA 44.15% 6.6% $786.90 $2,312.27 $109,293.07 $444.87 $46.29 $95.82 -$197.43 ID 48.26% 6.5% $1,147.13 $2,732.50 $171,523.75 $670.98 $74.76 $166.32 -$271.11 IL 46.87% 6.5% $1,288.39 $3,742.77 $181,058.51 $668.04 $80.57 $184.19 -$370.65 IN 45.95% 6.8% $820.30 $2,168.50 $111,809.48 $468.34 $46.20 $99.02 -$213.27 KS 44.00% 6.6% $908.03 $2,779.24 $129,276.68 $523.39 $52.54 $112.54 -$226.24 KY 45.43% 6.8% $815.56 $2,237.38 $113,061.76 $476.11 $47.20 $98.40 -$208.00 LA 45.42% 6.9% $916.23 $2,600.00 $127,035.45 $519.49 $52.81 $107.25 -$243.09 MA 46.83% 6.4% $1,669.40 $4,371.33 $251,316.60 $951.00 $110.45 $246.08 -$396.54 MD 46.67% 6.4% $1,678.18 $4,340.49 $260,167.36 $968.04 $115.56 $258.77 -$382.98 ME 46.21% 6.6% $1,138.83 $3,010.82 $165,185.38 $643.81 $71.74 $150.42 -$285.05 MI 46.64% 6.5% $959.28 $2,692.50 $130,900.78 $525.90 $55.78 $127.27 -$259.01 MN 45.87% 6.3% $1,209.86 $3,330.25 $179,824.68 $701.02 $78.15 $180.76 -$286.97 MO 45.73% 6.7% $888.49 $2,500.00 $125,674.91 $504.70 $53.06 $112.35 -$237.34 MS 46.07% 6.9% $821.17 $2,240.00 $112,392.25 $461.44 $45.77 $92.78 -$226.35 MT 46.53% 6.4% $1,258.76 $3,256.55 $194,138.50 $745.19 $82.77 $176.60 -$296.57 NC 46.02% 6.5% $963.51 $2,556.33 $137,130.01 $563.03 $57.85 $121.32 -$241.22 ND 42.10% 6.7% $883.85 $2,908.74 $134,070.54 $544.00 $56.31 $114.05 -$204.43 NE 43.58% 6.7% $800.70 $2,530.67 $110,719.80 $465.37 $47.06 $94.41 -$207.43 NH 43.89% 6.4% $1,361.49 $4,167.08 $201,009.32 $786.46 $86.66 $188.67 -$328.64 NJ 45.25% 6.4% $1,720.59 $5,240.00 $252,393.65 $918.87 $112.27 $246.70 -$444.42 NM 47.00% 6.5% $1,072.43 $2,769.53 $158,712.85 $637.53 $69.00 $148.30 -$270.08 NV 49.91% 6.3% $1,373.40 $3,147.50 $208,196.20 $762.66 $93.03 $222.97 -$334.60 NY 47.27% 6.5% $2,093.16 $5,671.09 $311,082.02 $1,118.53 $139.38 $305.51 -$543.40 OH 45.21% 6.6% $828.71 $2,426.51 $112,578.10 $467.07 $46.99 $104.54 -$219.51 35 Appendix 5: HAMP Tier 1 Scheduled Interest Rate Increases by State Median Values State Before Mod Pre-Mod Interest Rate DTI Pre-Mod Monthly P&I Monthly Income at Time of Mod After Mod UPB After Mod Monthly P&I Monthly P&I Total Monthly Final Monthly P&I Payment P&I Payment Payment Increase at Increase after All Reduction from First Interest Pre-Mod P&I Increases Rate Increase OK 44.59% 6.9% $785.70 $2,383.92 $107,610.01 $459.07 $43.93 $89.69 -$211.81 OR 46.46% 6.4% $1,336.75 $3,478.30 $208,082.31 $794.31 $91.86 $202.75 -$307.12 PA 45.09% 6.7% $1,109.09 $3,246.19 $155,978.64 $618.87 $66.34 $137.42 -$283.86 RI 47.34% 6.4% $1,371.80 $3,660.28 $197,997.63 $740.96 $87.82 $204.60 -$371.60 SC 46.48% 6.6% $975.51 $2,541.45 $140,096.10 $571.49 $59.04 $124.30 -$241.42 SD 44.33% 6.4% $926.45 $2,720.84 $135,872.19 $528.48 $58.23 $128.11 -$213.59 TN 46.66% 6.9% $885.64 $2,335.06 $120,904.18 $505.15 $49.64 $104.08 -$244.48 TX 43.13% 7.0% $873.30 $3,000.00 $121,093.40 $507.82 $50.26 $103.73 -$237.11 UT 46.97% 6.5% $1,371.18 $3,300.61 $212,152.25 $822.51 $93.36 $209.83 -$301.29 VA 46.33% 6.4% $1,596.72 $4,073.79 $249,715.48 $934.42 $109.22 $244.11 -$326.89 VT 45.80% 6.6% $1,132.79 $3,124.64 $167,898.27 $642.11 $71.31 $155.28 -$283.83 WA 46.32% 6.4% $1,522.65 $3,993.97 $242,241.47 $897.66 $107.40 $234.59 -$333.43 WI 44.79% 6.5% $993.41 $3,017.70 $140,754.20 $558.17 $60.06 $129.38 -$261.61 $155,640.57 $636.17 $64.85 $127.81 -$249.85 WV 46.38% 6.6% $1,091.18 $2,681.34 WY 46.14% 6.5% $1,299.00 $3,279.00 $191,510.14 $805.33 $82.65 $165.25 -$290.69 PR 50.67% 6.4% $775.85 $1,677.21 $104,787.07 $450.49 $44.28 $96.26 -$208.54 36 Appendix 6: Performance of HAMP Tier 1 Modifications by Vintage Delinquency: Months After Conversion to Permanent Modification Mod. Effective in: 3 # 6 60+ Days 90+ Days # 12 60+ Days 90+ Days # 18 60+ Days 90+ Days # 60+ Days 90+ Days 28.9% 2009Q3 3,594 10.7% 4.5% 4,431 15.8% 10.6% 4,655 25.8% 21.2% 4,983 32.2% 2009Q4 43,753 5.7% 1.9% 47,603 10.2% 6.3% 51,512 20.4% 15.8% 54,675 25.4% 22.3% 2010Q1 124,078 4.2% 1.5% 150,396 10.4% 6.1% 161,290 20.3% 16.1% 166,308 26.0% 22.4% 2010Q2 147,736 5.3% 1.8% 157,390 12.3% 7.5% 173,677 19.5% 16.0% 170,856 27.7% 24.1% 2010Q3 86,348 5.1% 1.9% 96,085 11.1% 7.1% 104,346 18.2% 14.5% 106,325 25.3% 21.9% 2010Q4 58,084 4.6% 1.8% 62,519 8.9% 5.8% 65,123 18.4% 14.5% 66,647 24.0% 21.1% 2011Q1 71,026 2.8% 1.0% 76,024 8.2% 5.0% 79,735 17.0% 13.5% 81,361 22.2% 19.1% 2011Q2 79,958 3.7% 1.3% 89,229 9.4% 5.8% 92,710 16.2% 13.2% 91,988 23.1% 20.0% 2011Q3 80,895 3.7% 1.3% 85,973 8.8% 5.6% 86,916 15.6% 12.3% 86,657 21.8% 18.9% 2011Q4 64,935 3.4% 1.2% 67,458 6.9% 4.4% 67,779 14.7% 11.4% 67,915 19.3% 16.8% 2012Q1 49,419 2.5% 0.8% 50,860 6.8% 4.1% 50,885 14.1% 10.8% 50,258 18.5% 15.8% 2012Q2 44,005 3.0% 1.0% 44,983 7.7% 4.6% 45,257 13.6% 10.9% 44,784 18.9% 16.1% 2012Q3 47,309 3.1% 1.0% 48,985 7.4% 4.6% 49,722 13.0% 10.1% 50,247 17.9% 15.1% 2012Q4 39,309 3.2% 1.1% 41,225 6.3% 4.0% 42,433 12.3% 9.4% 42,696 16.3% 14.0% 2013Q1 39,267 2.3% 0.7% 40,924 6.1% 3.5% 42,046 12.6% 9.6% 13,398 16.4% 13.7% 2013Q2 31,559 2.7% 0.8% 33,029 6.5% 3.9% 33,716 11.8% 9.3% 2013Q3 31,986 3.0% 1.1% 33,454 7.1% 4.2% 11,118 12.2% 9.4% 2013Q4 27,327 3.1% 1.1% 28,643 6.4% 3.9% 2014Q1 23,700 2.5% 0.9% 8,427 6.5% 3.4% 2014Q2 6,958 3.4% 1.0% 1,101,246 3.9% 1.4% 1,167,638 9.1% 5.6% 1,162,920 16.9% 13.5% 1,099,098 23.3% 20.2% All Delinquency: Months After Conversion to Permanent Modification Mod. Effective in: 24 # 30 60+ Days 90+ Days # 36 60+ Days 90+ Days # 42 60+ Days 90+ Days # 60+ Days 90+ Days 46.2% 2009Q3 5,086 36.7% 33.5% 5,148 41.1% 38.6% 5,182 43.9% 41.7% 5,065 48.4% 2009Q4 55,632 31.5% 28.4% 56,707 35.2% 32.8% 56,438 39.6% 37.1% 56,248 42.3% 40.5% 2010Q1 168,102 31.8% 28.7% 168,026 35.4% 33.0% 166,348 39.7% 37.4% 165,229 42.3% 40.5% 2010Q2 178,988 31.0% 28.7% 177,408 35.8% 33.4% 175,175 39.2% 37.4% 175,280 41.9% 40.1% 2010Q3 106,368 29.4% 26.8% 105,944 34.2% 31.6% 104,629 37.1% 35.2% 105,096 39.6% 37.8% 2010Q4 66,398 29.6% 26.5% 66,054 33.1% 31.0% 65,902 36.4% 34.3% 66,211 38.2% 36.7% 2011Q1 80,996 27.5% 24.8% 80,116 31.1% 28.9% 81,144 33.8% 31.8% 28,298 36.2% 34.6% 2011Q2 91,570 27.3% 25.0% 92,071 30.7% 28.5% 91,635 33.1% 31.5% 2011Q3 85,126 25.8% 23.4% 86,429 29.0% 26.7% 31,108 31.5% 29.9% 2011Q4 67,651 23.4% 21.0% 67,513 26.0% 24.3% 2012Q1 50,766 22.5% 19.9% 17,054 25.2% 23.1% 2012Q2 44,986 22.0% 20.0% 2012Q3 17,185 20.8% 18.5% 1,018,854 28.4% 25.8% 922,470 32.9% 30.6% 777,561 37.2% 35.3% 601,427 41.0% 39.2% 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 All 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. 37 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Abilene, TX Metropolitan Statistical Area Aguadilla-Isabela-San Sebastian, 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, AL Metropolitan Statistical Area Appleton, WI Metropolitan Statistical Area Asheville, NC Metropolitan Statistical Area Athens-Clarke County, GA Metropolitan Statistical Area Atlanta-Sandy Springs-Marietta, 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-San Marcos, TX MSA Bakersfield-Delano, CA MSA Baltimore-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, 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-Nampa, ID Metropolitan Statistical Area Boston-Cambridge-Quincy, 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-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-Jackson, MO Metropolitan Statistical Area Carson City, NV Metropolitan Statistical Area Casper, WY Metropolitan Statistical Area Cedar Rapids, IA Metropolitan Statistical Area Trials Started 116 196 3,724 446 2,655 5,269 252 6,105 232 247 104 903 494 861 1,809 287 567 1,969 888 66,889 3,615 400 1,534 4,734 12,361 23,586 538 2,458 3,516 656 404 553 895 2,006 290 380 5,701 98 255 330 292 4,730 35,133 950 224 1,395 8,850 906 391 2,243 629 600 1,804 8,553 184 588 195 571 Permanent Modifications Started 61 159 2,372 276 1,596 3,146 148 3,789 134 130 59 510 275 512 1,125 156 341 1,239 527 40,533 2,219 230 889 2,645 7,768 15,053 343 1,720 2,109 407 259 284 594 1,216 145 231 3,251 50 143 226 190 2,878 23,514 609 145 902 5,932 473 236 1,386 381 403 1,147 4,909 102 391 124 308 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $194.85 $254.43 $294.79 $241.95 $364.12 $342.40 $244.42 $406.32 $215.34 $260.87 $274.76 $493.92 $209.68 $252.41 $420.75 $211.95 $305.80 $357.41 $311.35 $380.39 $499.06 $284.57 $259.05 $335.18 $479.44 $480.84 $309.77 $616.55 $263.12 $265.74 $226.15 $228.40 $478.33 $536.91 $293.19 $247.57 $280.44 $341.11 $301.30 $254.97 $310.53 $387.54 $631.86 $487.10 $243.77 $477.00 $724.94 $234.44 $336.14 $264.06 $258.77 $420.58 $262.10 $481.94 $237.39 $529.45 $340.47 $260.78 33% 36% 36% 30% 34% 33% 29% 34% 30% 35% 32% 32% 30% 31% 35% 29% 33% 33% 33% 37% 38% 29% 32% 33% 37% 32% 33% 36% 30% 37% 34% 34% 34% 37% 27% 36% 32% 34% 28% 30% 35% 34% 36% 35% 33% 31% 40% 34% 33% 34% 31% 35% 34% 41% 31% 37% 29% 32% 38 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Champaign-Urbana, IL Metropolitan Statistical Area Charleston, WV Metropolitan Statistical Area Charleston-North Charleston-Summerville, SC Metropolitan Statistical Area Charlotte-Gastonia-Rock Hill, NC-SC MSA Charlottesville, VA Metropolitan Statistical Area Chattanooga, TN-GA Metropolitan Statistical Area Cheyenne, WY Metropolitan Statistical Area Chicago-Joliet-Naperville, IL-IN-WI MSA Chico, CA Metropolitan Statistical Area Cincinnati-Middletown, OH-KY-IN Metropolitan Statistical Area Clarksville, TN-KY Metropolitan Statistical Area Cleveland, TN Metropolitan Statistical Area Cleveland-Elyria-Mentor, 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 MSA 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, CO Metropolitan Statistical Area Des Moines-West Des Moines, IA Metropolitan Statistical Area Detroit-Warren-Livonia, 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, NC Metropolitan Statistical Area Eau Claire, WI Metropolitan Statistical Area El Centro, CA Metropolitan Statistical Area El Paso, TX Metropolitan Statistical Area Elizabethtown, KY Metropolitan Statistical Area Elkhart-Goshen, IN Metropolitan Statistical Area Elmira, NY Metropolitan Statistical Area Erie, PA Metropolitan Statistical Area Eugene-Springfield, OR Metropolitan Statistical Area Evansville, IN-KY Metropolitan Statistical Area Fairbanks, AK 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 Trials Started 330 345 4,732 13,844 874 2,123 216 110,427 1,658 9,134 405 394 12,529 982 217 3,105 269 3,907 1,138 201 7,943 648 171 1,137 214 24,393 800 98 275 925 7,468 321 141 7,315 18,257 2,401 40,430 284 1,283 170 1,007 2,009 364 2,300 2,085 201 992 147 529 1,766 766 115 98 316 184 948 2,054 523 Permanent Modifications Started 186 196 2,858 8,226 563 1,294 129 71,123 1,071 5,538 227 213 7,717 629 119 1,947 164 2,299 666 114 4,901 343 100 647 130 13,714 470 43 145 510 1,961 162 75 4,549 11,392 1,346 23,806 161 821 99 634 1,241 229 1,396 1,198 103 564 98 323 1,088 419 62 77 161 111 571 1,165 308 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $241.40 $229.61 $359.34 $318.75 $395.86 $274.18 $272.90 $522.41 $463.56 $306.62 $219.93 $260.75 $306.48 $412.71 $217.95 $395.32 $246.88 $268.10 $272.47 $239.86 $324.67 $244.38 $347.65 $387.28 $246.68 $302.66 $261.01 $210.85 $197.87 $243.58 $263.57 $233.12 $177.08 $382.27 $409.82 $272.75 $378.06 $231.59 $402.23 $277.43 $283.99 $324.62 $304.02 $447.40 $251.15 $238.72 $253.86 $276.98 $239.67 $399.37 $214.95 $339.48 $260.69 $275.83 $280.13 $236.47 $289.45 $543.43 30% 32% 33% 33% 30% 33% 27% 41% 34% 34% 29% 31% 36% 33% 27% 33% 32% 31% 32% 34% 35% 32% 25% 34% 30% 33% 35% 37% 29% 35% 35% 27% 29% 37% 33% 31% 38% 31% 30% 38% 33% 33% 33% 35% 34% 30% 32% 41% 36% 33% 31% 24% 41% 30% 25% 33% 34% 35% 39 Appendix 7: HAMP Activity by MSA 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-Loveland, 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-Mauldin-Easley, SC Metropolitan Statistical Area Guayama, PR Metropolitan Statistical Area Gulfport-Biloxi, 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-Fort Stewart, GA Metropolitan Statistical Area Holland-Grand Haven, MI Metropolitan Statistical Area Honolulu, HI Metropolitan Statistical Area Hot Springs, AR Metropolitan Statistical Area Houma-Bayou Cane-Thibodaux, LA Metropolitan Statistical Area Houston-Sugar Land-Baytown, 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, 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, WI 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-Bradley, IL Metropolitan Statistical Area Kansas City, MO-KS Metropolitan Statistical Area Kennewick-Pasco-Richland, WA Metropolitan Statistical Area Trials Started 2,830 760 268 254 1,319 386 1,401 12,845 281 1,077 1,808 492 246 93 846 3,981 112 1,745 928 3,804 566 2,904 49 876 2,502 1,356 1,617 361 8,040 370 1,574 166 1,098 3,950 231 401 26,297 395 955 470 7,990 181 76 989 2,482 442 15,084 268 798 221 421 163 138 397 1,289 568 9,618 567 Permanent Modifications Started 1,690 437 142 155 808 224 788 8,326 152 633 1,096 301 146 59 533 2,466 70 1,055 551 2,303 339 1,674 38 518 1,556 858 974 231 5,113 220 950 102 680 2,554 137 234 14,787 237 573 276 4,742 101 47 584 1,517 250 9,258 155 548 153 236 87 66 210 798 396 5,429 324 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $319.10 $223.25 $212.00 $292.57 $413.92 $215.74 $245.98 $485.50 $242.17 $337.52 $331.34 $333.55 $239.14 $231.80 $419.92 $281.28 $275.50 $359.01 $348.26 $284.52 $270.52 $265.14 $188.52 $295.44 $422.91 $427.93 $310.54 $411.53 $456.39 $240.61 $241.91 $241.04 $303.86 $769.25 $325.55 $246.28 $289.90 $233.36 $233.08 $262.16 $274.50 $310.49 $350.23 $284.60 $250.02 $229.82 $371.77 $263.80 $268.07 $213.70 $248.05 $162.17 $250.57 $198.86 $304.68 $353.65 $312.88 $269.23 36% 29% 33% 33% 32% 30% 35% 37% 33% 34% 36% 35% 33% 30% 33% 34% 30% 30% 37% 33% 33% 32% 32% 35% 32% 33% 32% 34% 36% 31% 31% 30% 33% 32% 35% 30% 34% 35% 29% 26% 31% 31% 35% 35% 31% 31% 35% 28% 34% 30% 31% 24% 32% 31% 36% 36% 34% 31% 40 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Killeen-Temple-Fort Hood, 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, 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-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-Pompano Beach, FL Metropolitan Statistical Area Michigan City-La Porte, IN 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 Trials Started 427 561 1,327 2,560 392 221 352 700 417 2,007 6,884 1,584 2,357 864 516 42,328 239 140 395 142 478 1,272 300 584 1,834 294 250 607 146,777 4,875 287 677 1,242 2,467 1,659 3,047 114 252 443 95 2,021 1,841 10,093 3,735 112,317 507 139 8,463 28,460 405 1,869 9,808 341 1,164 1,238 73 442 717 Permanent Modifications Started 229 320 852 1,485 230 138 230 406 237 1,232 4,146 989 1,414 468 320 25,384 142 87 242 92 303 741 185 341 1,002 200 122 390 101,847 2,906 153 399 762 1,605 1,066 2,006 68 146 275 77 1,076 1,165 6,345 2,349 72,217 310 61 5,290 17,458 232 1,088 6,406 195 711 742 46 271 462 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $220.19 $230.15 $494.40 $260.68 $222.08 $260.10 $258.06 $244.35 $234.21 $409.10 $374.72 $307.81 $309.06 $291.33 $331.52 $530.68 $307.63 $198.58 $296.66 $274.55 $331.67 $295.52 $240.94 $265.50 $244.38 $323.14 $229.32 $384.98 $822.10 $268.09 $231.12 $241.37 $273.33 $512.25 $396.43 $480.97 $302.72 $297.88 $234.50 $237.80 $253.34 $465.49 $296.11 $534.60 $551.70 $256.05 $248.56 $360.74 $451.36 $406.60 $259.93 $571.63 $208.09 $356.95 $232.38 $386.24 $279.74 $523.34 29% 32% 38% 30% 32% 28% 33% 29% 31% 35% 36% 30% 35% 36% 30% 39% 31% 29% 30% 26% 33% 34% 36% 32% 30% 28% 33% 33% 39% 33% 32% 27% 35% 38% 34% 34% 29% 29% 33% 37% 34% 35% 35% 38% 43% 33% 28% 37% 36% 31% 35% 37% 27% 35% 29% 39% 33% 37% 41 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Muncie, IN Metropolitan Statistical Area Muskegon-Norton Shores, MI Metropolitan Statistical Area Myrtle Beach-North Myrtle Beach-Conway, SC Metropolitan Statistical Area Napa, CA Metropolitan Statistical Area Naples-Marco Island, FL Metropolitan Statistical Area Nashville-Davidson-Murfreesboro-Franklin, TN Metropolitan Statistical Area New Haven-Milford, CT Metropolitan Statistical Area New Orleans-Metairie-Kenner, LA Metropolitan Statistical Area New York-Northern New Jersey-Long Island, NY-NJ-PA Metropolitan Statistical Area Niles-Benton Harbor, MI Metropolitan Statistical Area North Port-Bradenton-Sarasota, FL MSA 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, WA Metropolitan Statistical Area Omaha-Council Bluffs, NE-IA Metropolitan Statistical Area Orlando-Kissimmee-Sanford, FL MSA 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-Lynn Haven, FL Metropolitan Statistical Area Parkersburg-Marietta-Vienna, WV-OH 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-Glendale, AZ MSA 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-Biddeford, ME Metropolitan Statistical Area Portland-Vancouver-Hillsboro, OR-WA MSA Poughkeepsie-Newburgh-Middletown, NY Metropolitan Statistical Area Prescott, AZ Metropolitan Statistical Area Providence-New Bedford-Fall River, RI-MA 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-Cary, NC Metropolitan Statistical Area Rapid City, SD Metropolitan Statistical Area Reading, PA Metropolitan Statistical Area Redding, CA Metropolitan Statistical Area Reno-Sparks, 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 Trials Started 275 917 2,265 1,521 3,868 7,629 7,700 6,233 143,330 694 8,090 1,973 3,602 835 129 2,673 2,923 1,449 2,661 40,446 397 193 9,955 6,888 1,734 933 230 554 2,475 686 39,994 71,189 126 6,214 332 258 182 7,943 3,535 16,822 6,713 2,124 14,961 3,947 854 1,887 1,086 5,490 261 1,918 1,618 6,180 8,793 97,156 1,102 591 2,341 2,107 Permanent Modifications Started 156 557 1,411 1,071 2,352 4,553 4,992 3,805 93,653 442 4,989 1,281 2,289 530 51 1,663 1,613 967 1,597 24,949 242 102 7,064 4,219 1,122 560 136 338 1,521 407 25,030 41,484 64 3,643 220 161 141 4,855 2,343 10,525 4,101 1,297 10,023 2,474 538 1,177 689 3,232 134 1,218 1,069 3,817 5,426 64,443 667 367 1,429 1,313 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $187.86 $243.46 $390.25 $838.72 $618.11 $313.82 $485.18 $336.76 $826.07 $275.58 $479.19 $486.43 $363.80 $482.70 $176.02 $366.33 $256.96 $443.04 $272.91 $463.03 $280.40 $195.49 $848.65 $403.69 $424.32 $384.91 $225.06 $244.75 $312.04 $220.38 $407.15 $461.25 $231.08 $268.51 $330.76 $255.62 $251.08 $464.94 $444.91 $484.18 $574.94 $446.49 $544.18 $466.06 $267.13 $447.00 $351.03 $344.80 $310.18 $342.07 $448.62 $526.84 $375.85 $644.62 $278.28 $328.33 $266.67 $324.85 28% 35% 36% 36% 42% 32% 36% 35% 40% 34% 40% 37% 37% 33% 25% 28% 32% 32% 33% 39% 35% 32% 36% 38% 37% 36% 34% 31% 34% 33% 33% 37% 34% 34% 32% 31% 40% 39% 35% 35% 36% 36% 38% 32% 33% 42% 35% 32% 33% 32% 34% 36% 32% 37% 31% 33% 36% 37% 42 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Rocky Mount, NC Metropolitan Statistical Area Rome, GA Metropolitan Statistical Area Sacramento-Arden-Arcade-Roseville, CA Metropolitan Statistical Area Saginaw-Saginaw Township North, MI Metropolitan Statistical Area Salem, OR Metropolitan Statistical Area Salinas, CA Metropolitan Statistical Area Salisbury, MD Metropolitan Statistical Area Salt Lake City, UT Metropolitan Statistical Area San Angelo, TX Metropolitan Statistical Area San Antonio-New Braunfels, TX MSA San Diego-Carlsbad-San Marcos, CA Metropolitan Statistical Area San Francisco-Oakland-Fremont, CA Metropolitan Statistical Area San German-Cabo Rojo, PR Metropolitan Statistical Area San Jose-Sunnyvale-Santa Clara, CA Metropolitan Statistical Area San Juan-Caguas-Guaynabo, PR Metropolitan Statistical Area San Luis Obispo-Paso Robles, 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-Petaluma, CA Metropolitan Statistical Area Savannah, GA Metropolitan Statistical Area Scranton-Wilkes-Barre, 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, 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 St. Louis, MO-IL Metropolitan Statistical Area State College, PA Metropolitan Statistical Area Steubenville-Weirton, OH-WV MSA Stockton, 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-Texarkana, AR Metropolitan Statistical Area Toledo, OH Metropolitan Statistical Area Topeka, KS Metropolitan Statistical Area Trenton-Ewing, 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 Trials Started 575 303 32,935 703 2,346 4,556 767 8,502 93 5,512 33,336 39,180 95 13,008 4,425 2,146 346 3,539 1,926 882 5,470 2,200 1,972 28,907 1,738 348 253 1,155 277 426 1,438 1,318 2,148 270 4,113 1,198 487 756 1,628 298 16,899 238 210 13,816 364 1,152 1,857 33,768 252 155 3,292 436 2,289 9,306 2,413 541 374 497 Permanent Modifications Started 329 167 21,785 416 1,519 3,235 498 5,571 50 2,990 22,939 27,974 77 8,956 3,545 1,489 212 2,514 1,413 575 3,885 1,179 1,214 18,920 1,066 203 155 667 149 229 902 745 1,383 171 2,562 722 303 468 1,008 161 10,033 125 123 9,084 183 669 1,171 20,717 159 82 2,107 253 1,473 5,720 1,301 309 196 301 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $261.58 $231.10 $615.95 $264.43 $388.45 $880.63 $359.70 $429.28 $182.47 $260.42 $771.27 $881.87 $241.57 $972.03 $304.72 $776.03 $272.57 $741.21 $989.64 $516.45 $818.49 $329.07 $284.99 $565.15 $413.48 $275.50 $228.31 $238.79 $230.54 $226.49 $254.66 $247.89 $327.25 $246.19 $371.07 $261.59 $258.31 $322.40 $539.91 $247.20 $305.76 $381.55 $200.97 $657.58 $226.35 $263.51 $331.55 $409.84 $226.00 $192.53 $258.24 $227.01 $486.68 $368.41 $249.72 $289.22 $314.62 $246.68 35% 30% 36% 36% 34% 40% 33% 33% 26% 32% 36% 38% 33% 38% 38% 37% 34% 38% 39% 35% 37% 34% 35% 34% 39% 31% 32% 31% 35% 25% 34% 31% 32% 35% 34% 33% 37% 31% 37% 35% 35% 36% 33% 38% 33% 35% 31% 38% 37% 28% 35% 28% 36% 35% 32% 31% 34% 34% 43 Appendix 7: HAMP Activity by MSA Metropolitan Statistical Area Valdosta, GA Metropolitan Statistical Area Vallejo-Fairfield, CA Metropolitan Statistical Area Victoria, TX Metropolitan Statistical Area Vineland-Millville-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 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 Trials Started 299 8,750 77 1,022 10,221 5,706 325 437 70,555 321 281 406 193 117 1,329 215 2,244 1,226 2,176 7,126 636 47 2,456 1,976 2,271 1,727 Permanent Modifications Started 174 6,096 37 631 6,417 3,636 162 236 44,655 190 181 270 108 58 702 134 1,297 771 1,291 4,627 366 36 1,518 1,153 1,371 1,136 Median Monthly Median Monthly Payment Reduction % Payment Reduction of Pre-Modification Payment $286.52 $737.97 $265.31 $366.12 $396.60 $427.28 $211.55 $280.40 $647.16 $214.07 $301.80 $368.60 $170.45 $185.57 $233.38 $208.58 $386.48 $460.03 $273.50 $511.29 $292.17 $210.93 $371.68 $256.65 $502.25 $343.05 31% 37% 36% 35% 31% 36% 32% 33% 36% 34% 36% 29% 29% 33% 32% 29% 35% 31% 32% 36% 32% 36% 32% 36% 36% 35% 44