Loan Servicer Scorecard: Top 5 Lenders Converting Mortgage Modifications
September 10th, 2009 by Allison JordanThrough August 2009, 47 loan service providers have offered more than 570,000 homeowners loan modifications through the Home Affordable Modification Program (HAMP) initiated by the Obama Administration. Of these, 47 service providers have successfully converted over 360,000 modifications, a number that Assistant Secretary for Financial Institutions Michael S. Barr is optimistic about. However, in a testimony before the House Financial Services Committee, Barr said he wants to see more conversion of trial offers from loan service providers — namely 500,000 by November 1.
Let’s see which providers top the list:
| Servicer | % of Eligible Loans Modified |
| Morgan Stanley’s Saxon Mortgage Services | 39% |
| Nationstar | 30% |
| GMAC | 26% |
| J.P. Morgan Chase | 25% |
| CitiMortgage | 23% |
While Wells Fargo & Co. and Bank of America Corp. improved the number of modifications in August over July, they still come in near the bottom at 11% and 7% respectively.
See the full Service Provider Report through August 2009
Other programs initiated by the Obama Administration to address the housing crisis include:
Foreclosure Alternatives Program & Home Price Decline Protection Incentives
Assistant Secretary Barr says, “Our progress in implementing these programs to date has been substantial, but we recognize that much more has to be done to help homeowners.”
What do you think?
Tags: eppraisal, eppraisal.com, Home Affordable Modification Program, home values, housing crisis, loan modifications, mortgage modification
September 10th, 2009 at 1:58 pm
From the first hand experience I’m getting with my own first time home purchase, I can say that much more does need to be done. Especially in the self employed sector of the market. I had no idea how hard it was to actually get a loan approved if you were self employed. We were suppose to close at the end of July and it looks like we will be finally signing papers Monday. All this because my fiancee is self employed.
Although getting 8 grand back is pretty awesome.
September 10th, 2009 at 4:42 pm
[...] Original post: Loan Servicer Scorecard: Top 5 Banks Converting Mortgage Modifications [...]
September 11th, 2009 at 12:55 pm
I’M A LENDER & I THINK THE NUMBERS ARE SKEWED. I DO LOANS ALL OVER AMERICA. I DO NOT SEE THE NUMBERS YOU GUYS REPORT. THE OBAMA MAKING HOME AFFORDABLE IS A DECENT PROGRAM FOR A VERY SELECT FEW AMERICANS, THE BIGEST PROBLEM I SEE IS TO MANY AMERICANS ACROSS THE COUNTRY HAVE 1ST & 2ND MTGS. THE OBAMA PLAN MAKES THEM RESUBORDINATE THERE 2ND. & THATS IF THERE 2ND MTG CO. ALLOWS THEM TO DO SO. IN MOST CASES PEOPLE CANOT BE HELPED
THE PLAN NEEDS TO ALLOW PEOPLE TO CONVERT BOTH MTGS. INTO 1 MTG. THEN WE SHOULD SEE DRAMATIC INCREASES IN THE AMOUNT OF PEOPLE HELPED.
& YOU SHOULDNT HAVE TO HAVE A FANNIE OR FREDDI LOAN TO DO IT. THATS THE EVEN BIGGER PROBLEM IS THERE TO MANY LOANS THAT ARENT FANNIE & FREDDIE & THOSE PEOPLE ARE FORCED TO BE STUCK.
BEST REGARDS,
M. COSTA
FIRST OHIO BANC & LENDING
330-405-0850 X 103
September 11th, 2009 at 1:25 pm
I know who is at the bottom of the list – First Franklin Loan Services, dba Loan Services, a Merrill Lynch / BOA mess.
Myself and countless others scattered across the country are all either facing foreclosure, in foreclosure, waiting for the auction date of our home (as in my case) or have already completed the process and lost their homes.
Many of us have met on foreclosure and real estate blogs all posting to the same threads, so we do know there is a multitude of people who will lose or have lost their homes thanks to incompetence, being mislead and out and out lied to.
None of us qualify for the Obama program and this lender is granting precious few modfications, if any. We certainly have no true success stories. We have a couple families able to work out a modification, but the payments are much higher than the original payments.
It’s sad. It’s very sad. We all have these toxic loans in a down market and most of us were unable to refinance due to the lost value. My home alone has lost over $100,000 in value.
Modifications are not guaranteed, I know, but given the circumstances and the fact that this lender received bailout money in order to help homeonwers, but do not.
September 12th, 2009 at 7:00 am
[...] Program (HAMP) initiated by the Obama Administration. Of these, 47 service providers … Click for more Published: September 12, 2009 « Previous Post Next Post [...]
September 12th, 2009 at 10:41 am
[...] people looking to refinance need to watch …Rebuild.org – http://www.rebuild.org/|||Estate of Things » Blog Archive » Loan Servicer Scorecard: Top 5 …Through August 2009, 47 loan service providers have offered more than 570000 homeowners loan [...]
September 18th, 2009 at 1:26 am
[...] Allison Jordan wrote an interesting post today onEstate of Things » Blog Archive » Loan Servicer Scorecard: Top 5 <b>…</b>Here’s a quick excerpt [...]
September 20th, 2009 at 4:51 pm
Just a FYI…if your loan is with OneWest Bank(formerly Indymac Bank)..chances are the investor is Deutsche Bank..Deutsche Bank has put out a statement saying, “Currenty, Deutsche Bank is NOT participating in ANY loan modification program.”…That is what happens when you let foreign banks invade the American system…
Also, Deutsche Bank is one the biggest lenders doing foreclosures in the USA..they do not negotiate regardless of any programs that might be put in place by the Obama Adminstration.
September 22nd, 2009 at 1:23 am
This is great to see the facts, true or not, if anything these numbers are inflated, but even if they are not, it further explains why Short Sales are better options for sellers when they work with someone who knows how to work with the banks.
I believe we will all soon come to the conclusion, that keeping people in homes worth 100k less than they owe is not a reasonable solution. Short Sales need to be streamlined and lending practices need to help more stable and qualified individuals to buy homes.
November 19th, 2009 at 12:18 pm
Tax Credit for Homebuyers
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines? In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Tax Credit Versus Tax Deduction
It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligibleJoint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
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Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.In addition, you may be able to benefit from additional housing related provisions, including the following:
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Tax Incentives to Spur Energy Savings and Green Jobs
This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings
This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing
to increase energy efficiency, including new insulation, windows, and frames.
This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section
Expanding Housing Assistance
This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
August 16th, 2010 at 10:50 pm
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Real Estate Land