5. Borrower Experience

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10 Largest Servicers Through March, 2011

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The Average Speed Answering Homeowner Calls and Call Abandon Rate were survey data through Feb 28, 2011 collected from servicers on call volume to loss mitigation lines.

 

From program's inception to date, there have been 1,048,710 calls to the Homeowner's HOPE Hotline regarding a specific servicer. 6.5% included complaints. This number represents the program to date average. Below shows specific complaint rates.

 

Complaint rate is the share of a specific servicer's call volume that represents complaints. For example, for all calls about OneWest, 10.5% included complaints and this represented the highest percentage compared to all other servicers.

Average Speed Answering Calls					Call Abandon Rate					Servicer Complaint Rate To Hope Hotline
Feb, 2011					Feb, 2011					Program to Date, Through March 2011
		Time (Seconds)					% Percentage
American Home		22			American Home		1.5%			American Home		5.6%
Bank Of America		72			Bank Of America		5.5%			Bank of America		7.0%
CitiMortgage		10			CitiMortgage		0.5%			CitiMortgage		5.5%
GMAC		37			GMAC		2.3%			GMAC		6.0%
JP Morgan Chase		8			JP Morgan Chase		2.8%			JP Morgan Chase		8.5%
Litton		25			Litton		3.0%			Litton		6.5%
Ocwen		35			Ocwen		2.5%			Ocwen		8.7%
OneWest		24			OneWest		1.3%			OneWest		10.5%
SPS		27			SPS		0.8%			SPS		6.0%
Wells Fargo		17			Wells Fargo		1.8%			Wells Fargo		4.5%
HOPE Hotline		16.6			HOPE Hotline		3.4%			Program Average		6.5%

 

The Chart below illustrates the time needed in days for the 10 largest servicers to resolve third-party escalations from program to date, through March, 2011. The number of days include an estimated 5 days processing by HAMP Solutions Center.