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- 1. Modification Report
- 2. Permanent Mods
- 3. Servicer Report
- 4. Conversions
- 5. Borrower Experience
- 6. Servicer List
4. Conversions
Servicer Report Through March, 2011
ShareThisAt the launch of the HAMP
modification program in Feb-March 2009, many servicers approved applicants for
a trial modifications based on their stated income. This resulted in many
drop-outs when borrowers in a trial-modification were later contacted for documents
as proof of income.
As a result, in accordance to
the new HAMP program guidelines, all servicers must now adopt the verified income method before beginning
trial modifications as of June 1, 2010.
As illustrated below, servicer SPS or Select Portfolio Servicing took the
lead in permanent conversions yielding a conversion rate of 84% with conversions after 3.6 months of trial time. Bear in mind that the servicer is only managing a fraction of loans relative to other larger servicers.
The
servicer with the largest portion of the oldest trials, Bank of America was the weakest performer with the lowest conversion rate of 54% after 4.6 months. America Home Servicing was the fastest converter after 3 months while JP Morgan Chase was the slowest converter after 7.6 months. The overall program average is 4.8 months.
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HAMP Borrower Experience Report For March, 2011
Gauge the experience of homeowners or borrowers when attempting to contact servicers. Find out how efficient were the 10 largest servicers in managing homeowner calls and abandon call rates. Also included are complaint rates and number of days needed for servicers to resolve third-party escalations - VIEW REPORT
HAMP Participating Servicer List
View the entire list of all the 101 participating Non-GSE mortgage servicers. - VIEW LIST