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Making Home Affordable Program

Servicer Performance Report Through April 2010

Report HighlightsAlmost 300,000 Borrowers Granted Permanent Modifications, 

An Increase of 68,000

• Borrowers in permanent modifications are experiencing a median payment reduction of 36%, 

more than $500 per month.

• Over 68,000 trial modifications converted to permanent modifications in April, an increase of 

almost 13% from March.

Servicers Begin to Require Upfront Documentation• In order to comply with Treasury guidelines that take effect on June 1, in March 2010, servicers 

began collecting upfront documentation from borrowers prior to initiating new trial modifications.

• Treasury is monitoring servicer performance closely to ensure that borrower demand is met and 

that servicers are reviewing modification requests in a timely manner.

Servicers Provide Resolutions to Borrowers Who Entered Trials Before 

January 1, 2010

• Common causes of cancellations include missed trial payments and incomplete or unverifiable 

documentation.

New This Month: Conversion Rates By Servicer• Servicers show wide variation in conversion rates as measured against trials eligible to convert. • Servicers who started trials with verified documents generally posted higher conversion rates 

than servicers who allowed borrowers to enter trials with stated income. With recent Treasury 

guidance, all servicers are now verifying borrower documents before trial start. 

• Using stated income upon trial starts, the four largest participating servicers have conversion 

rates below 30%.

New This Month: Aged Trial Modifications by Servicer• Servicers show wide variation in completing timely decisions on trial modifications.HAMP Is One Part of the Administration Initiatives to Promote Housing and Financial Stability (see Page 2)
Making Home Affordable Program

Servicer Performance Report Through April 2010

Overview of Administration Housing Stability Initiativ

Initiatives to Support Access to Affordable Mortgage

Credit and Housing

Initiatives to Prevent 

Stabilize 

Lower Mortgage Rates and Access to Credit:

• Continued financial support to maintain affordable 

mortgage rates through the Government-Sponsored Enterprises (GSEs).

• Interest rates remain near historic lows. Every 1% 

reduction in interest rate saves a new borrower a median of $1,500 annually in mortgage payments.

• Access to sustainable mortgages through the Federal 

Housing Administration (FHA).

• FHA Refinance options to help homeowners owing more 

than their homes are worth.

State and Local Housing Initiatives:

• Access for Housing Finance Agencies to provide 

mortgages to first-time homebuyers, refinance 

opportunities for at-risk borrowers, and affordable rental housing. Over 90 HFAs across 45 states are participating.

Tax Credits for Housing:

• Homebuyer credit to help hundreds of thousands of 

American families buy new homes.

• Low-Income Housing Tax Credit (LIHTC) programs to 

support affordable rental housing, with total funding of $5 billion.

Making Home Affordable 

• Offering up to 3-4 million 

prevent avoidable foreclo

• More than 1.2 million ho

modifications and almosmodifications have been 

• Homeowners in permane

payment reduction of ovetrial and permanent modover $3.1 billion in monthaggregate to date.

Refinancing:

• Refinancing flexibilities a

allowed over 4 million borefinance, saving an avethan $7 billion over the p

Neighborhood StabilizatioDevelopment Programs:

• Over $5 billion in Recove

stabilize neighborhoods. 

• $2.1 billion HFA Innovati

Housing Markets to suppprevention efforts. 
Note: Shaded areas indicate recessions.

Source: Federal Reserve. Source: National Association of Realtors.

Sources: S&P/Case-Shiller Home Price Index; LP/Haver Analytics; FHFA. Source: National Association of Realtors, C

Making Home Affordable Program

Servicer Performance Report Through April 2010

02468

101214161820

1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008

Conventional 30‐year Fixed Rate

10‐year Treasury Rate

Percent

02468

101214

1999 2002 

Monthshomes a

Months

507090

110130150170190210230

1999 2002 2005 2008

Case/Shiller20‐city composite

FHFApurchase‐only

index

Index: Jan 2000 = 100

Loan PerformanceNational HomePrice Index

0

200400600800

1,0001,2001,4001,600

1999 2002 

Sales of e

(right ax

Thousands

Mortgage Rates Hous

Home Prices Ho
Making Home Affordable Program

Servicer Performance Report Through April 2010

HAMP Activity: All Servicers

Total

HAMP Eligibility

Eligible DelinquentLoans1 3,275,249

Eligible DelinquentBorrowers2 1,702,134

Trial Modifications

Trial Plan OffersExtended3 1,487,594

All Trials Started 1,214,085

Trials Reported Since

March 2010 Report4 47,160

Trial ModificationsCanceled 277,640Active Trials 637,353

Permanent Modifications

All PermanentModifications Started 299,092

PermanentModifications Canceled5 3,744

Active PermanentModifications 295,348

1 Estimated eligible 60+ day delinquent loans as reported by servicers as of March 31, 2010, include conventional loans:

 in foreclosure and bankruptcy. with a current unpaid principal balance less than $729,750 on a one‐unit property, $934,200 on a two‐unit property, $1,129,250 on a

three‐unit property and $1,403,400 on a four‐unit property.

 on a property that was owner‐occupied at origination.

 originated on or before January 1, 2009.

Estimated eligible 60+ day delinquent loans exclude:

 FHA and VA loans. loans that are current or less than 60 days delinquent, which may be eligible for HAMP if a borrower is in imminent default.

Refer to the Waterfall of Eligible Borrowers on page 7 for further explanation.

For servicers enrolling after February 1, 2010 that did not participate in the 60+ day delinquency survey, the delinquency count is from the

servicer registration form. 2 Effective this month, the estimated eligible 60+ day delinquent borrowers are those in HAMP‐eligible loans, minus estimated exclusions of

loans on vacant properties, loans with borrower debt‐to‐income ratio below 31%, loans that fail the NPV test, properties no longer

owner‐occupied, manufactured housing loans with title/chattel issues that exclude them from HAMP, and loans where the investor

pooling and service agreements preclude modification. Exclusionsfor DTI and NPV results are estimated using market analytics.

Refer to the Waterfall of Eligible Borrowers on page 7 for further explanation. 3 As reported in the weekly servicer survey through April 29, 2010. 4 Servicers may enter new trial modifications anytime before the loan converts to a permanent modification. 5 Includes 81 loans paid off.

Source: HAMP system of record (except where noted).

HAMP Trials 

Permanent Modific

54,722

155,097

273,768

418,73

0

200,000400,000600,000800,000

1,000,0001,200,0001,400,000

May

and

Prior

June July Aug 

4,742 15,649

31,424

0

50,000

100,000150,000200,000250,000300,000350,000

Sep and

Earlier

Oct Nov 

Note: Servicers may enter new trial modifications aSource: HAMP system of record.Source: HAMP system of record.
• Lower monthly mortgage payments for borrowers in active 

trial and permanent modifications represent a cumulative reduction of more than $3.1 billion to date.• The median savings for borrowers in permanent modifications is $516.09, or 36% of the median beforemodification payment. 

Interest Rate Reduction 100%Term Extension1 53.4%

Principal Forbearance 28.6%

2.8%

10.2%

0% 2

Illness of Principal

Borrower

Excessive

Obligation

Loss of Income

Loan Characteristic

Before 

Modification

After 

Modification

Median 

Decrease

Front-End Debt-to-Income Ratio1 44.9% 31.0% ‐14.0 pct pts

Back-End Debt-to-Income Ratio2 80.2% 64.3% ‐14.5 pct ptsMedian Monthly Payment3 $1,427.80 $836.82 ‐$516.09

1 Includes borrowers who are employed b

those who have lost their jobs.Note: Does not include 19% of permanent 

1 Ratio of housing expenses (principal, interest, taxes, insurance and homeowners 

association and/or condo fees) to monthly gross income. 

2 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. Borrowers who have a back-end debt-to-income ratio of greater than 55% are required to seek housing counseling under program guidelines.

3 Principal and interest payment. 

1

Making Home Affordable Program

Servicer Performance Report Through April 2010

Modification Characteristics

Loan Statu

Permanent Modifications by Modification Step

Select Median Characteristics of Permanent Modifications

Predominant Hardship R

In De

at T

Sta

77.

Note: For all trial modifications started. “At Risk of Default” includes borrowers uthose in imminent default. “In Default” re

1 The calculation for term extension has been corrected.
Servicer 

Estimated Eligible

60+ Day Delinquent

Borrowers1 

Trial Plan 

Offers 

Extended2

All HAMP Trials 

Started3

Active Trial 

Modifications3

Permanent 

Modifications3

American Home Mortgage Servicing Inc 52,247 19,911 16,530 9,392 6,971Aurora Loan Services, LLC 41,125 47,970 41,956 11,269 11,069Bank of America, NA4 477,509 402,398 302,981 214,562 56,398Carrington Mortgage Services LLC 6,196 3,216 2,495 850 1,614CitiMortgage, Inc. 152,357 153,389 144,176 54,947 28,556GMAC Mortgage, Inc. 23,960 53,160 43,011 13,950 20,471Green Tree Servicing LLC 7,341 7,031 5,763 3,279 1,134HomEq Servicing 16,872 5,505 4,355 1,889 2,282J.P. Morgan Chase Bank, NA5 246,185 256,423 189,014 118,997 39,507Litton Loan Servicing LP 54,888 36,671 30,224 17,852 6,146Nationstar Mortgage LLC 22,687 24,446 20,599 7,318 6,933Ocwen Financial Corp. Inc. 27,852 23,325 19,014 5,497 12,119OneWest Bank 57,459 58,863 41,375 27,347 9,612PNC Mortgage6 21,016 21,761 17,782 8,412 980Saxon Mortgage Services, Inc. 36,658 44,505 39,701 12,946 10,568Select Portfolio Servicing 21,178 60,716 36,940 9,784 12,903US Bank NA 19,554 12,381 9,581 3,559 4,648Wachovia Mortgage, FSB7 30,232 8,969 6,295 6,243 43Wells Fargo Bank, NA8 174,995 233,284 171,704 75,322 36,094Other SPA servicers9 17,515 13,670 11,216 5,996 4,131Other GSE Servicers10 194,308 NA 59,373 27,942 23,169

Total 1,702,134 1,487,594 1,214,085 637,353 295,348

1 Estimated eligible 60+ day delinquent borrowers as reported by servicers as of

March 31, 2010, include those in conventional loans: 

 in foreclosure and bankruptcy. with a current unpaid principal balance less than $729,750 on a one-unit 

property, $934,200 on a two-unit property, $1,129,250 on a three-unit property and $1,403,400 on a four-unit property.

 on a property that was owner-occupied at origination. originated prior to January 1, 2009.

Estimated eligible 60+ day delinquent borrowers excludes: 

 Those in FHA and VA loans. Those in loans that are current or less than 60 days delinquent, which 

may be eligible for HAMP if a borrower is in imminent default.

 Those borrowers with debt-to-income ratios less than 31% or a negative 

NPV test,

 Owners of vacant properties or properties otherwise excluded (see 

footnotes of page 7 for further explanation). 

Exclusions for DTI and NPV are estimated using market analytics. 

For servicers enrolling after February 1, 2010 that did not participate in the 60+ 

day delinquency survey, the delinquency count is from the servicer registration form.

2 As reported in the weekly servicer survey through April 29, 2010.3 Active trial and permanent modifications as reported into the HAMP system of 

record by servicers. 

4 Bank of America, NA includes Bank of America, NA, BAC Home Loans 

Servicing LP, Home Loan Services and Wilshire Credit Corporation.

5 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.6 Formerly National City Bank.7 Wachovia Mortgage, FSB consists of Pick-a-Payment loans.8 Wells Fargo Bank, NA includes a portion of the loans previously included in 

Wachovia Mortgage, FSB. 

9 Other SPA servicers are entities with less than 5,000 estimated eligible 60+ 

day delinquent borrowers that have signed participation agreements with Treasury and Fannie Mae. A full list of participating servicers is in the Appendix.

10 Includes servicers of loans owned or guaranteed by Fannie Mae and Freddie 

Mac.

Making Home Affordable Program

Servicer Performance Report Through April 2010

83% 83%

74%

59% 55% 54%

0%

25%50%75%

100%

Aged Tria

76%

72%

58%

48%

46%

42

0%

20%40%60%80%

HAMP Modification Activity by Servicer C

1 Active trials initiated at least six mont

Note: Excludes Wachovia Mortgage, F

1 As measured against trials eligible to conver

* Other SPA and Other GSE servicersrepresen

Per program guidelines, all servicers will use 
Making Home Affordable Program

Servicer Performance Report Through April 2010

Servicer Solicitation of Borrowers (cumulative since program inception)1 4,246,224

Page views on MHA.gov (April 2010) 6,588,873

Page views on MHA.gov (cumulative) 80,134,319

Percentage to Goal of 3-4 Million Modification Offers by 20122 37-50%

1 Source: survey data provided by servicers. Servicers are encouraged by HAMP to solicit 

information from borrowers 60+ days delinquent, regardless of eligibility for a HAMP 

modification. 

2 In 2009, Treasury set a goal of offering help to 3-4 million borrowers through the end of 2012, 

as measured by trial plan offers extended to borrowers.

Program to date, Treasury and partners have hosted 32 events across the country connecting more than 35,000 homeowners with mortgage servicers and housing counselors.

Cumulative April

Total Number of Calls Taken at 1-888-995-HOPE 1,060,301 112,781

Borrowers Receiving Free Housing Counseling 545,318 53,001

Selected Outreach Measures

Call Center Performance

Borrower Engagement

5.0

4.2

3

6.0

01234567

Loans (Millions)

1st Lien, 60+

DaysDelinquent

Less: Non‐ParticipatingHAMP Servicer

Less: FHAor VA

LeOO

O

•Other exclusions include: no longer owner-occupied; inmanufactured housing loans with titling/chattel issues thSources: Fannie Mae; monthly survey of participating sequarter 2009 MBA delinquency survey. Excluded loans participation agreement for HAMP.

Not all 60-day delinquent loans are eligible borrower eligibility. Based on the estimatesdelinquent in the 4th quarter of 2009, 1.7 m

represents a point-in-time snapshot of the deligibility, we expect that more borrowers w

Waterfall of HAM

= Estimate
Note: Includes active trial and permanent modifications from the official HAMP system of record.

Source: Mortgage Bankers Association. Data is latest available and is as of 4thQuarter 2009.

State

Active

Trials

Permanent 

Modifications Total

% of 

Total State

Active

Trials

Permanent 

Modifications Total

% of 

Total 

AK 355 135 490 0.1% MT 867 330 1,197 0.1%

AL 4,427 1,843 6,270 0.7% NC 13,160 5,933 19,093 2.0%

AR 1,813 758 2,571 0.3% ND 153 59 212 0.0%AZ 29,952 16,120 46,072 4.9% NE 889 436 1,325 0.1%

CA 135,499 62,883 198,382 21.3% NH 2,671 1,476 4,147 0.4%

CO 8,932 4,355 13,287 1.4% NJ 21,143 9,821 30,964 3.3%CT 8,092 3,918 12,010 1.3% NM 2,371 969 3,340 0.4%DC 1,269 470 1,739 0.2% NV 16,834 8,229 25,063 2.7%

DE 2,026 1,025 3,051 0.3% NY 30,800 11,590 42,390 4.5%

FL 78,356 36,130 114,486 12.3% OH 13,631 6,580 20,211 2.2%

GA 25,385 11,082 36,467 3.9% OK 2,028 714 2,742 0.3%

HI 2,371 1,076 3,447 0.4% OR 7,097 3,419 10,516 1.1%IA 1,945 791 2,736 0.3% PA 14,350 6,269 20,619 2.2%

ID 2,520 1,198 3,718 0.4% RI 2,891 1,582 4,473 0.5%

IL 33,393 15,434 48,827 5.2% SC 6,564 2,971 9,535 1.0%

IN 6,620 3,061 9,681 1.0% SD 300 109 409 0.0%KS 1,839 777 2,616 0.3% TN 7,063 3,288 10,351 1.1%

KY 2,658 1,201 3,859 0.4% TX 22,671 7,214 29,885 3.2%LA 3,903 1,438 5,341 0.6% UT 5,540 2,737 8,277 0.9%

MA 14,304 7,437 21,741 2.3% VA 15,671 7,836 23,507 2.5%

MD 20,746 10,204 30,950 3.3% VT 455 248 703 0.1%

ME 1,633 902 2,535 0.3% WA 12,491 5,959 18,450 2.0%

MI 20,422 10,203 30,625 3.3% WI 6,081 3,064 9,145 1.0%MN 10,555 6,162 16,717 1.8% WV 1,010 498 1,508 0.2%

MO 7,626 3,431 11,057 1.2% WY 335 164 499 0.1%

MS 2,421 1,176 3,597 0.4% Other* 1,225 643 1,868 0.2%

* Includes Guam, Puerto Rico and the U.S. Virgin Islands.

Making Home Affordable Program

Servicer Performance Report Through April 2010

60+ 

HAMP Activity by State Modific

Mortgage D
Servicer 

Bank of America, NA1 

JP Morgan Chase NA2 

Wells Fargo Bank, NA 3 

CitiMortgage, Inc. 

OneWest Bank GMAC Mortgage, Inc. 

Litton Loan Servicing LP 

Saxon Mortgage Services Inc. 

Select Portfolio Servicing Aurora Loan Services, LLC 

Ocwen Financial Corporation, In

American Home Mortgage Servicing Inc 

Nationstar Mortgage LLC PNC Mortgage4 

US Bank NA Wachovia Mortgage, FSB5 

Green Tree Servicing LLC 

HomEq Servicing Carrington Mortgage Services LL

Remainder of HAMP Servicers 

Total 

1 Bank of America, NA includes Bank of America

Wilshire Credit Corporation.

2 J.P. Morgan Chase Bank, NA includes EMC Mo3 Wells Fargo Bank, NA includes a portion of the 4 Formerly National City Bank.5 Wachovia Mortgage, FSB consists of Wachovia Note: Figures reflect active trials and perm

Metropolitan Statistical Area

Active

Trials

Permanent

Modifications

Total 

HAMP 

Activity

% of All 

HAMP 

Activity

Los Angeles-Long Beach-Santa Ana, CA 40,573 17,185 57,758 6.2%New York-Northern New JerseyLong Island, NY-NJ-PA 40,425 16,672 57,097 6.1%Chicago-Naperville-Joliet, IL-IN-WI 32,178 14,890 47,068 5.0%Riverside-San Bernardino-Ontario, CA 29,709 15,560 45,269 4.9%Miami-Fort Lauderdale-Pompano Beach, FL 30,923 13,059 43,982 4.7%Phoenix-Mesa-Scottsdale, AZ 24,496 13,330 37,826 4.1%

Washington-Arlington-Alexandria, DC-VA-MD-WV 22,081 10,713 32,794 3.5%Atlanta-Sandy Springs-Marietta, GA 20,509 9,036 29,545 3.2%Las Vegas-Paradise, NV 14,099 6,749 20,848 2.2%

Detroit-Warren-Livonia, MI 12,946 6,048 18,994 2.0%

Orlando-Kissimmee, FL 12,406 6,022 18,428 2.0%

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 10,958 5,013 15,971 1.7%

Boston-Cambridge-Quincy, MA-NH 10,073 5,297 15,370 1.6%

Sacramento-Arden-ArcadeRoseville, CA 9,624 5,019 14,643 1.6%

Tampa-St. Petersburg-Clearwater, FL 9,773 4,678 14,451 1.5%

A complete list of HAMP activity for all MSAs is available athttp://makinghomeaffordable.gov/docs/MSA%20Data%20April.pdf

Making Home Affordable Program

Servicer Performance Report Through April 2010

15 Metropolitan Areas With Highest HAMP Activity Modifications by In
Making Home Affordable Program

Servicer Performance Report Through April 2010

Allstate Mortgage Loans

& Investments, Inc.

American Eagle Federal Credit Union

American Home Mortgage Servicing, Inc

AMS Servicing, LLCAurora Loan Services, LLCBank of America, N.A.1

Bank UnitedBay Federal Credit Union

Bay Gulf Credit Union

Bayview Loan Servicing, LLC

Carrington Mortgage Services, LLC

CCO MortgageCentral Florida Educators Federal Credit Union

Central Jersey Federal Credit Union

Chase Home Finance, LLC

CitiMortgage, Inc.

Citizens 1st National Bank

Citizens First Wholesale Mortgage Company

Community Bank

& Trust Company

CUC Mortgage Corporation

Digital Federal Credit Union

DuPage Credit Union

Eaton National Bank

& Trust Co

Farmers State BankFidelity Homestead Savings Bank

First BankFirst Federal Savings and Loan

First Keystone BankFirst National Bank of Grant Park

Franklin Credit Management Corporation

Fresno County Federal Credit UnionGlass City Federal Credit Union

Glenview State Bank

GMAC Mortgage, Inc.

Golden Plains Credit UnionGrafton Suburban Credit Union

Great Lakes Credit UnionGreater Nevada Mortgage Services

Green Tree Servicing LLCHartford Savings BankHillsdale County National BankHomEq ServicingHomeStar Bank

& Financial Services

Horicon BankHorizon Bank, NA

IberiabankIBM Southeast Employees' Federal Credit UnionIC Federal Credit Union

Idaho Housing and Finance Association

iServe Residential Lending LLCiServe Servicing Inc.

J.P.Morgan Chase Bank, NA2

Lake City BankLake National Bank

Litton Loan Servicing

Los Alamos National Bank

Marix Servicing, LLCMetropolitan National BankMidwest Bank

& Trust Co.

Mission Federal Credit UnionMorEquity, Inc.Mortgage Center, LLCMortgage Clearing Corporation

National City Bank

Nationstar Mortgage LLCNavy Federal Credit UnionOakland Municipal Credit Union

Ocwen Financial Corporation, Inc.

OneWest BankORNL Federal Credit UnionPark View Federal Savings BankPennyMac Loan Services, LLC

PNC B

PurduQLenQuan

ResidRG MRoebRounSaxon 

SchooSEFCUSelec

Servis ShoreSilver 

Sound 

Speci

Spirit StanfSterli

TechnTempThe G

U.S. B

Unite

Unite

Urban VantiVerity 

Vist FWells 

WealtWesc

Yadki

1 Bank of America, NA includes Bank of America, NA, BAC Home Loans Servicing 

LP, Home Loan Services and Wilshire Credit Corporation. 2 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation. 

3 Wells Fargo Bank, NA includes Wachovia Mortgage FSB and Wachovia Bank NA. Appendix: Non-GSE Participants in HAMP