Making Home Affordable Program

Servicer Performance Report Through October 2009

Lower Mortgage Rates and Access to Credit:

• Continued financial support to maintain affordable 

mortgage rates through the Government Sponsored 

Enterprises (GSEs)

• Access to sustainable mortgages through the Federal 

Housing Administration (FHA)

• Support for mortgage funding through Treasury’s 

Mortgage-Backed Security (MBS) purchase program as 

well as purchases by the Federal Reserve 

State and Local Housing Initiatives:

• Access for Housing Finance Agencies (HFAs) to provide 

mortgages to first-time homebuyers, refinancing 

opportunities to at-risk borrowers, and help in developing 

affordable rental housing

Tax Credits for Housing:

• First-time homebuyer credit to help more homebuyers buy 

a new home

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

support affordable rental housing

Overview of Administration Housing Stability Initiatives

Initiatives to Support Access to Affordable Mortgage 

Credit and Housing

Making Home Affordable – Modifications:

• Goal of offering 3-4 million homeowners lower mortgage 

payments through a modification over three years

Making Home Affordable – Refinancing:

• Refinancing flexibility and low mortgage rates, which have 

allowed over 3 million borrowers to refinance, saving an 

estimated $150 per month on average and more than $6 

billion dollars in total over the first year

Hope for Homeowners:

• Sustainable refinancing opportunity for some homeowners 

to restore equity as integrated component of MHA

Neighborhood Stabilization and Community Development 

Programs:

• Support for the hardest hit communities to help stabilize 

neighborhoods 

Initiatives to Prevent Avoidable Foreclosures and 

Stabilize Neighborhoods
0

2

4

6

8

10

12

14

1999 2002 2005 2008

Months' supply of new homes at 

the current sales pace

Months

Months' supply of existing 

homes at the current sales pace

Making Home Affordable Program

Servicer Performance Report Through October 2009

Mortgage Rates Housing Inventory

Home Prices New and Existing Home Sales

50

70

90

110

130

150

170

190

210

230

1999 2002 2005 2008

Case/Shiller 20-

city composite

FHFA 

purchase-only 

index

Index: Jan 2000 = 100

Loan Performance 

National Home Price 

Index

0

2

4

6

8

10

12

14

16

18

20

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

Conventional 30-year 

Fixed Rate

10-year Treasury Rate

Percent

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, Census Bureau.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

0

200

400

600

800

1,000

1,200

1,400

1,600

1999 2002 2005 2008

Sales of new homes 

(left axis) 

Sales of existing homes 

(right axis)

Thousands
HAMP Participating Servicers 

HAMP Trial Modifications

(Cumulative, by Month) 

Home Affordable Modification Program (HAMP) 

Snapshot through October 2009

HAMP Trial Plans Offered to Borrowers

(Cumulative, by Month) 

Making Home Affordable Program 

Servicer Performance Report Through October 2009

Number of Trial Modifications1 650,994

Number of Trial Period Plan Offers Extended 

to Borrowers (Cumulative) 2

919,965

Number of Requests for Financial Information 

Sent to Borrowers (Cumulative) 2

2,776,740

1 Active trial and permanent modifications as of October 31; based on numbers reported by 

servicers to the HAMP system of record. 

2 Source: Survey data provided by servicers, through October 29.

 Approximately 85% of eligible mortgage debt outstanding 

is covered by HAMP participating servicers.

 71 servicers have signed servicer participation 

agreements to modify loans under HAMP. These 

participants service loans owned or guaranteed by Fannie 

Mae or Freddie Mac, loans held in portfolio, or loans 

serviced on behalf of other investors. 

 Approximately 2,300 lenders service loans owned or 

guaranteed by Fannie Mae or Freddie Mac. These 

servicers are automatically eligible to participate in HAMP.

Additional information on HAMP can be found on MakingHomeAffordable.gov

or by calling the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). 

Source: Active trial and permanent modifications as of October 31; based on numbers reported by servicers to the HAMP system of record.

Source: Survey data provided by servicers. September data includes October 1. October data is 10/2 through 10/29.
Servicer 

Participation 

Date 

Estimated 

Eligible 60+ Day 

Delinquency1 

Trial Plan 

Offers 

Extended 

Trial Plan Offers as 

Share of Estimated 

Eligible 60+ Day 

Delinquencies 

Active Trial 

Modifications 2

Trial 

Modifications as 

Share of 

Estimated 

Eligible 60+ Day 

Delinquencies 

American Home Mortgage Servicing 

Inc 7/22/09 116,742 9,649 8% 5,082 4%

Aurora Loan Services, LLC 5/1/29 74,846 39,897 53% 24,491 33%

Bank of America, NA3 4/17/29 990,628 212,753 21% 136,994 14%

Bank United 10/23/09 9,045 0 0% 0 0%

Bayview Loan Servicing, LLC 7/1/09 9,639 2,672 28% 2,116 22%

Carrington Mortgage Services LLC 4/27/09 18,217 1,981 11% 1,135 6%

CCO Mortgage 6/17/09 4,652 1175 25% 789 17%

CitiMortgage, Inc. 4/13/09 221,916 110,796 50% 88,968 40%

Franklin Credit Management 

Corporation 9/11/09 2,643 0 0% 0 0%

GMAC Mortgage, Inc. 4/13/09 65,946 35,890 54% 23,078 35%

Green Tree Servicing LLC 4/24/09 4,034 1028 25% 694 17%

HomEq Servicing 8/5/09 40,766 1348 3% 91 0%

J.P. Morgan Chase Bank, NA4 4/13/09 422,807 182,622 43% 133,988 32%

Litton Loan Servicing LP 8/12/09 110,027 17,764 16% 13,093 12%

MorEquity, Inc. 7/17/09 2,299 123 5% 3 0%

National City Bank 6/26/09 42,504 15,621 37% 7,906 19%

Nationstar Mortgage LLC 5/28/09 31,736 20,110 63% 10,154 32%

Ocwen Financial Corporation, Inc. 4/16/09 67,912 13,196 19% 7,636 11%

OneWest Bank 8/28/09 110,496 30,331 27% 14,044 13%

Residential Credit Solutions 6/12/09 1,524 379 25% 350 23%

RG Mortgage Corporation 6/17/09 3,237 337 10% 70 2%

Saxon Mortgage Services, Inc. 4/13/09 80,477 38,327 48% 35,027 44%

Select Portfolio Servicing 4/13/09 62,094 37,695 61% 18,156 29%

US Bank NA 9/9/09 29,654 8,590 29% 4,477 15%

Wachovia Mortgage, FSB5 7/1/09 78,272 5,162 7% 2,363 3%

Wells Fargo Bank, NA 4/13/09 323,198 132,182 41% 93,652 29%

Other SPA servicers6 -- 5,134 337 7% 213 4%

Other GSE Servicers7 -- 288,747 NA NA 26,424 9%

Total 3,219,192 919,965 29% 650,994 20%

HAMP Modification Activity by Servicer 

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

September 30, 2009 include 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 loans excludes: 

 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.

For servicers enrolling after October 1, delinquency counts are taken from the servicer 

registration form.

2 Active trial and permanent modifications as reported into the HAMP system of record 

by servicers.

3 Bank of America, NA includes Countrywide Home Loans Servicing LP, Home Loan 

Services and Wilshire Credit Corporation.

4 J.P. Morgan Chase Bank, NA includes EMC Mortgage Corporation.

5 Wachovia Mortgage FSB includes Wachovia Bank NA. 

6 Other SPA servicers are entities with less than 1,000 estimated eligible 60+ day 

delinquencies that have signed participation agreements with Treasury and Fannie 

Mae. Those servicers are: Allstate Mortgage Loans and Investments; AMS 

Servicing, LLC; Bay Federal Credit Union; Central Florida Educators Federal Credit 

Union; Central Jersey Federal Credit Union; Citizens First Wholesale Mortgage 

Company; CUC Mortgage Corp.; DuPage Credit Union; Farmers State Bank; First 

Bank; First Federal Savings and Loan; Glass City Federal Credit Union; Great 

Lakes Credit Union; Harleysville National Bank & Trust; Horicon Bank; IBM 

Southeast Employees’ Federal Credit Union; IC Federal Credit Union; Lake City 

Bank; Lake National Bank; Members Mortgage Company Inc.; Metropolitan National 

Bank; Mission Federal Credit Union; Mortgage Center LLC; Mortgage Clearing 

Corp.; Oakland Municipal Credit Union; ORNL Federal Credit Union; PennyMac

Loan Services LLC; PNC Bank, NA; Purdue Employees Federal Credit Union; 

Roundpoint Mortgage Servicing Corp.; Schools Financial Credit Union; SEFCU; 

Servis One, Inc.; Shore Bank; Stanford Federal Credit Union; Technology Credit 

Union; United Bank Mortgage Corp.; Vantium Capital, Inc.; Wescom Central Credit 

Union; and Yadkin Valley Bank.

7 Includes approximately 2,300 participants that service loans owned or guaranteed by 

Fannie Mae and Freddie Mac.

Making Home Affordable Program

Servicer Performance Report Through October 2009

Trial Modification Tracker: Active Trial Modifications as a 

Share of Estimated Eligible 60+ Day Delinquencies

Note: Servicer rollups are the same as the table at left.

August trials as a share of 60+ day delinquencies on July 31, 2009. 

September trials as a share of 60+ day delinquencies on August 31, 2009.

October trials as a share of 60+ day delinquencies on September 30, 2009.

1 HomeEq, Litton, OneWest and USBank began participation after July 31, 2009. Bank United is excluded from 

this list as it began participation on October 23.

1

1

1

1
Active Trial Modifications by State

State Modifications State Modifications

Alabama 4,651 Montana 897

Alaska 431 Nebraska 1,110

Arizona 34,424 Nevada 17,566

Arkansas 1,850 New Hampshire 3,003

California 134,609 New Jersey 22,102

Colorado 9,657 New Mexico 2,268

Connecticut 8,446 New York 28,773

Delaware 2,184 North Carolina 13,654

District of Columbia 1,177 North Dakota 170

Florida 82,614 Ohio 14,132

Georgia 25,675 Oklahoma 2,022

Hawaii 2,331 Oregon 7,560

Idaho 2,660 Pennsylvania 15,223

Illinois 33,514 Rhode Island 3,058

Indiana 7,449 South Carolina 7,194

Iowa 2,095 South Dakota 324

Kansas 2,006 Tennessee 7,712

Kentucky 2,928 Texas 21,260

Louisiana 4,061 Utah 5,427

Maine 1,766 Vermont 494

Maryland 21,634 Virginia 16,981

Massachusetts 14,677 Washington 12,869

Michigan 22,031 West Virginia 1,180

Minnesota 12,933 Wisconsin 6,679

Mississippi 2,774 Wyoming 352

Missouri 8,105 Other* 575

Making Home Affordable Program 

Servicer Performance Report Through October 2009

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

Note: Figures include active trial and permanent modifications through November 5.

HAMP Activity by State

100 to 2,000 modifications 2,001 to 6,000 6,001 to 15,000 15,000+

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

60+ Day Delinquent Loans as a % of Outstanding Mortgage Loans

0 to 6.0% 6.01% to 7.0% 7.01% to 9.0% 9.01% and greater

Source: Mortgage Bankers Association.