On August 4, the Obama administration released its first detailed report card on how well servicers are doing in carrying out the administration's Making Home Affordable modification program. The grade they got was "incomplete" -- or in the words used by the administration, "Performance has been uneven." Through July 2009, the Making Home Affordable program has produced 235,247 trial modifications started, according to the new report. The report noted that 406,542 trial modification offers have been extended. Servicers scoring a 20% or higher rate for trial mods started as a share of eligible seriously delinquent borrowers were: Aurora Loan Services LLC (21%); JPMorgan Chase Bank (20%); Citizens First Wholesale Mortgage Co (27%); GMAC Mortgage Inc (20%); Residential Credit Solutions (20%); Saxon Mortgage Services Inc (25%); and Westcom Central Credit Union (28%). Twelve servicers scored 5% or less on the July performance report.
Administration issues report card on servicers' loan-mod efforts Anonymous Mortgage Banking; Sep 2009; 69, 12; Docstoc pg. 8 Reproduced with permission of the c
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