HAMP Mods Increase Again in June as Big Four Banks Lead the Way

Bolstered by the big four banks' loss mitigation efforts, the total number of active permanent modifications completed under the Home Affordable Modification Program (HAMP) jumped to 389,198 as of the end of June. Servicers completed 51,205 permanent modifications during the month, and more than half – 26,525 – of these were initiated by the nation's four largest banks – Bank of America, Wells Fargo, JPMorgan Chase, and Citi.


According to Treasury’s report, HomeEq Servicing had the highest permanent modification conversion rate in June, coming in at 89 percent. Carrington Mortgage Services moved up to the No. 2 spot with an 80 percent conversion rate, and Wachovia came in next with a 77 percent conversion rate. Ocwen, which had held steady at an 83 percent conversion rate in months prior, moved down to the fourth spot with a conversion rate of 71 percent in June.