HUD and the U.S. Dept. of the Treasury released its August Housing Scorecard last week. From the Treasury Department Report:
“Included in the report are detailed assessments for the 10 largest mortgage servicers participating in the Making Home Affordable Program with results from the second quarter of 2011. In addition to providing greater transparency about servicer performance in the program, the servicer assessments are intended to set a new industry benchmark for disclosure around servicer efforts to assist struggling homeowners, while prompting them to correct identified deficiencies.
More than 5 million mortgage aid arrangements were started between April 2009 and the end of July 2011. In July, more than 28,000 additional homeowners received a permanent modification through the Administration’s Home Affordable Modification Program (HAMP); more than 790,000 homeowners across the country have now received a HAMP permanent modification with a median payment reduction of 37 percent. To date, homeowners in permanent modifications have realized aggregate savings in monthly mortgage payments of nearly $7.8 billion.
The Servicer Assessments summarize performance for the 10 largest Making Home Affordable participating servicers from reviews largely conducted throughout the second quarter of 2011 on three categories of program implementation: identifying and contacting homeowners; homeowner evaluation and assistance; and program reporting, management and governance. Although some improvements have been made, based on the reviews for this quarter, Bank of America, NA and J.P. Morgan Chase Bank, NA remain in need of substantial improvement. Both servicers were subject to withholding of financial incentives under the program based on results from the first quarter and will continue to have their incentives withheld until their performance improves.
While Ocwen Loan Servicing, LLC and Wells Fargo Bank, NA were both found to be in need of substantial improvement in the first quarter of 2011, compliance activities conducted to follow up on their progress and assess other areas of program implementation found that both mortgage servicers have corrected identified deficiencies from the first quarter. Both servicers were found to be in need of moderate improvement in the second quarter.”