Industry NewsMortgage

BofA, Wells Fargo lag in loan mods

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Wells Fargo and Bank of America are playing catch-up with other loan servicers in implementing the Making Home Affordable loan modification program, according to the first public report on loan servicer performance from the Treasury Department.Four major loan servicers -- Saxon Mortgage Services Inc., Aurora Loan Services LLC, GMAC Mortgage Inc., and J.P. Morgan Chase -- have begun trial loan modifications on at least 20 percent of loans they service that are 60 days or more delinquent and eligible for the Home Affordable Modification Program (HAMP), the report said.Bank of America, which has the largest number of eligible 60-day-delinquent loans among loan servicers participating in the HAMP program -- 796,000 -- had started trial modifications on only 4 percent of those loans through July, the report said. Wells Fargo, the third-largest servicer participating in the HAMP program, had initiated trial modifications on 6 percent of the 329,000 60-day-delinquent loans the Treasury Depart...