BofA, Wells Fargo lag in loan mods

Report details performance of loan servicers

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.