Loan mods tracking Treasury target

BofA, Wells Fargo lag in share of offers

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More than 85 percent of mortgage loans are now covered by the Obama administration’s Home Affordable Modification Program, meaning loan servicers must determine whether foreclosing on a home might prove more costly than offering a loan modification to a troubled borrower.

A total of 47 loan servicers were participating in the HAMP program at the end of August, up from 38 in July, and the program is on track to meet a goal of 500,000 loan modifications by November, the Treasury Department said in releasing its latest report on the performance of participating loan servicers.