Winner of what? Well, Saxon had the highest percentage of trial mortgage loan modifications in the first reporting period of the Obama Administration’s Making Home Affordable Program. Maybe he’ll invite you to the White House for a beer. Here’s how some of the larger loan servicers were faring:
Here’s some coverage on the loan modifications here and here.
And finally, why are the percentages so low?
Take a read of this entitled, Lucrative Fees May Deter Efforts to Alter Loans. A very interesting discussion about the many fees that mortgage servicers accrue as loans get behind and why it’s not always in their financial best interests to modify your loan.
The devil is in the details. We had a homeowner on the trial period plan with Saxon which concluded on August 1st and homeowner should have then rec’d their permanent MHA mod. Apparently Saxon is so backed up (and homeowners haven’t sent in the docs) that the Treasury Dept. gave them permission to back all of those loan mods up by 2 months.