CitiMortgage, GMAC Lead with 50% Rate in Active Modifications

Mortgage modificationsEach with 50 percent share of eligible borrowers under active mortgage modifications, both CitiMortgage and GMAC Mortgage claim the top spot as the most proficient servicers under the government’s foreclosure rescue program.
Eligible borrowers are those at least 60 days delinquent on their mortgage.
The U.S. Treasury today released January’s report on its Home Affordable Modification Program (HAMP), trumpeting that it has moved a total of 116,000 distressed borrowers into permanent mortgage payment reductions, with another 76,000 pending permanent status.
But much of the criticism aimed at the one-year-old, $75 billion program has focused on the bureaucratic delays of processing eligible homeowners into trial modifications, and then re-processing fewer into permanent status with approved monthly payments that are typically $500 lower. Along the way, the program has helped a total of 940,000 who are in some phase of modifications.
But that’s out of a pool of 3.4 million estimated eligible borrowers.  
In the category of total modifications, CitiMortgage is fourth with 122,176; and GMAC sixth with 32,824. But the two lenders have consistently led in the ability to convert those eligible into the program.
The top ten mortgage services have higher shares of eligible borrowers in modifications than the overall program’s share of 28 percent through January.
The top five servicers behind CitiMortgage and GMAC Mortgage are: Saxon Mortgage Services (48 percent); Select Portfolio (40 percent); JPMorgan Chase and Wells Fargo (both 38 percent); and Bayview Loan Servicing (37 percent).
Bank of America, the nation’s largest mortgage lender, has the highest number of active modifications with 234,156, according to the January report. But it is 12th in active modifications as a share of estimated eligible borrowers — with 22 percent.
BofA has made strides. It has moved up from a 15 percent share in November and a 19 percent share in December.
This week, Bank of America reiterated a commitment to increasing its share of active and permanent modifications.  The lender said it has taken “extraordinary measures” to reach customers facing crucial filing deadlines in the program.
“This initiative entails mail, telephone and door-to-door outreach — averaging more than a dozen contacts per customer — aimed at encouraging and helping eligible homeowners meet their documentation requirements and avoid falling out of the program,” BofA said.
CitiMortgage last week announced a pilot program in six states for borrowers facing foreclosure that would allow them to stay in their homes for up to six months without making mortgage payments if they meet certain conditions.

6 thoughts on “CitiMortgage, GMAC Lead with 50% Rate in Active Modifications

  • February 18, 2010 at 12:52 pm

    Here’s what’s really happening. We didn’t qualify with Citi for a modification, tried several times. They used my unemployment (which has now expired) as part of the gross income calculation PLUS they said we had too much debt. They recommended that we file bankruptcy to get rid of the debt and THEN apply for modification. After much research, we filed for bankruptcy. Our bankruptcy has not even gone to the 341 hearing yet, and is weeks away from discharge. I called CitiMortgage to inquire on the status of our mortgage and was told that it has been charged off because of our bankruptcy. NOW we are ineligible for modification on it, and will be harassed to pay it by a collection agency because it is a 2nd mortgage, and therefore not included in the bankruptcy.
    There is no option for people like us. We lost half of our income OVERNIGHT over a year ago, and the nightmare grows every day. Congress is like a complacent parent, letting the “children” do whatever they want. THERE MUST BE CONSEQUENCES~or they will not obey. PERIOD.

  • February 23, 2010 at 10:54 pm

    I haven’t heard of one success story about CitiMortgage. My story is pretty much the same as all of yours. Given the run around for months. In a bigger mess now than I was to begin with. I wasn’t delinquent when I started the trial payments in Sept. Made 6 trial period payments and am now told we don’t qualify. When I asked the CitiMortgage rep what their success rate was for these modificatoins I was told it was very high. But it seems to me based on the stories that I’ve seen on the internet that many of us have the same story.
    Took me 2 months to have a packet sent out to me. Now that we have not been approved have been hit with the $15 monthly drive by fees to take pictures of my home. Not only that but now being charged $59 late fees for each and every month I was in the trial period phase.
    I’m all for a class action lawsuit. Not sure of how to do that but it seems that this program and CitiMortgage has gotten us all in a Catch 22. Something isn’t right here. Now I’m gettin the line that the only thing we can suggest is a short sale.

  • February 26, 2010 at 4:50 pm

    Citimortgage may be a leader with modifications in progress, but I can almost guarantee VERY FEW of these in progress will actually complete the process. This mortgage company is a train wreck when it comes to accountability. My husband and I have complied with every request, sent all paperwork in (within hours), called to verify everything was received (and confirmed) and we even made our 3rd and 4th installment payment EARLY as requested. We were neither accepted or denied a modification and our account was sent to LTD Financial (charged off)without notification. When I called to question this (note: we missed ONE payment in 2009 due to job losses -before being placed on the trial mod)I was told we were considered 6 MONTHS BEHIND, due to the reduced payments we were making (AS AGREED PER CITI MORT MODIFICATION CONTRACT). Can’t get a call back from ANYONE at CITIMORT. How do you like that? They have no problem calling me if I’m a day late on my mortgage payment, but not a single call back from the folks in the Loss Mit dept- many DETAILED messages to Sally and Terrance – supposedly the managers. This Citimortgage Modification is a JOKE. I have written my congressman and Attorney General and will continue to fight like hell to keep MY HOUSE…Oh and the hold times are atrocious…gotta hold forever to leave a vicemail…I want the many hours of my life back I’ve spent trying to undo the mess this company has caused with our account!!! If you are considering a new mortgage with Citi – don’t walk – RUN the other way…you are a number to this company and like I said in the beginning – this company is a train wreck!

  • March 18, 2010 at 8:59 am

    I wasn’t behind on my mortgage until;
    I applied for the modification program due to a reduction in pay (1/2)and was excepted August 2009, a payment plan was institued for a trail period of three
    months,Citi’s trail period, which threw me behind because of reduced payments, and I faithfully made my payments via the phone as per instruction. In Oct. of 09 I was excepted to apply for the HAMP(Home Assistance Modification Program), I received my packet and sent back all the necessary paperwork (twice, they lost it once)and was excepted into that three month trail period Nov.’09. I received a couple of letters stating that my account was delinquent, which I called about immediately. Each and every time I was told that “They were behind, but would take care of the problem”. Then I started receiving phone
    calls, sometimes two or three a day, and I would refer them to the modification counslor that was assigned to my case. After receiving a second or third letter I called and spoke with a supervisor about the calls and letters of delinquency and was told “ignor them and we will straighten things out”. I was also told by this supervisor in Jan.2010 that I had been approved for the modification program and should receive my new papers in a few weeks.I never received my papers even after numerous calls and being told give us ten days or if you don’t have them in days call us.I still do not have them.
    When I called to make my March 2010 mortgage payment I was told “we now charge $20 to except payment by phone or you can now mail in your
    payments”. They never notified me in any way what-so-ever. I was given an
    address and immidately sent off the payment which cleared my bank on 03/01/2010.
    On Saturday March 13, 2010, I received a certified letter stating that my
    account with CitiMortgage is in DEFAULT in the amount $3500. I called Monday morning, (03/15/2010) and was told that none of my payments were ever applied to my mortgage account. I asked, “WHY”, and was told that I “had been dropped from the modification program”. I asked ” Why have I been dropped and what happened to all of my payments and why hadn’t I been notified of any of this?” I was told that all my payments went into a general fund and they would have to investigate and to call them back on Thursday 03/18/2010. On March 17,2010 Citi called and told me that I had been rejected in Dec. of 09,this was the first I had heard about it, yet they paid my property taxes on Dec.31,2009 and continued to accept my payments without a word.
    So, I started researching complaints about
    CitiMortage’s Modification program and discovered that this appears
    to a common practice with CitiMortgage. This is a nationwide problem. I am sixty-one years old and I can’t afford an attorney. CitiMortgage created my debt by not informing me: 1. that I wouldn’t qualify because I wasn’t delinquent when I first applied.
    2.Failing to notify me that I had been rejected.
    3.Accepting payments for three months after I had been rejected and paying my propert tax after the rejection.
    Totally Screwed!!!! Where do I turn? I’m sixt-one and do not have any money.

  • October 31, 2011 at 11:39 am

    I actually have a success story, but went through 5 months of horror first.
    We became behind on our mortgage after my husband lost his job. After being behind for about 5 months, I finally had a windfall that allowed me to be placed on a repayment plan. After making the calls, submitting the paperwork, and discussing the repayment plan, I dropped into the CM twilight zone. It was horrible. For months I called almost each day as my house went into foreclosure. They wouldn’t accept payments, they lost my paperwork (overnighted, faxed, emailed – didn’t matter), they closed my file with no reason so I had to start over. It was a nightmare of of customer service reps not knowing what to do. But almost each call ended with “don’t worry, we’ll get it fixed before the auction”. Are you kidding me? I even got to the point where I could pay it all back, but didn’t have the $2k for attorney fees so that was a no go.
    All I could do was keep calling and I did. I was never rude and every once in a while I got someone who tried to make a difference. I will say this – no one was ever rude to me at CM and they wanted to help, but I think that lack of training and just general disorganization there caused huge problem.
    I was ready (well, not ready) to lose my house. Then, like a miracle, 3 days before auction it all appeared via UPS. No phone call, no explanation – just…fixed. The payments, interest were lower. I got to keep all those months of saving up and only pay the attorney fees. It was weird. I literally fell to my knees in shock.
    To this day, I am thankful to CM for this, but sad over the sleep lost (and 20lbs which I couldn’t afford). It was a horrible experience, but perhaps I have learned the painful lesson that no matter what – mortgage gets paid first.

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