Ocwen Financial Corporation, servicer of subprime mortgages, continues to direct the industry in main routine metrics under the government’s Home Affordable Modification Program (HAMP).
The U.S. Treasury’s just-released HAMP record card verifies Ocwen’s better performance on three critical fronts: % of trial modifications changed into permanent solutions, aging of trial modifications and a new metric initiated in this report card, “Trial Length at Conversion (months).”
The report card shows Ocwen’s Trial Length at Conversion is three months, significantly faster than the four to over seven months accounted for the larger banks that are HAMP servicers. A three-month trial length is certainly better, as three monthly payments must be received by the servicer from the homeowner on a trial modification before it can be converted to permanent status. Only one other HAMP contributor was able to attain a three-month turn time on its conversions.
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