Board Report: 2014-SR-B-015 September 30, 2014
| No.a | Category description | Stage of foreclosure | 11 servicersb | Goldman Sachs and Morgan Stanley | Total borrowers | ||||
|---|---|---|---|---|---|---|---|---|---|
| Borrowers who requested a review | All other borrowers | Number of borrowers | Payment amount | ||||||
| Number of borrowers | Payment amount | Number of borrowers | Payment amount | ||||||
| 1a | Servicer foreclosed on borrower eligible for SCRA protectionc | Rescinded | 8 | $15,000 | 108 | $15,000 | 14 | $15,000 | 1,261 |
| Completed | 123 | $125,000 | 959 | $125,000 | 49 | $125,000 | |||
| 1b | Servicer charged servicemembers interest rates that exceed SCRA section 527 limits | In process | 33 | >=$300 | 317 | >=$300 | 101 | >=$300 | 525 |
| Completed | 11 | >=$300 | 63 | >=$300 | 0 | >=$300 | |||
| 2 | Servicer initiated or completed foreclosure on borrower who was not in defaultc | In process | 46 | $5,000 | 543 | $5,000 | 55 | $5,000 | 747 |
| Rescinded | 8 | $15,000 | 29 | $15,000 | 10 | $15,000 | |||
| Completed | 8 | $125,000 | 45 | $125,000 | 3 | $125,000 | |||
| 3 | Servicer initiated or completed foreclosure on borrower who was protected by federal bankruptcy law | In process | 2,401 | $7,500 | 19,860 | $3,750 | 1,069 | $4,650 | 29,531 |
| Rescinded | 28 | $7,500 | 160 | $3,750 | 67 | $4,650 | |||
| Completed | 763 | $62,500 | 5,075 | $31,250 | 108 | $38,750 | |||
| 6 | Servicer completed foreclosure on borrower who was meeting all requirements of documented forbearance plan | Rescinded | 50 | $6,000 | 185 | $3,000 | 45 | $3,900 | 1,174 |
| Completed | 162 | $24,000 | 684 | $12,000 | 48 | $15,600 | |||
| 4 | Servicer failed to convert borrower to permanent modification after three successful payments under a written trialperiod plan | In process | 461 | $6,000 | 2,436 | $3,000 | 312 | $3,900 | 4,482 |
| Rescinded | 31 | $6,000 | 91 | $3,000 | 44 | $3,900 | |||
| Completed | 239 | $50,000 | 718 | $25,000 | 150 | $32,500 | |||
| 5 | Servicer completed foreclosure on borrower who was performing all requirements of the written trial-period plan | Rescinded | 29 | $6,000 | 126 | $3,000 | 77 | $3,900 | 1,209 |
| Completed | 163 | $50,000 | 477 | $25,000 | 337 | $32,500 | |||
| 10 | Modification request approved | In process | 118,177 | $500 | 746,894 | $300 | 62,927 | $300 | 1,191,516 |
| Rescinded | 2,617 | $500 | 9,229 | $300 | 869 | $300 | |||
| Completed | 39,368 | $500 | 195,448 | $300 | 15,987 | $300 | |||
| 7 | Modification request deniedd | In process | 62,557 | $2000 | 432,595 | $1,000 | 41,912 | $1,300 | 942,116 |
| Rescinded | 1,539 | $2000 | 6,007 | $1,000 | 1,016 | $1,300 | |||
| Completed | 60,251 | $6000 | 309,597 | $3,000 | 26,642 | $3,900 | |||
| 8 | Modification request received but no underwriting decision made | In process | 21,153 | $800 | 200,596 | $400 | 13,090 | $520 | 449,266 |
| Rescinded | 709 | $800 | 3,757 | $400 | 324 | $520 | |||
| Completed | 27,152 | $800 | 168,479 | $400 | 14,006 | $520 | |||
| 9 | Servicer did not engage with borrower in a loan modification or other loss mitigation action | In process | 16,679 | $600 | 312,881 | $300 | 5,825 | $300 | 918,392 |
| Rescinded | 350 | $600 | 4,549 | $300 | 96 | $300 | |||
| Completed | 36,564 | $600 | 531,912 | $300 | 9,536 | $300 | |||
| 11 | All other loans | In process | 21,459 | $500 | 334,630 | $300 | 13,780 | $300 | 633,435 |
| Rescinded | 450 | $500 | 4,161 | $300 | 304 | $300 | |||
| Completed | 24,959 | $500 | 218,737 | $300 | 14,955 | $300 | |||
| Total borrowers | 438,548 | 3,511,348 | 223,758 | 4,173,654 | |||||
Source: OIG analysis of Board and OCC documents.
a The categories listed are not in numerical order. For the slotting, borrowers were to flow down through the waterfall in the sequential order that the categories appear in this table.
bThe 11 servicers were Aurora, Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. This chart includes borrowers whose mortgage was serviced by Board- and OCC-supervised servicers.
cThe amount received by borrowers in these categories may be different because of offsets resulting from other settlements.
dAccording to Board staff, the Board and the OCC decided that all borrowers denied a modification would be slotted into one category. Thus, the Board and the OCC combined subcategories (7a and 7b) that had been listed separately in a draft of the IFR waterfall.
