Four of the largest 10 Lenders fail the Treasury's metric

Reno/Sparks Real Estate - Selling Real Estate in Reno/Sparks, Nevada

Treasury Department deemed 4 of the 10 largest loan servicers in the country as needing "substantial improvement" in regards to the Making Home Affordable loan modification program.  Bank of America, JP Morgan Chase, Ocwen and Wells Fargo were the four servicers to fail the Treasury's metric.

Inman news reports that:

"In April, more than 29,000 homeowners received a trial HAMP modification and nearly 29,000 additional homeowners received a permanent modification, bringing the total number of permanent modifications under the program to nearly 700,000. Since June 2010, 70 percent of the trial modifications started have been made permanent, the report said."

and

"While we continue to get tens of thousands of new homeowners into mortgage modifications each month, we need servicers to step up their performance to meet the needs of those still struggling," said Tim Massad, acting Treasury assistant secretary for financial stability, in a statement."

Full article available at Inman News.

The other size of the largest 10 were deemed to need "moderate improvement".  This includes American Home Mortgage, CitiMortgage, GMAC, Litton Loan, OneWest and Select Portoflio Servicing.  Those six will receive their financial incentive payments - while the 4 worst will not.