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SIGTARP report: More than 7 out of 10 (70%) homeowners were turned down for HAMP from their servicer

The latest Treasury Department Report shows that more than 70% of the homeowners who submitted applications into HAMP were denied! CitiMortgage, Inc. denied 87% of the applications submitted by homeowners.

Justice League

SIGTARP report to Congress:

JP MORGAN CHASE AND BANK OF AMERICA, HISTORICALLY THE TWO LARGEST HAMP SERVICERS, AND CITI EACH TURNED DOWN 80% OR MORE OF HOMEOWNERS WHO APPLIED FOR HAMP; OCWEN, THE CURRENT LARGEST HAMP SERVICER, TURNED DOWN MORE THAN 70% OF HOMEOWNERS WHO APPLIED FOR HAMP

Effective December 1, 2009, Treasury made the decision to require that HAMP servicers report to Treasury’s official HAMP database on every person denied for HAMP and the reason why the servicer denied the homeowner admittance into the program. Under HAMP, a homeowner’s mortgage servicer reviews the homeowner’s application and supporting documents and determines whether the person gets into HAMP or not. Requiring reporting on HAMP application denials is one way that Treasury gathers information to conduct oversight over HAMP servicers. Based on Treasury’s data through April 30, 2015, CitiMortgage, Inc. (“Citi”) has denied 340,439 out of 391,418 (87%) applications it received, roughly 9…

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