HOPE NOW
Industry Extrapolations and Metrics (April 2011)
Table of Contents
Page
Industry Market Coverage (All Count)
2
"Life to Date" Total Solutions
3
"Life to Date" Modifications
4
Workout Plans (Non-HAMP)
5
Proprietary Modifications
6
60+ Delinquency (All Loans)
7
Foreclosure Starts and Sales
8
Graphs
9
June 9, 2011
HOPE NOW
Industry Market Coverage
INDUSTRY MARKET COVERAGE
Millions of Residential Mortgage Loans
Total
Prime
Subprime
Loan Count
Hope Now
MBA
MBA Survey Hope Now # of Hope
Alliance
Delinquency Extrapolated Estimated
Now
Survey
Survey
to Total
Percent of Companies
(Apr 2011) (Q4-2010)*
Industry
Industry
Reporting
35.5
43.7
49.7
71.3%
21
31.3
39.5
44.9
69.6%
16
4.2
4.2
4.8
88.0%
19
*"MBA Delinquency Survey" data is for Q1-2011, while "HOPE NOW Alliance Survey" data is for April 2011. MBA estimates that its survey covers approximately
88% of the total industry. "Hope Now Estimated Percent of Industry" is derived by dividing "Hope Now Alliance Survey" (April 2011) by "MBA Survey Extrapolated
to Total Industry" (Q1-2011). "Hope Now Estimated Percent of Industry" estimates may increase or decrease slightly when the MBA releases its Delinquency
Survey data for Q2-2011.
**Survey data may be restated from time to time based on servicers' collection and reporting. HOPE NOW reports and extrapolates data as provided by servicers
to a third-party data aggregation vendor. Any data changes will be reflected in monthly reporting.
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
2
HOPE NOW
Total Solutions
Industry Extrapolations and HAMP Metrics (July 2007 - April 2011)
"LIFE TO DATE" TOTAL SOLUTIONS
Total Solutions
Q3-Q4
2007
2008
2009
Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011
912,671 2,258,603 4,252,078 1,363,112 1,216,864 1,121,085 1,109,602 1,027,276
HAMP Permanent
Modifications1
N/A
N/A
66,938
HAMP Trial
Modifications1
N/A
N/A
955,000
Proprietary
Modifications
2
Completed
206,240 961,355 1,172,490
Other Workout
Plans Completed
3
(Non-HAMP)
706,431 1,297,248 2,057,649
Feb-11
323,313
Mar-11
351,205
"Life to
Date"
Apr-11
Total
307,844 13,569,135
163,863
167,220
97,877
83,752
90,536
26,147
36,432
28,867
699,053
253,000
96,000
79,000
95,000
90,000
32,000
29,000
20,034
1,588,034
305,518
331,883
346,910
261,445
209,609
60,833
76,586
57,034
3,852,486
640,730
621,761
597,297
669,405
637,131
205,282
216,088
201,908
7,429,562
1
Source - Making Home Affordable. Estimated.
²Based on "MBA Delinquency Survey" for Q1-2011. MBA estimates that its survey covers approximately 88% of the total industry. HOPE NOW data estimates for April 2011 may increase
or decrease slightly when the MBA releases its Delinquency Survey data for Q2-2011.
3
Extrapolated. Other Workout Plans Completed is comprised of Repayment Plans Initiated (tracked from Q3-2007), Other Retention Plans Completed and Liquidation Plans (tracked from
December 2009).
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
3
HOPE NOW
"Life to Date" Completed Modifications
Industry Extrapolations and HAMP Metrics (July 2007 - April 2011)
"LIFE TO DATE" COMPLETED MODIFICATIONS
Total Completed
Modifications
HAMP
Permanent
Modifications1
Proprietary
Modifications
2
Completed
Q3-Q4
2007
2008
206,240
961,355 1,239,428
N/A
206,240
2009
Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Feb-2011 Mar-2011 Apr-2011
"Life to
Date"
Total
469,381
499,103
444,787
345,197
300,145
86,980
113,018
66,938
163,863
167,220
97,877
83,752
90,536
26,147
36,432
28,867
961,355 1,172,490
305,518
331,883
346,910
261,445
209,609
60,833
76,586
57,034 3,852,486
N/A
85,901 4,551,539
699,053
1
Source - Making Home Affordable. Estimated.
Extrapolated. Modifications Completed was revised in December 2009 to include Current Modifications and specifically exclude HAMP.
2
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
4
HOPE NOW
Total Solutions
Industry Extrapolations
WORKOUT PLANS (Non-HAMP)
Total Workout Plans (Non-HAMP)
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Repayment Plans Initiated1
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Proprietary Modifications Completed2
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Other Retention Plans Completed3
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Oct-10
287,859
197,727
90,132
271,095
16,808
Nov-10
251,105
165,447
85,658
236,295
15,086
Dec-10
308,475
214,822
93,653
290,803
17,723
Jan-11
261,930
179,068
82,862
244,319
18,658
Feb-11
239,972
159,195
80,778
222,757
17,216
Mar-11
258,595
169,626
88,969
237,431
21,204
Apr-11
226,981
149,867
77,114
210,736
16,261
Total
Jul-07 to
Apr-11
10,787,278
6,079,761
4,707,518
4,366,264
323,053
120,847
92,208
28,639
114,461
6,410
99,813
69,721
30,092
94,394
5,439
67,199
35,798
31,401
62,241
4,959
106,886
74,279
32,607
100,789
6,120
81,200
55,977
25,223
76,619
4,601
63,019
35,191
27,827
58,887
4,365
157,572
125,930
31,642
149,858
7,748
80,433
50,701
29,732
75,558
4,892
70,470
38,192
32,279
65,387
5,084
121,767
95,579
26,188
115,841
6,104
72,189
47,165
25,024
66,797
6,160
67,974
36,325
31,650
61,682
6,395
116,290
91,090
25,200
110,092
6,198
60,833
37,486
23,348
54,988
5,846
62,849
30,619
32,230
57,676
5,172
114,169
87,487
26,681
107,451
6,743
76,586
47,148
29,439
68,042
8,559
67,840
34,991
32,849
61,938
5,902
92,083
70,502
21,581
86,934
5,160
57,034
32,367
24,667
52,398
4,641
77,863
46,998
30,865
71,404
6,459
5,750,695
3,716,315
2,034,381
1,775,180
108,925
3,852,486
1,695,918
2,156,568
1,505,110
114,567
1,184,097
667,528
516,569
1,085,973
99,562
1
Definition of this field was revised in December 2009. HOPE NOW also began collecting Occupancy data at this time.
2
Proprietary Modifications Completed was revised in December 2009 to include Current Modifications and specifically exclude HAMP.
Other Retention Plans Completed is a new field added in December 2009. It is defined as the number of loans where the customer completed the terms of other retention
plan such as: FHA Partial Claim, FHA Secured, VA Refund, Stipulated Repayment / Stip-to-Mod, Forbearance Plans, MI Claim Advance, Reaged / Deferred / Extended, FNMA
Home Saver Forbearance, Payment Reduction Plan, or other GSE-sponsored forbearance program.
www.hopenow.com
3
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
5
HOPE NOW
Proprietary Modifications (Non-HAMP)
Industry Extrapolations (October 2010 - April 2011)
PROPRIETARY MODIFICATIONS (Non-HAMP)1
Proprietary Modifications
2
Proprietary Reduced P&I Modifications
% of Proprietary Modifications
Proprietary Fixed Rate Modifications3
(initial fixed period of 5 years or more)
% of Proprietary Modifications
3
Proprietary Reduced P&I Modifications
(10% or greater)
% of Proprietary Modifications
Oct-10
Nov-10
Dec-10
99,813
81,200
80,433
Jan-11
Feb-11
Mar-11
72,189
60,833
76,586
Apr-11
57,034
Total
Dec-09 to
Apr-11
1,613,958
83,812
84%
68,043
84%
65,844
82%
58,538
81%
49,204
81%
61,710
81%
46,547
82%
1,299,401
81%
89,862
90%
72,970
90%
73,687
92%
61,144
85%
49,172
81%
58,028
76%
44,562
78%
823,805
83%
69,850
70%
55,704
69%
52,422
65%
44,379
61%
35,541
58%
39,502
52%
30,312
53%
578,080
58%
¹Based on "MBA Delinquency Survey" for Q1-2011. MBA estimates that its survey covers approximately 88% of the total industry. HOPE NOW data estimates for
April 2011 may increase or decrease slightly when the MBA releases its Delinquency Survey data for Q2-2011.
2
Definition of Modification Field was adjusted in December 2009 to reflect Proprietary Modifications (specifically excluding HAMP) and include Current
Modifications.
3
Total for this field begins in June 2010.
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
6
HOPE NOW
60+ Delinquency
Industry Extrapolations
60+ DELINQUENCY (All Loans)
In thousands except for ratios
Number of Estimated Industry Loans1
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
60+ Days Delinquency
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
60 Days+ Delinquency
(Percentage of Total Loans)
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Oct-10
49,522
44,719
4,802
44,889
4,630
3,098
2,093
1,005
2,756
334
Nov-10
49,522
44,719
4,802
44,914
4,608
3,047
2,049
998
2,712
329
Dec-10
49,522
44,719
4,802
44,918
4,604
2,998
1,992
1,006
2,668
325
Jan-11
49,692
44,942
4,750
45,158
4,513
2,954
2,006
948
2,670
281
Feb-11
49,692
44,942
4,750
45,185
4,508
2,781
1,878
902
2,511
270
Mar-11
49,692
44,942
4,750
45,221
4,473
2,627
1,762
864
2,361
261
Apr-11
49,692
44,942
4,750
45,107
4,585
2,689
1,812
877
2,378
308
6%
5%
21%
6%
7%
6%
5%
21%
6%
7%
6%
4%
21%
6%
7%
6%
4%
20%
6%
6%
6%
4%
19%
6%
6%
5%
4%
18%
5%
6%
5%
4%
18%
5%
7%
¹Based on "MBA Delinquency Survey" for Q1-2011. MBA estimates that its survey covers approximately 88% of the total industry. HOPE NOW data
estimates for April 2011 may increase or decrease slightly when the MBA releases its Delinquency Survey data for Q2-2011.
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
7
HOPE NOW
Foreclosure Starts and Sales
Industry Extrapolations (October 2010 - April 2011)
FORECLOSURE STARTS (All Loans)
Total
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Oct-10
203,044
146,031
57,013
174,092
28,662
Nov-10
218,854
157,622
61,232
185,719
32,743
Dec-10
235,006
176,003
59,003
203,268
31,452
Jan-11
204,218
154,001
50,217
182,323
26,261
Feb-11
179,732
134,988
44,744
159,494
20,238
Mar-11
217,413
165,642
51,771
188,395
28,789
Apr-11
162,860
123,134
39,726
143,355
19,292
Feb-11
62,500
47,208
15,291
45,564
16,936
Mar-11
84,662
66,701
17,961
64,197
19,864
Apr-11
73,105
56,308
16,796
55,853
16,671
FORECLOSURE SALES (All Loans)
Total
Prime
Subprime
Owner-Occupied
Non-Owner Occupied
Oct-10
68,503
50,366
18,137
48,111
19,296
Nov-10
54,580
39,558
15,022
38,208
15,443
Dec-10
57,735
42,195
15,539
39,844
17,016
Jan-11
72,546
56,335
16,211
52,324
19,806
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING, DATABASING,
OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
8
HOPE NOW
Industry Extrapolations and HAMP Metrics
April 2011
Solutions Offered vs. Foreclosure Sales*
(thousands of loans)
600
500
400
300
200
100
0
Total Solutions
Foreclosure Sales
Source: Making Home Affordable and HOPE NOW
*Total Solutions is comprised of HAMP Permanent and Trial Loans, Proprietary Modifications
Completed, Repayment Plans Initiated, Other Retention Plans Completed, Short Sales and Deed-inLieu
Proprietary Modifications Completed*
(thousands of loans)
140
120
100
80
60
40
20
0
Total
Prime
Subprime
*Non-HAMP
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING,
DATABASING, OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
9
HOPE NOW
Industry Extrapolations and HAMP Metrics
April 2011
Total Modifications Completed
(thousands of loans)
200
150
100
50
0
Total Permanent Modification
Completed (Proprietary)
Completed HAMP
HAMP Trial Modification
Source: Making Home Affordable and HOPE NOW
Total Permanent Modifications is the sum of Completed HAMP and Completed (Proprietary).
HOPE NOW has collected data on Completed (Proprietary) Modifications since 2007. Data for
HAMP Trial Modifications began in May 2009 while data for Completed HAMP loans began in
September 2009.
60+ Delinquencies as
Percentage of Total Loans
25%
20%
15%
10%
5%
0%
Total
Prime
Subprime
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING,
DATABASING, OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
10
HOPE NOW
Industry Extrapolations and HAMP Metrics
April 2011
N
Foreclosure Starts
(thousands of loans)
300
250
200
150
100
50
0
Total
Prime
Subprime
Foreclosure Sales
(thousands of loans)
140
120
100
80
60
40
20
0
Total
Prime
Subprime
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING,
DATABASING, OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
11
HOPE NOW
Industry Extrapolations and HAMP Metrics
April 2011
Completed Foreclosure Sales as a % of
Foreclosure Starts
70%
60%
50%
40%
30%
20%
10%
0%
Source: Freddie Mac State Foreclosure Timelines and HOPE NOW
*There is a time lag between a foreclosure start and its completion. During this time many foreclosure starts
drop out for a variety of reasons. The time lag varies for individual states, ranging between 2 and 12 months.
The percentages in this graph adjust for this lag. The weighted average time between foreclosure start to
completion is approximately 6 months. This is calculated by multiplying the number of loans for each state by
the average time from foreclosure initiation to completed foreclosure sale, summing the results for all states,
and then dividing the aggregate by the total number of loans for all states.
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING,
DATABASING, OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
12
HOPE NOW
Industry Extrapolations and HAMP Metrics
April 2011
Modifications Completed
(thousands of loans)
200
150
100
50
0
Completed (Proprietary)
Completed HAMP
Cumulative Total Modifications Completed
(thousands of loans)
5,000
4,000
3,000
2,000
1,000
0
Completed (Proprietary)
Completed HAMP
Source: Making Home Affordable and HOPE NOW
HOPE NOW has collected data on Completed (Proprietary) Modifications since 2007. Data for
Completed HAMP loans began in September 2009.
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING,
DATABASING, OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
13
HOPE NOW
Industry Extrapolations and HAMP Metrics
April 2011
Ratio of Permanent Modifications to Foreclosures
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Permanent Mods to FC Starts
Permanent Mods to FC Sales
Permanent Modifications vs. Foreclosure Sales
(thousands of loans)
200
150
100
50
0
Total Permanent Modification
Foreclosure Sales
Source: Making Home Affordable and HOPE NOW
Permanent Modifications is the sum of Completed HAMP and Completed (Proprietary).
HOPE NOW has collected data on Completed (Proprietary) Modifications since 2007. Data for
Completed HAMP loans began in September 2009.
www.hopenow.com
THESE DATA ARE FOR ANALYSIS PURPOSES ONLY. NOT FOR REDISTRIBUTION, PUBLISHING,
DATABASING, OR PUBLIC POSTING WITHOUT EXPRESS WRITTEN PERMISSION.
14