Through June 13, 2014
OFAP Statistics
Case Volume
1,000 Requests Per Month
August 2013
September 2013
October 2013
November 2013
December 2013
January 2014
February 2014
March 2014 April 2014 May 2014
220
1112
686
10261156 1222
652
1072
17331638
Wells Fargo34%
Nationstar12%
Chase11%
Ocwen10%
GreenTree8%
SPS4%
US Bank3%
Seterus3%
SLS3%
Champion2%
PNC2%
Other9%
Requests by Servicer
Intake11%
Open31%Closed*
58%
58% All Cases Are Closed
*Includes cases later withdrawn by the servicer
Participation
1,712 Grantors Participating(Fee Paid)
31% Participation Rate(Adjusted)
23% Participation Rate(Raw)
Raw Participation Rate:
Includes all cases in which a notice was sent and the fee deadline has passed
Adjusted Participation Rate:
Excludes cases with wrong numbers and deceased grantors if no successor is identified
Conferences
Scheduling Initial Sessions
Initial sessions rarely occur on the notice date
Document issues on both sides are the primary cause of delay
Parties must identify issues and request any reset two weeks prior
Adjourning Conferences
In 1,050 cases, the parties have met at least once
In 67% of those cases, the parties have met twice
In 21% of those cases, the parties have met more than twice
Outcomes
Agreement47%
No Agree-ment*52%
Pre-Conference Settlement 1%
Current Agreement Rate
*Pre-conference settlements tracked as no agreement cases through May 2014
658 Concluded
Conferences
Agreements to Retain Home
Retention
(249)
Permanent
Modification (60)
Trial Period Plan (143)
Forbearance
Agreement (21) Reinstate
or Payoff (20)
Repayment Plan
(5)
Agreements to Surrender
Non-Retention (65)
Short Sale or DIL (32)
Forbearance
Agreement (17)
Voluntary Surrende
r (13)
Cash for Keys (3)
Satisfaction of Participants
97% of servicers gave the OFA Program a neutral or better rating
80% of homeowners were satisfied or very satisfied with the OFA Program
96% of homeowners would recommend the OFA Program to another
Satisfaction of Participants
93% of homeowners found the housing counselor helpful or very helpful
95% of homeowners were satisfied or very satisfied with the facilitator
91% of servicers were satisfied or very satisfied with the facilitator