through october 31, 2014 ofap statistics. case volume
TRANSCRIPT
Through October 31, 2014
OFAP Statistics
Case Volume
Volume Remains Steady
Augus
t 201
3
Sept
embe
r 20
13
Octob
er 2
013
Nov
embe
r 20
13
Decem
ber 20
13
Janu
ary 20
14
Febr
uary
201
4
Mar
ch 2
014
April
2014
May
201
4
June
201
4
July 2
014
Augus
t 201
4
Sept
embe
r 20
14
Octob
er 2
014
0
500
1000
1500
2000
2500
Requests* Notices Sent
Requests by Servicer
Wells Fargo32%
Nationstar11%
Chase9%
Ocwen9%Green Tree
7%
SPS5%
Bank of America
5%
Seterus3%
US Bank3%
SLS2%
Other14%
Case Flow *Includes cases later withdrawn by the servicer
Intake8%
Open17%
Closed*75%
Participation
2,714 Grantors Participating(Fee Paid)
30% 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
Adjourning Conferences
In 2,169 cases, the parties have met at least once
In 62% of those cases, the parties have met twice
In 24% of those cases, the parties have met more than twice
Outcomes
Agreement Rate Holding Steady
*Pre-conference settlements through May 2014 tracked as no agreement cases
Agreement (774)44%
Pre-Conference Settlement (106)
6%
No Agree-
ment (874)50%
Agreements to Retain Home
Retention
(739)
Permanent
Modification (129)
Trial Period Plan (403)
Forbearance
Agreement (78) Reinstate
or Payoff (110)
Repayment Plan or OHSI (19)
Agreements to Surrender
Non-Retenti
on (141)
Short Sale or DIL (76)
Forbearance
Agreement (48)
Voluntary Surrender
(14)
Cash for Keys (3)
Satisfaction of Participants
98% of servicers gave the OFA Program a neutral or better rating
79% of homeowners were satisfied or very satisfied with the OFA Program
95% of homeowners would recommend the OFA Program to another
Satisfaction of Participants
92% of homeowners found the housing counselor helpful or very helpful
94% of homeowners were satisfied or very satisfied with the facilitator
87% of servicers were satisfied or very satisfied with the facilitator