Citigroup (NYSE: C)’s CitiMortgage unit improved its modification numbers under the Federal Government’s Making Home Affordable Program during the month of February, increasing the number of permanent modifications that it has made to 15,607.
Citigroup has done an excellent job in improving its numbers in the Making Home Affordable Program during the last few months. The company has now placed 52% of their homeowners into either a trial or permanent modification, which has helped many homeowners avoid foreclosure.
Every lender under the Making Home Affordable Program has had customer service issues with homeowners seeking HAMP-related modifications because of the sheer number of homeowners applying to make modifications, but Citigroup and other companies have been hiring to increase their capacity to make modifications happen.
At the end of January 2010, Citigroup had made 10,929 permanent modifications for homeowners. Citigroup has increased their total number of permanent modifications by more than one-third in a matter of 28 days.
No lender has been able to a perfect job under the home mortgage modification program, but Citigroup has markedly improved their numbers during the month of February.
