The sky is not completely falling at mortgage servicing shops across the United States, despite a new report from the National Mortgage Monitor, which shows some of the nation’s top five servicers failing to meet loan modification documentation timelines and single-point-of-contact requirements.

A deeper look at new test results from the national monitor shows servicers passing most of the key metrics laid out in the monitor’s compliance testing.

This realization suggests quantifying the problems is not easy and requires more nuance. The takeway after a deeper look is that servicers still have more work to do, but they received passing scores on most of the tested metrics.

The Monitor released scorecards on the five servicers who signed onto the $25 billion National Mortgage Servicing Settlement with AGs in 2012.

The latest results for each servicer highlight how many hours were spent testing the individual servicer on various metrics.

It’s important to note, all of the servicers tested – Bank of America, Wells Fargo, Citigroup, Chase, and ResCap – achieved ‘passing’ scores on the majority of the metrics tested when evaluating data from the past few testing periods. Not all of the metrics were tested at once.   

Take Wells Fargo, for example.

Approximately 6,850 hours were spent testing loans using 20 performance metrics. Out of 20-something metrics, Wells Fargo failed only one test related to loan modification document collection timelines.

On the other hand, the servicer obtained a passing grade when tested for foreclosure errors and for meeting single-point-of-contact guidelines.

Wells Fargo also succeeded in complying with dual-tracking bans and dealing with force-placed insurance among other metrics. Wells replied to the report in a statement Wednesday saying, "Of particular note is that the report indicates that Wells Fargo will pass all 28 of the metrics for which we will be measured during the third reporting period."

On the metric that it's struggling with, Wells Fargo said, "We promptly initiated an action plan to improve our response to borrowers on their loan modification applications under Metric 19 and our internal reviews show that we are now meeting those requirements as well.  As of the third reporting period, we will meet all the 28 other metrics."

Bank of America failed two out of 12 tested metrics, but managed to succeed in ensuring compliance during foreclosure sales, meeting single-point-of-contact guidelines and in responding to complaints within certain timeframes.  

Still, BofA struggles with loan modification document collection timelines and pre-foreclosure initiation, according to the monitor report.

Chase failed only one metric test for its failure to reasonably meet loan modification notification/and decision timelines, but passed when evaluated in other key areas such as maintaining a SPOC or prohibiting dual tracking.

Citigroup underwent testing for 15 different metrics over a few periods of testing. The most recent report shows the servicer failing in only two areas -- pre-foreclosure initiation and short-sale document collection practices.

But when it comes to SPOC, workforce management and short-sale and force-placed insurance compliance among other metrics, Citigroup is passing.

ResCap and associated parties had no reported failures in the most recent period of compliance testing.