Major mortgage servicers Ocwen (OCN), Walter Investment (WAC) and Nationstar (NSM) stand to gain with the White House officially extending the Home Affordable Modification Program another two years, analysts with Compass Point Research & Trading said.

The White House is expected to announce the extension through 2015.

"Roughly 9% of OCN's revenue in 2012 derived from HAMP fees, we estimate NSM modified roughly 10% of the delinquent borrowers through HAMP in 2012 and WAC had a limited amount of HAMP modifications," said Compass Point.

"We believe the extension of HAMP is a greater positive for NSM given the company will have over $55B of nonperforming unpaid principal balance it needs to work through following the boarding of the Bank of America private-label servicing portfolio."

Revenue from the Home Affordable Refinancing Program transactions proved fruitful for servicers in the past.

Ocwen recorded $77 million in HARP fee revenue while servicing $25 billion nonperforming loans in 2012, Compass Point added.

"We view the extension of HAMP as another tool for mortgage servicers to use when working through nonperforming loans, which should help drive down delinquency and servicing advance levels," the research firm added. "Lower delinquencies will lead to lower personnel costs and lower interest expense associated with financing advances."