Servicers that took part in the 2012 National Mortgage Settlement have since distributed $50.63 billion in relief to more than 620,000 homeowners, Joseph Smith, the independent monitor overseeing the Office of Mortgage Settlement Oversight reported Tuesday.

That figure includes both consumer relief and modifications for active first-lien mortgages.

The Department of Housing released an update on the $25 billion mortgage servicing settlement that established national servicing guidelines for the country's five largest servicers in 2012.

The settlement stipulated a series of relief measures, established national servicing guidelines while pushing for more aid to troubled borrowers in the form of principal reductions and loan modifications.

Monitor Joseph Smith estimates homeowners received roughly $81,000 per borrower as part of the consumer relief efforts deployed.

"One year in, it is clear that this historic settlement is making a profound difference on lives and communities. We have far surpassed expectations in our efforts to assist struggling Americans," said HUD Secretary Shaun Donovan.

"The Monitor’s latest update reaffirms a simple truth: that large-scale principal reduction is an important tool in preventing foreclosures. We look forward to reviewing the Monitor’s compliance reports next month.  We will also continue to keep a close eye on the banks to ensure they live up to their end of the deal when completing their consumer relief."

For its part, JP Morgan Chase reports helping 126,000 homeowners.

In a press statement, JP Morgan Chase (JPM) said it provided $11 billion in total mortgage relief in just 13 months, this includes all of its mortgage relief efforts.

"We worked very hard to help homeowners as quickly as possible,” said Kevin Watters, Chief Executive Officer of Mortgage Banking.

JPMorgan forgave $2.9 billion in principal on first-lien mortgages and provided refinancing on $3 billion of loans to underwater borrowers who were current on their mortgage.

The average first mortgage principal reduction is $121,000 at JPMorgan, compared to $160,000 at Bank of America.

Bank of America (BAC) completed and approved assistance to about 320,000 customers totaling $29.2 billion in aggregate relief across all settlement programs.

Nearly 46,500 additional homeowners who are making timely payments on loan balances that exceed the current value of the property have received offers of life-of-loan interest rate reductions to lower their monthly costs, the lender said in a statement.

Since the settlement took effect on March 1, 2012, approximately 387,000 borrowers have received either a loan modification, an extinguishment or refinancing assistance, Smith said. These relief measures alone represented $29.2 billion of the total aid granted—the equivalent of $75,438 per borrower.

In addition, about 92,599 borrowers completed a first-lien modification, accounting for $10.13 billion in principal forgiveness.

Second-lien modifications and extinguishments also benefited 206,727 borrowers contributing $14.193 billion in relief, with the average relief amount hitting $68,655 for second-lien holders.

The settlement monitor says the data is self-reported by the banks and is not credited under the national settlement until each bank requests a formal review from the monitor’s office. To date, only ResCap, formerly GMAC, has received credit for its relief expenditures.

Click here to read a complete fact sheet on the aid granted.

kpanchuk@housingwire.com