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GucciThe nation's largest mortgage loan servicers have done a poor job in modifying distressed home loans through the government's foreclosure prevention program and need "substantial improvement," the Obama administration said Thursday.

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Louis VuittonBased on a recent audit, Bank of America, Wells Fargo and JPMorgan Chase will lose government financial incentives — which reach at least $1,000 for a permanent loan modification — until they improve, the Treasury Department said. They received $24 million in such incentives last month.

Vibram Five FingersNone of the 10 largest servicers participating in the Making Home Affordable Program have done a good job, Treasury said. Ocwen Loan Servicing also needs substantial improvement and six others need "moderate improvement," the audits show.

The government's audits, which for the first time are linked to financial incentives, are intended to hold servicers more accountable for their participation in the federal program, which has led to 700,000 permanent loan modifications since its start in 2009. That's far fewer than first envisioned.

The audits checked performance areas such as how well servicers dealt with homeowners and evaluated them for modifications, which could include lower interest rates.

One concern is whether the servicers correctly assessed homeowner incomes, which determine eligibility and modification terms.

The government's auditor found that BofA, JPMorgan Chase and Wells Fargo all calculated incomes incorrectly on more than 22% of audited loans.

The mortgage servicers took issue with the government's reviews and said they don't reflect improvements.