Nearly 1.1 million borrowers have enrolled in the Obama administration’s foreclosure prevention program since it started a year ago. From this more than 170,000 troubled have completed the application process and received permanent modifications.

At that rate, some 15.5 percent of those who entered the program have received permanent modification through February, up from 11.5 percent a month earlier, according to a Treasury Department report released Friday.

To receive a permanent loan modification, homeowners are required to make three monthly payments and provide proof of their income and a letter documenting their financial hardship. To date, about 90,000 borrowers have dropped out.

The program is designed to help borrowers by lowering their monthly payment by reducing mortgage rates to as lows as 2 percent for five years and extending loan terms to up to 40 years.

An additional 91,800 permanent modifications have been approved by servicers and are pending borrower acceptance. And more than 88,600 people have been denied lasting help because they did not meet the program's criteria, while another 1,499 homeowners have had their permanent modification

At present, more than 835,000 people are currently in trial modifications, where applications are being reviewed by banks to determine if they can make the reduced payments and gather necessary paperwork to verify financial hardship.

The government has set aside $75 billion in subsidies to entice mortgage companies to participate but only less than 1 percent has been used for the purpose.