The five largest U.S. mortgage lenders say they have lightened the mortgage debt load for Hawaii borrowers to the tune of $176 million in a little more than a year as part of a national foreclosure abuse settlement.

About 1,600 Hawaii customers of the five lenders received benefits that averaged $110,205 and included reductions in loan principal, refinanced loans and forgiven debt left over from short sales, according to the latest report from the federal Office of Mortgage Settlement Oversight.

Another 430 Hawaii homeowners have begun, or are approved for, trial loan modifications representing an additional $83 million in relief if the trials succeed, the report said.

The total relief for Hawaii borrowers is estimated to be close to fulfilling Hawaii’s share of the historic settlement, according to Steve Levins, a Hawaii deputy attorney general involved with the settlement.

“I think it’s pretty much satisfied,” he said.

Financial relief under the settlement has helped hundreds of Hawaii homeowners stay in their homes. Hundreds more still lost their homes, but also shed burdensome debt.

The report is based on relief that lenders reported delivering between March 1, 2012, when the program began, and March 31, 2013. The Office of Mortgage Settlement Oversight is in the process of validating the reports.

The five lenders — Bank of America, J.P. Morgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and GMAC Mortgage parent Ally Financial Inc. — have three years to fulfill the settlement, but financial incentives encourage them to act more quickly.

Nationally, relief valued at about $50 billion has been delivered to about 600,000 people, or about $80,000 on average.

Shaun Donovan, secretary of the federal Department of Housing and Urban Development, said in a statement that expectations were surpassed in the settlement and its effort to assist citizens struggling with their home mortgages.

“One year in, it is clear that this historic settlement is making a profound difference on lives and communities,” he said. “Due to the efforts by 49 bipartisan state attorneys general and the federal government, hundreds of thousands of people are able to stay in their homes or avoid foreclosure, preventing the erosion of the social fabric of our communities.”

Most of the relief at both the national and Hawaii levels was delivered in the form of short sales, in which a home is sold for less than the mortgage balance. In these cases, the remaining debt is forgiven and recorded as relief.

About $81 million — almost half of Hawaii’s $176 million total relief — was for short sales affecting 590 borrowers.

The second biggest type of relief for Hawaii was $57 million worth of forgiven second mortgages for 623 borrowers. Reduced principal debt on first mortgages accounted for $28 million in local relief for 133 borrowers. Refinanced loans represented $5 million in relief for 66 borrowers.

A separate part of the settlement not included in the report provides one-time payments of up to $2,000 to borrowers who lost their homes to foreclosure from 2008 to 2011. Levins said about 1,700 such claims exist for Hawaii borrowers.

Another important piece of the settlement instituted new loan servicing standards that the Office of Mortgage Settlement Oversight is monitoring for compliance.

When the settlement was announced, it was described as a $25 billion deal nationally, with Hawaii’s share at $71 million. But those figures were misleading in an understated way because of how the value of relief is calculated and reported.

Lenders get partial or full credits toward the settlement figure depending on what kind of relief they provide. For instance, they get 20 cents to 45 cents on the dollar for short sales, and more for principal loan balance reductions.

The settlement provided a cap on short sales, which are easier and quicker to do compared with loan modifications that require underwriting. Lenders also were offered credit bonuses for reducing loans before March.

Donovan, the HUD secretary, pledged to keep a close eye on the banks to ensure they fulfill all consumer relief requirements and carry out the improved servicing standards.

“We will not stop until homeowners get a fair shake,” he said.

“We will not stop until homeowners get a fair shake,” he said.