Although the number of permanent loan modifications completed through the Home Affordable Modification Program was lower, overall month-over-month volume rose thanks to proprietary activity.
July saw 63,298 loan modifications completed by U.S. mortgage servicers. Activity picked up from June, when 61,366 modifications were completed.
But despite the month-over-month improvement, loan modification activity plunged from July 2012, when loan servicers completed 82,769 modifications.
HOPE NOW — a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors — released the data Wednesday.
From Jan. 1 through July 31, completed loan modifications totaled 512,665.
The most recent monthly activity included 13,183 permanent HAMP modifications, tumbling from 17,323 in June. The HAMP data was reported last week by the Obama administration.
Year-to-date HAMP modifications amounted to 100,200 completed modifications.
But it was proprietary loan modifications that were responsible for the month-over-month increase — climbing to 50,115 completed modifications from 44,043 in June.
During the first seven months of this year, 412,465 proprietary loan modifications were completed.
