The volume of government-supported modifications rose both on a month-over-month and year-over-year basis, while lenders’ own proprietary programs saw declines from both earlier periods.
Loan modifications completed by mortgage servicers during August, including proprietary modifications and those completed through the Home Affordable Modification Program, numbered 67,275 in August, HOPE NOW reported.
Activity picked up from the previous month, when 63,298 loan modifications were completed by servicers of residential loans.
But servicers have slowed their activity compared to one year earlier, when volume totaled 75,968 completed modifications.
Completed proprietary loan modifications fell to 48,206 from 50,115 in July. Proprietary volume sank from 59,459 completed in August 2012.
August 2013 saw 19,069 HAMP modifications completed, more than the 13,183 completed a month earlier and 16,509 completed a year earlier.
During the first eight months of 2013, total volume amounted to 579,940 completed modifications, including 460,671 proprietary modifications and 119,269 HAMPs.
