The monthly volume of completed loan modifications took a big hit, with government-supported modifications leading the way. Even year-over-year activity tumbled.
September saw 52,656 permanent loan modifications completed by U.S. mortgage servicers, HOPE NOW reported.
The total included modifications completed through the Home Affordable Modification Program and modifications processed through servicers’ proprietary programs.
Activity plunged from August, when a revised 66,334 modifications were completed.
Modification volume also sank compared to September 2012, when 77,104 were reported.
In the nine months ended Sept. 30, 2013, the number of modifications completed amounted to 630,040.
Since 2007, there have been 6.71 million permanent modifications completed, including 1.27 million HAMP modifications and 5.4 million proprietary modifications.
HAMP volume had the biggest percentage monthly drop — falling by nearly a third to 12,884 in September. A year earlier, 16,509 HAMPs were completed.
Proprietary volume fell to 39,772 from 47,265 in August and plummeted from 60,595 in the same month last year.
On just proprietary modifications, 76 percent had payment reductions, and 71 percent had payments that were lowered by more than 10 percent.
