New data indicate the number of mortgages that were modified on a monthly basis ascended to the highest level in seven months.
U.S. residential loan servicers successfully completed a total of 32,099 loan modifications
during the month of March 2016.
Volume was higher than during any month since August of last year, when there were 32,696 loan modifications completed.
The data were reported by HOPE NOW,
which is a voluntary private-sector alliance of servicers, investors, mortgage insurers and non-profit counselors.
In
February 2016, there were an upwardly revised 27,244 home loans modified, while the count was 43,084 in March 2015.
The March 2016 total included 23,548 mortgages that were modified through servicers’ own proprietary programs.
Proprietary volume climbed from an upwardly revised 19,082 a month earlier
and 34,822 a year earlier.
Another 8,551 loans were modified through the Home Affordable Modification Program during the latest month.
HARP activity increased from 8,162 in February
and 8,262 in March 2015.
There have been
1,590,052 HAMP modifications completed since tracking began in July 2007.
