A bump in proprietary loan modification activity couldn’t overcome a slump in modifications completed through the government’s program.
Servicers of residential loans and their service providers completed 34,437 loan modifications during June.
The total number of modifications reported reflects proprietary activity and modifications completed through the federal Home Affordable Modification Program.
Activity was slightly off from the prior month, when 34,961 modifications were completed on home loans.
Hope Now, which provided the statistics, previously reported that loan modification volume was 38,489 during June 2014.
The latest activity brought first-half 2015
modifications completed to 229,346 transactions.
June 2015 activity included 9,741
modifications completed through HAMP.
HAMP volume dropped from 10,572 a month earlier and
10,813 a year earlier.
Another 24,696 proprietary loans modifications were completed during June 2015.
Proprietary activity inched up from 24,389 completed in May.
However, mortgage servicers fell short of the pace of modifications completed through proprietary programs from 27,676 in June 2014.
