Monthly loan modification activity has fallen to the lowest level in more than six years — with government-supported volume slowing to a trickle.
September saw 34,047 residential loans modified by mortgage servicers. It was the fewest modifications completed during any month since 2007.
In August, there were 39,412 loan modifications completed, while the number was 52,656 in September of last year.
HOPE NOW reported the activity Wednesday.
Mortgages modified through the Home Affordable Modification Program accounted for 9,559 of September 2014’s activity.
The was the smallest number of HAMPs completed since 2009.
Completed HAMP modifications were 9,648 a month earlier and 12,884 a year earlier.
Since HAMP tracking began in December 2009, there have been 1,416,705 loans modified.
Modifications completed through servicers’ own proprietary programs represented 24,488 of September 2014’s total, rising from the previous month’s 29,764.
In September 2013, there were 39,772 proprietary modifications completed.
