The volume of residential loan modifications started the new year off at a slower pace. Both proprietary and government-supported modifications declined.
Home loan servicers completed 35,167 loan modifications in January. The total included proprietary modifications and those completed through the Home Affordable Modification Program.
Modification activity declined from
the previous month, when 36,639 modifications were completed. Activity had increased during December.
The decline was more significant versus January 2014, when the count was 44,776 completed loan modifications. The year-earlier number was revised up from 44,237 originally reported.
The statistics were collected and reported by HOPE NOW.
HAMP modifications accounted for 10,765 of January 2015’s activity,
up by 40 completed modifications from a month earlier.
But HAMP production slid from 15,729 a year earlier.
Since the Making Home Affordable initiative was launched, 1,459,221 HAMP modifications have been completed.
Servicers completed 24,402 proprietary loan modifications during the most-recent month, off from 25,914 in December.
In January 2014, there were 29,047 proprietary loan modifications completed.
