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Proprietary Modification Volume Fading

Mortgage News

Mortgage servicers have slowed the pace of loan modifications for four consecutive months, though government-supported modifications turned higher. Proprietary activity has diminished considerably over the past year.

During December, there were 43,569 loan modifications completed through proprietary programs and through the Home Affordable Modification Program.

Total modification volume slipped from a month earlier, when residential loan servicers generated 44,320 completed modifications.

The numbers were reported Thursday by HOPE NOW.

A year earlier, volume was far higher at 80,608 total completed modifications.

For all of 2013, there were 767,919 modifications completed, slightly fewer than the revised 863,737 reported for 2012.

The 2013 total included 175,076 HAMPs and 592,843 proprietary modifications.

Since 2009, when HAMP production began, there have been 1,311,498 HAMP modifications completed.

On a monthly basis, 13,544 HAMPs were completed in December, up from 12,996 in January but off from 14,484 in December 2012.

Proprietary volume slipped to 30,025 from 31,324 a month earlier and has plummeted from 66,124 a year earlier.

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