Home loans modified through mortgage servicers’ own proprietary programs and through the government-funded program rose in December.
Residential loan servicers and their sub-servicers completed loan modifications on 29,346 mortgages during the final month of last year.
The total includes loans modified through proprietary programs and through the government-supported Home Affordable Modification Program.
The figures were delivered by HOPE NOW,
a voluntary private-sector alliance of servicers, investors, mortgage insurers and non-profit counselors.
HOPE NOW data reflect survey results from 16 companies on 24.8 million home loans, including 20.6 million prime mortgages and 4.3 million subprime loans.
Loans serviced by the companies surveyed reportedly account for 56.3 percent of all outstanding loans. The figures are then extrapolated out to represent an industry-wide estimate.
Loan modification volume picked up compared to November 2015, when the number of modifications completed came in at 25,995.
Activity eased, however, from December 2014, when there were a previously reported 36,639 loan modifications completed.
The December 2015 total included
8,209 HAMP modifications.
HAMP activity increased from 7,691 a month earlier
but slowed from 10,725 a year earlier.
Since HAMP was implemented in July 2007, there have been 1,565,723 loans permanently modified through the program.
Proprietary loan modifications accounted for 21,137 of the latest total.
Proprietary volume expanded from 18,304 in November of last year but fell short of the 25,914 permanent modifications in December 2014.
