Fewer borrowers received permanent loan modifications during the latest month, and the slowdown hit both proprietary programs and government-funded modifications.
In April, residential servicers completed 41,648 loan modifications. The total reflects proprietary modifications and transactions completed through the Home Affordable Modification Program.
Based on the oldest available data, home loan modification activity was slower than in any other month since tracking began in 2009.
The statistics were reported Tuesday by HOPE NOW.
Modification activity during the previous month was 45,321.
Volume sank from 69,903 modifications completed a year earlier.
HAMP permanent modifications fell to 11,813 from 13,179 in March.
HAMP activity, however, didn’t change much from the 11,966 completed in April 2013.
Total HAMP volume since the program started in 2009 amounted to 1,364,674 transactions.
April 2014 also included 29,835 proprietary loan modifications, fewer than the 32,142 a month earlier.
Proprietary activity has plummeted from 57,937 a year earlier.
