Monthly loan modification volume climbed to the highest level in more than a year. Behind the up tick was a surge in the government’s loan modification program.
During the month of April, mortgage servicers successfully completed loan modifications on 44,457 residential loans. Among the total were government-supported and proprietary modifications.
It was the most loan modifications that have been completed by servicers and their service providers since March 2014, when 45,321 loans were modified.
That is based on
historical data from HOPE NOW, which reports the numbers monthly.
Loan modification volume inched up from the March 2015, when modifications were completed on 43,084 home loans.
Activity was also stronger than April 2014, a month that saw 41,296 modifications.
During the first four months of this year, loan modification volume totaled 160,228.
Behind the increase were loans modified through the Home Affordable Modification Program, with the number of transactions jumping to 15,425 — the most HAMP modifications since 15,729 were completed in January 2014.
HAMP volume nearly doubled from 8,262 a month earlier and was
also better than 11,813 a year earlier.
But mortgage servicers’ own proprietary modification programs fell to 29,032 in April 2015 from 34,822 in March.
Proprietary volume was 29,483 in April
2014.
