Loan Modification Activity Fades

Mortgage News

Mortgage Daily Staff

                                                 January 15, 2014

The volume of mortgage loan modification activity was down on a month-over-month basis and tumbled on a year-over-year basis.

During the month of July, the number of loan modifications that were completed by U.S. mortgage servicers came in at 35,402.

Activity dipped from the previous month, when 38,489 modifications were completed, and plunged compared to the 63,298 modifications completed in the same month last year.

HOPE NOW reported the modifications metrics.

Servicers utilized their own proprietary programs on 25,225 completed modifications during the most recent month.

Proprietary activity slowed from 27,676 in June’s report and plunged from 50,115 in the July 2013 report.

Modifications completed through the Home Affordable Modification Program numbered 10,177 in July.

HAMP activity slipped from 10,813 a month earlier and sank compared to 13,183 a year earlier.

Since tracking for the HAMP program started in December 2009, servicers have completed 1,397,498 HAMP modifications.

Mortgage Daily Staff

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