A month-over-month decline in loan modifications completed was driven by proprietary activity. Government-supported modifications saw a year-over-year gain.
During September of this year, residential loan servicers successfully completed 30,799 loan modifications. Modification volume fell from 36,161 a month earlier.
The total, including proprietary modifications and modifications completed through the Home Affordable Modification Program, dipped from 31,588 a year earlier.
The statistics were reported by HOPE NOW,
a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.
HOPE NOW extrapolated the data from 16 mortgage servicers that it collects data from.
The most-recent total included 20,904 proprietary loan modifications. Proprietary activity tumbled from 25,551 in August 2016 and slipped from 22,063 previously reported for September 2015.
Another 9,895 modifications completed in September 2016 were HAMP transactions, fewer than 10,610 the prior month
but more than the previously reported 9,525 a year prior.
Since HAMP
data tracking started in December 2009, there have been 1,654,322 modifications completed through the program.
