Servicers have completed fewer loan modifications for each of the past five months, though there was an up tick in the volume of government modifications.
For just the month of September, servicers of residential loans completed loan modifications on 31,588 mortgages.
That was according to HOPE NOW, a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.
Activity slowed from August, when 32,696 home loans were permanently modified. The month-earlier figure was revised up from 32,260 originally reported.
The volume of loan modifications has retreated each month April, when there were 43,971, according to historical data from HOPE NOW.
Declining modification activity reflects a significant reduction in 30-day delinquency excluding foreclosures, which has fallen to 4.77
percent as of October from 10.76 percent at the end of 2009, according to data reported by Black Knight Financial Services.
The latest month’s modification activity was also less than the 34,047 modifications completed in September 2014.
Included in the the September 2015 total were
9,525 modifications completed through the Home Affordable Modification Program.
HAMP activity actually accelerated from a month earlier, when the number was 9,489.
But, as was the case with overall activity, fewer HAMP modifications were completed compared to a year earlier, when there were 9,559.
There have been
1,542,043 permanent HAMP modifications completed since the program went live in December 2009.
Also included in the latest monthly total were 22,063 proprietary loan modifications.
Proprietary activity dropped off from 23,207 a month earlier and 24,488 a year earlier.
