A slump in the growth of government-funded home loan modifications was more than offset by strengthening in proprietary modification activity. Mortgage servicers have made headway in reducing the re-default rate on loan modifications.
Active loan modifications completed under the Home Affordable Modification Program totaled 825,478 as of July.
The number of active modifications in July was up 6,675 from June. Growth softened from a month earlier, when active HAMPs were up 8,360 from May.
The data was reported Thursday by the Obama administration.
Year to date, active HAMP count is up 62,639 from Dec. 31, 2011.
During July 2011, mortgage servicers pushed up the number of active HAMPs by 18,403.
Members of the Mortgage Insurance Companies of America — Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc. — insured 6,979 loans for $1.411 billion that were modified in the second quarter through HAMP, according to new monthly data from the Washington, D.C.-based trade group. HAMPÂ volume slipped from 7,224 loans for $1.310 billion in the first quarter.
Earlier this month, HOPE NOW reported that newly completed HAMPs amounted to 17,192 in June, down from 17,590 in May. Since reporting began in 2009 until June of this year, 1,043,471 HAMPs have been completed.
HOPEÂ NOWÂ said 66,002 proprietary modifications were completed in July, up from 63,400 a month earlier. Servicers have completed 4,619,054 proprietary loan modifications since 2007, and 340,826 have been completed so far in 2012.
MICAÂ indicated that 5,703 loans insured by its members for $1.062 billion were modified through proprietary programs in the second quarter, more than 5,477 modified for $1.016 billion in June.
The re-default rate on proprietary modifications fell to 8.9 percent in July from 10.36 percent at the end of June, HOPEÂ NOWÂ reported. It was the lowest rate since reporting began.
With the biggest monthly HAMP gain of 1,641 in July, JPMorgan Chase Bank, N.A., had 138,323 active HAMP modifications as of July –more than any other servicer.
Wells Fargo Bank, N.A.’s, July gain of 1,557 left its HAMPÂ servicing portfolio at 114,594 loans.
Ocwen Loan Servicing LLC’s ending count of 66,482 was 1,073 more than in June.
OneWest Bank climbed 499 to finish July with 33,642 active HAMPs, and GMAC was up 492 to 42,104.
HAMPs active at Bank of America, N.A., were 128,164. But BofA saw its active HAMP count fall by 6,675 in July.