With government-funded loan modifications leading the way, monthly activity slowed. Volume has plummeted compared to a year prior thanks mostly to proprietary programs.
Loan modifications completed in November worked out to 44,320.
The total included modifications completed through the Home Affordable Modification Program and also through mortgage servicers’ own proprietary programs.
Servicers fell short of the 49,990 modifications they completed in October.
In fact, according to historical data from HOPE NOW, the number of modifications has fallen each month since August, when 67,275 were completed.
HOPE NOW previously reported that 77,626 modifications were completed in November 2012.
Year-to-date Nov. 30, there have been 724,350 loan modifications completed.
“As we approach the seven million mark for completed loan modifications, we remain convinced that the collaborative efforts of the industry, non-profits, government agencies and local community groups continues to make a positive impact on the nation’s housing market,” HOPE NOW Executive Director Eric Selk said in the report.
Looking just at HAMP activity, volume fell to 12,996 during the most recent month from 16,583 in October and 15,399 in November 2012.
During the first 11 months of 2013, HAMP volume amounted to 161,532 loan modifications.
Servicers’ proprietary programs generated 31,324 modifications in November, off from 33,607 a month earlier and 62,227 a year earlier.
From Jan. 1 through Nov. 30, proprietary volume totaled 562,818.
