The monthly volume of completed loan modifications moved higher, with government supported loan modifications responsible for much of the gain.
Mortgage servicers completed 73,598 mortgage loan modifications in May, more than the 69,903 loan modifications completed during the previous month.
Home loan servicers also upped their activity from the same month last year, when 62,717 mortgage modifications were completed.
The modification data was reported Tuesday by HOPE NOW, an industry-created alliance of mortgage servicers, investors, counselors and other mortgage market participants.
Since 2007, there have been 6.47 million total loan modifications, including 1.21 million permanent modifications completed through the Home Affordable Modification Program and 5.26 million proprietary modifications.
The latest month’s activity included 15,571 HAMP transactions.
HAMP volume jumped from 11,966 in April but retreated from 17,590 in the same month last year.
Proprietary loan modifications accounted for 58,027 of May’s activity.
Proprietary activity inched up from 57,937 a month earlier and increased from 45,127 in May 2012.
“Loan modifications completed via proprietary programs once again showed characteristics of sustainability and affordability for homeowners,” the report said. “It is important to note that the majority of these loans included both fixed interest rates and reduced principal/interest monthly payments.”
