It’s been at least five years — and likely even longer — since the number of proprietary loan modifications has been this low.
During the month of November, residential loan servicers successfully completed government-supported and proprietary modifications on 33,572 U.S. mortgages.
HOPE NOW reported the numbers Wednesday.
Modification activity fell from the previous month, when 39,007 home loans were modified.
Volume also subsided from the same month during the previous year, a month that saw 44,320 home loans permanently modified.
The declining activity reflects improving loan performance, rising home prices and falling unemployment– reducing the need for loan modifications.
Modifications subsidized through the Home Affordable Modification Program accounted for 11,003 of activity in the latest month, more than the 10,023
completed in October.
HAMP volume was 12,296 in November 2013.
HOPE NOW said that 1,437,731 HAMP transactions have been completed since HAMP tracking began in December 2009.
Although government-supported modifications moved higher, proprietary loan modifications
tumbled to 22,569 — the slowest month since at least 2009 based on the oldest HOPE NOW data maintained by Mortgage Daily.
A month earlier, 28,984 proprietary modifications were completed, while the figure was 31,324 a year earlier.
