Although overall loan modification volume was down in 2016, an increase was recorded for the government-supported program.
Last year, residential servicers were successful at modifying a total of 373,630 U.S. mortgages on behalf of distressed borrowers.
But activity
retreated compared to 2015, when the number of borrowers whose home loans were modified amounted to 419,053.
HOPE NOW — an alliance between counselors, mortgage companies, investors, regulators and other mortgage market participants — provided the data.
The 2016 total included
256,241 loan modifications completed through lenders’ own proprietary programs, retreating from 301,786 the previous year.
Another 117,389 modifications were completed through the Home Affordable Modification Program, more than the 117,267 transactions in 2015.
There have been
1,683,112 permanent HAMP modifications since HAMP was implemented in July 2007.
During just December 2016,
there were a total of 28,550 loan modifications completed, including 19,088 proprietary transactions and 9,462 HAMP modifications.
