A monthly increase in government-supported modifications of residential loans overcame a modest decline in the number of proprietary loan modifications.
During February, mortgage servicers successfully completed 27,056 loan modifications. Activity was up from the previous month, when 26,648 were completed.
But loan modification activity has slowed significantly from the same month last year, when a previously reported 33,832 loan modifications were completed.
The data were reported by HOPE NOW,
a voluntary private-sector alliance of servicers, investors, mortgage insurers and non-profit counselors.
Proprietary modifications accounted for 18,894 of last month’s volume.
Proprietary activity slipped from 19,032 a month earlier and fell from
23,758 a year earlier.
But there was an up tick in modifications completed through the Home Affordable Modification Program, with HAMP volume rising to 8,162 from 7,616 in January.
HAMP permanent modifications numbered far less, though, than 10,074 in February 2015.
Since tracking began in July 2007, there have been 1,581,801 mortgages modified through HAMP.
