Loan modifications rose on a year-over-year basis, though a month-over-month slump was recorded for government-supported modifications.
Servicers of residential loans along with their service providers completed loan modifications on 36,006 mortgages during the month of August.
Loan modification volume picked up from the previous month, when the total was 34,815. The total also increased form 32,260 one year prior.
The HOPE NOW
alliance reported the statistics based on an extrapolation of data collected from its members.
Servicers’ own proprietary modification programs were responsible for 25,396 of the latest activity. Proprietary volume rose from 22,734 in July and 22,771 previously reported for August 2015.
Another 10,610 modifications were completed through the Home Affordable Modification Program during August 2016.
Although HAMP volume declined from 12,081 a month earlier, program activity picked up from 9,489 previously reported for a year earlier.
There have been 1,644,427 permanent HAMP modifications since
HOPE NOW started tracking HAMP data in December 2009.
