A rise in monthly proprietary loan modification activity wasn’t enough to offset a drop in the number of government-supported modifications completed.
Including proprietary modifications and loans modified through the Home Affordable Modification Program, there were 29,910 loans modified in October.
Residential loan servicers slowed activity compared to the previous month, when
there were a total of 31,588 mortgages that were permanently modified.
HOPE NOW — a voluntary private-sector alliance of servicers, investors, mortgage insurers and non-profit counselors — previously reported that the number of modifications was 39,007 in the same month last year.
The most-recent volume included 22,130 home loans modified through mortgage servicers’ own proprietary programs.
Proprietary modifications increased from September 2015, when there were 22,063 modifications.
But activity slacked off versus the
28,984 proprietary modifications completed in October 2014.
HAMP volume accounted for 7,780 of November 2015’s modified mortgages.
HAMP activity tumbled from 9,525 a month earlier and 10,023 permanent modifications a year earlier.
Since the program went live in December 2009, there have been 1,549,823 mortgages permanently modified through HAMP.
