The latest monthly reading on mortgage modifications shows that residential loan servicers picked up the pace of activity.
A total of 39,007 home loans were modified during October. The figure includes proprietary modifications and Home Affordable Modification Program activity.
A month earlier, 34,047 loans were modified, while the number was 49,990 in the same month a year earlier.
The volume levels were reported by HOPE NOW.
The latest month included 10,023 HAMP transactions.
HAMP activity increased from 9,559 during September.
But HAMP modifications have fallen versus October 2013, when 16,383 loans were modified through the program.
HOPE NOW said that 1,426,728 permanent HAMP modifications have been completed since
HAMP tracking began in December 2009.
Proprietary modifications accounted for 28,984 of October 2014’s total, climbing from 24,488 the previous month.
As was the case with HAMP activity, proprietary modifications contracted compared to the same month last year — a month when 33,607 loans were modified through lenders’ own proprietary programs.
