HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors has announced that its January 2010 data estimates 99,499 homeowners received proprietary loan modifications for the month. Combined with the United States Treasury’s recently released Home Affordable Modification Program (HAMP) data that showed 50,364 HAMP modifications for January, the total number of loan modifications is almost 150,000 for the month.
Most significant in the data is the fact that 74 percent of proprietary loan modifications done in January involved reductions of principal and interest payments--more than 73,000 loans. Also, it should be noted that proprietary non-HAMP solutions outnumbered HAMP modifications almost two to one; further proof that the industry is looking at a breadth of solutions designed to keep families in their homes.
Late in 2009, HOPE NOW and its Alliance partners decided to re-think survey data metrics as the issues and scope of the housing crisis changed. The result is an expansion and re-tooling of data reporting--focusing on non-HAMP modifications and other non-HAMP industry solutions.
“The new survey data expansion has taken several months to implement, and we are in the process of receiving, analyzing and reporting the new data results.," said Faith Schwartz, executive director of HOPE NOW. "Our primary purpose for reporting data remains unchanged: to track industry efforts helping distressed borrowers and avoiding foreclosure. While Treasury and other government sponsored programs have garnered much attention, much of the servicers’ hard work has gone unnoticed. Our new dataset is proof that the industry continues to aggressively find solutions for borrowers facing default."
HOPE NOW continues its efforts to reach troubled homeowners via face-to-face workshops held across the country and the Homeowner’s HOPE™ Hotline (888) 995-HOPE. Additionally, the organization recently introduced its Web portal, Hope LoanPort, which allows housing counselors to securely upload completed HAMP modifications directly to participating servicers.
Since 2008, 2.6 million homeowners have received modification solutions from the industry and more than 88,000 families have attended HOPE NOW's homeownership preservation workshops.
HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association, that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes.
For more information, visit www.HopeNow.com.