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HOPE NOW: Servicers complete 800,536 permanent loan mods in 2010

NationalMortgageProfessional.com
Jun 24, 2010

HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors have announced that loan modification data collected through May 2010 shows significant industry progress on delinquent loans. Since HOPE NOW initiated survey data reporting (July 2007), more than 3.2 million homeowners have saved their homes via permanent loan modifications. This total reflects the combination of proprietary loan modifications plus those completed under the Home Affordable Modification Program (HAMP). Additionally, mortgage servicers have offered distressed borrowers more than 9.5 million total workout solutions since 2007. These include repayment plans, forbearance and other foreclosure prevention options. For the month of May, the industry completed about 159,000 total loan modifications, which includes 112,000 proprietary loan modifications and 47,000 HAMP modifications. In 2010, servicers have completed 800,536 permanent loan modifications. Seventy-seven percent of proprietary (non-HAMP) modifications include lower principal and interest payments, which means these programs are being designed for longer-term sustainability and homeownership. Here are the highlights of the May 2010 data: ►60 days plus delinquencies totaled 3.77 million loans (seven percent of total loans) ►Foreclosure starts totaled 205,479 ►Foreclosure sales totaled 98,963 ►Total loan modifications were 159,812 ►77.5 percent of proprietary modifications had lowered principal and interest payments ►There were 402,920 total workout solutions “The latest results continue to support the industry’s unprecedented efforts to assist borrowers across the country using myriad foreclosure prevention programs," said Faith Schwartz, senior advisor for HOPE NOW. "The industry has made great strides and is organized around significant efforts, starting with Making Home Affordable and propriety modification solutions that remain a dominant solution to prevent foreclosure. The industry has also implemented many other retention efforts that go a long way to help borrowers.  With 3.7 million borrowers that remain 60 or more days past due on their mortgages, it is incumbent that the industry, government and non-profit segments continue to collaborate until the housing market has stabilized. We feel confident that these comprehensive efforts will be reflected in future data and lead to further advances in effectively offering homeowners real mortgage solutions.” For more information, visit www.hopenow.com.  
Published
Jun 24, 2010
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