Skip to main content

HOPE NOW Reports 101,000 Loan Mods Completed in January

NationalMortgageProfessional.com
Mar 10, 2011

HOPE NOW has released its January 2011 loan modification data, which shows that an estimated 101,000 homeowners received permanent, affordable loan modifications from mortgage servicers in the first month of the year. The reported data for January shows that, for the month, mortgage servicers completed approximately 73,000 proprietary loan modifications for homeowners and 27,957 Home Affordable Modification Program (HAMP) modifications (as reported by the U.S. Department of the Treasury), for an estimated total of 101,000. The number of permanent loan modifications was slightly down from December 2010 (111,000), but loan modifications still continue to outpace foreclosure sales nationwide. The 101,000 permanent loan modifications for the month compared to 73,000 foreclosure sales completed. “HOPE NOW is encouraged by the fact that the trend of permanent loan modifications to completed foreclosure sales continues to be favorable. Over the past year, the industry has completed almost two million loan modifications for homeowners at risk of foreclosure," said Faith Schwartz, executive director of HOPE NOW. "The combination of government modifications and private modifications continues to make a meaningful difference in preserving homeownership and preventing foreclosures. As required by the current Making Home Affordable Program (HAMP), all modifications must be reviewed for HAMP eligibility prior to receiving a proprietary modification. Typically, many of these modifications are FNMA, Freddie Mac or FHA modifications." Here are some of the highlights of the January 2010 data: ►Total permanent loan modifications for the month were approximately 101,000, compared to 111,000 in December 2010. ►Loan modifications with reduced principal and interest payments accounted for approximately 81 percent (59,000) of all proprietary modifications. ►Fixed-rate modifications (initial fixed period of five years or more) accounted for 85 percent (62,000) of all proprietary modifications. ►Completed foreclosure sales for the month were approximately 73,000, compared with 58,000 in December 2010. ►60-plus days delinquencies for the month were 3.08 million, compared to 3.03 million in December 2010.
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021