HOPE NOW Reports 101,000 Loan Mods Completed in January – NMP 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.
Published
Mar 10, 2011
Ginnie Mae Exits The Stone Age And Embraces Blockchain

'Some of the procurement stuff that we do, maybe it’s archaic, maybe it needs to be innovated.'

Industry News
Jan 26, 2022
Katten Partner To Head Women In Securitization

Katten announced that Claudine Chen-Young, a partner in its Structured Finance and Securitization practice in Washington, is the newly named chair of Women in Securitization.

Industry News
Jan 26, 2022
AFR Adds Director Of Marketing

American Financial Resources, Inc. named Lauren Blackburn as its director of marketing, where she will be tasked with driving the company's marketing strategy.

Community
Jan 26, 2022
Standard Communities Creates Affordable Housing For The 'Missing Middle'

Standard Communities is taking over housing stock in the least affordable areas in America.

Industry News
Jan 26, 2022
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022