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HOPE NOW Reports 87,000 Permanent Loan Mods Completed in February

NationalMortgageProfessional.com
Apr 07, 2011

HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its February 2011 loan modification data, which shows that an estimated 87,000 homeowners received permanent, affordable loan modifications from mortgage servicers for the month. The reported data for February shows that, for the month, mortgage servicers completed approximately 61,000 proprietary loan modifications for homeowners the U.S. Treasury Department), for an estimated total of 87,000. Of the proprietary modifications completed, approximately 81 percent (49,000) included reduced monthly principal and interest payments. Additionally, proprietary loan modifications that reduced principal and interest payments by more than 10 percent represented 59 percent (36,000) of the monthly total. The data for February also showed declines in both the 60-plus days delinquency number (2.78 million, compared to 2.95 million for January) and the number of foreclosure starts (180,000 compared to 204,000 in January). Here are some of the highlights of the HOPE NOW February 2011 data: ►Total permanent loan modifications for the month were approximately 87,000, compared to 100,000 in January 2011. ►Approximately 61,000 were proprietary modifications. ►HAMP modifications totaled 26,147 for the month. ►Loan modifications with reduced principal and interest payments accounted for approximately 81 percent (49,000) of all proprietary modifications. ►Loan modifications with reduced principal and interest payments by 10 percent or greater accounted for approximately 59 percent (36,000) of all proprietary modifications. ►Fixed-rate modifications (initial fixed period of five years or more) accounted for 81% (49,000) of all proprietary modifications. ►Foreclosure starts for the month were 180,000, down from the 204,000 reported for January 2011. ►Completed foreclosure sales for the month were approximately 73,000, which was essentially unchanged from January 2011. ►Sixty-plus days delinquencies for the month were 2.78 million, compared to 2.95 million in January 2011. “Despite the numerous issues surrounding the loan servicing industry which have caused some delays in process, servicers and non-profit housing counselors continue to make progress in reaching at-risk homeowners, counseling at-risk homeowners, and offering alternatives to families facing foreclosure," said Faith Schwartz, Executive Director of HOPE NOW. "While we have seen a decline in overall modifications, we are pleased to see the serious delinquencies once again declined in the month of February, consistent with a trend we have seen in earlier months."
Published
Apr 07, 2011
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