Skip to main content

More Than 40,000 Permanent Loan Mods Reportedly Granted in August

NationalMortgageProfessional.com
Oct 16, 2014

HOPE NOW has released its August 2014 loan modification data, which found that an estimated 40,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

Total mortgage solutions outpaced foreclosure sales by almost five to one. For the month of August, the combination of total loan modifications, short sales, deeds in lieu and workout plans were approximately 163,000. This compares to approximately 34,000 foreclosure sales for the month. Since the beginning of 2014, mortgage solutions have outpaced foreclosure sales 1.28 million to 314,000, or approximately four solutions for every one foreclosure sale.

Of the permanent loan modifications completed in the month of August, an estimated 30,000 were through proprietary programs and 9,648 were completed via HAMP.

Completed foreclosure sales continued to decline in August, with approximately 34,000 for the month, compared to 38,000 in July—a decrease of 11 percent. This is the lowest monthly total reported since HOPE NOW began collecting data in 2007. This number of monthly foreclosure sales has been relatively consistent for most of 2014. By comparison, foreclosure sales were approximately 58,000 during the same month last year. Foreclosure starts declined as well this month, with 65,000 reported in August compared to 70,000 reported in July.

Delinquencies of 60 days or more were under two million for the sixth straight month—at approximately 1.89 million. This represented a slight increase (1.6 percent) from the previous month. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the second quarter of 2014.

Other Key Metrics: August vs. July
►Loan modifications: Approximately 40,000 completed in August vs. 35,000 in July—an increase of approximately 12 percent.

Short sales: Approximately 9,300 completed in August vs. 11,000 in July—a decrease of 16 percent.

►Deed in-lieu: Approximately 2,400 completed in August vs. 2,500 in July—a decrease of seven percent.

 

Published
Oct 16, 2014
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021