Skip to main content

26,000 U.S. Loan Mods in January

Phil Hall
Mar 21, 2016
CoreLogic has released its August 2016 National Foreclosure Report which shows the foreclosure inventory declined by 29.6 percent and completed foreclosures declined by 42.4 percent compared with August 2015

Total non-foreclosure solutions during January totaled roughly 102,000, according to new data from HOPE NOW. In comparison, approximately 33,000 foreclosure sales were completed during the first month of 2016.

Approximately 26,000 homeowners received permanent affordable loan modifications from mortgage servicers during January—down from 29,000 in December 2015—with an estimated 19,000 going through proprietary programs and the remainder going through HAMP. There were fewer short sales in January—5,700, versus 6,500 one month earlier—but more deed in-lieus—1,700, up from 1,400 in the prior month.

January saw increases in foreclosure starts (58,000, a six percent rise), foreclosure sales (33,000, a 35 percent spike) and serious delinquencies (1.84 million, up 14 percent). But HOPE NOW Executive Director Erik Selk was not perturbed by these numbers.

“Our data indicates that the housing market is taking the necessary steps towards recovery,” he said. “Although the foreclosure starts, sales and serious delinquency numbers increased in January, we usually see this trend in our historical data.  Despite these jumps, over 102,000 homeowners received a home retention or non-foreclosure solution – a four percent increase from December. And although permanent modifications decreased in January, servicers continue to utilize other solutions such as repayment or retention plans to aid at-risk homeowners.”

Published
Mar 21, 2016
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
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