Modifications Grew 46% Compared To April 2009

Posted by Orb Staff on June 03, 2010 No Comments
Categories : Mortgage Servicing

han 104,000 borrowers received proprietary modifications during the month of April, bringing the year-to-date total for these types of loan modifications to 409,783, according to the latest figures from HOPE NOW. When these 104,000 proprietary modifications are added to the number of loan mods performed under the Home Affordable Modification Program (HAMP), as tabulated by the U.S. Treasury Department, the industry completed more than 172,000 loan modifications in April and almost 642,000 (641,937) permanent loan modifications for at-risk homeowners so far this year. According to HOPE NOW, which in recent months has focused its data collection on servicers' in-house (i.e., non-HAMP) modifications, the 172,000 total loan modifications for April represent a 46% increase compared to the same month last year, when the industry completed 117,818 loan modifications. The number of HAMP modifications continues to increase, but for homeowners who are not eligible for HAMP, sustainable proprietary modifications continue to play an important role in helping homeowners in difficulty across the country, the group says. "Our data continue to show that the industry's comprehensive loan modification efforts are making significant headway,’ says Faith Schwartz, senior advisor for HOPE NOW. SOURCE: [link=http://hopenow.com/industry-data/HOPE%20NOW%20Data%20Report%20(April)%2005-28-2010.pdf]HOPE NOW

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