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HOPE NOW: Loan Mods Up 6%

MBA Staff
HOPE NOW yesterday said its member servicers completed more than 81,000 loan modifications in February, up 6 percent from January; it also reported completed foreclosure sales reached their lowest level since 2007.

HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors of which the Mortgage Bankers Association is a founding member, said 81,351 homeowners received permanent, affordable loan modifications from mortgage servicers in February, up from January’s 76,755. The total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program. The total includes 65,965 proprietary loan modifications and 15,386 HAMP modifications.

February’s number brings the total number of permanent loan modifications since 2007 to 6.23 million. HOPE NOW said 5.067 million homeowners have received proprietary loan modifications and 1.167 million have received HAMP modifications.

HOPE NOW also reported 49,135 foreclosure sales, compared to 62,395 in January, a decline of 21 percent. February’s data represents the lowest monthly total since December 2007 (47,378). Foreclosure starts totaled 193,860 in February, representing a 16 percent increase over January’s 167,232.

The report said short sales for February totaled 26,388. Since HOPE NOW began tracking short sale data in 2009, 1.209 million short sales have been completed. Delinquencies of 60 days or more totaled 2.48 million in February, compared to 2.54 million in January, a decline of 2 percent.

For February, proprietary loan modifications that included fixed interest rates of five years or more accounted for 92 percent (60,845) of the total; proprietary loan modifications with reduced principal and interest monthly payments accounted for 86 percent (56,837); and proprietary loan modifications with reduced principal and interest payments of more than 10 percent accounted for 79 percent (52,145) of the total.

The full data set for February 2013 is available at www.hopenow.com.