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Home | Tag Archives: Loan Modifications

Tag Archives: Loan Modifications

Recent HAMP Loan Mods Re-Defaulting At Higher Rates

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Loan modifications facilitated through the government's Home Affordable Mortgage Program (HAMP) have historically re-defaulted at a lower rate than proprietary loan modifications, but HAMP mods facilitated in 2014 began re-defaulting at a higher rate than those modified in the two previous years, according to Black Knight Financial Services' November 2014 Mortgage Monitor released on Monday.

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Freddie Mac’s Mortgage Portfolio Expands For Third Straight Month

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After slipping in October, purchase and issuance activity picked up again, coming to $29.5 billion, Freddie Mac reported. That was offset by an increase in sales and liquidations, which whittled the portfolio's monthly increase to about $614 million. In other monthly changes, the unpaid principal balance (UPB) of Freddie Mac's mortgage-related investments portfolio fell by approximately $4.7 billion last month, a negative annualized growth rate of 14.0 percent.

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OCC: Loan Mods Lowered Monthly Payments for 91 Percent of Borrowers

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More than 91 percent of borrowers nationwide who received mortgage loan modifications in the second quarter of 2014 had their monthly principal and interest payments reduced, while 56.1 percent of borrowers lowered their monthly payments by 20 percent or more, according to a report released earlier this week by the Office of the Comptroller of the Currency (OCC) regarding first-lien mortgages at large national and federal savings banks.

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Loan Mods Down, Foreclosure Starts Up in July

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The total number of homeowners receiving permanent loan modifications declined in July, as did the number of modifications made under the Home Affordable Modification Program (HAMP), according to figures released this week by HOPE NOW. Meanwhile, foreclosure starts rose a little more than 1,000 from June to settle at 70,401.

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Mortgage Collectors Silence Homeowners with ‘Gag Orders’

A curious piece of text is appearing in some homeowner's loan modification agreements—by accepting a modification from a bank or non-bank servicer, the homeowner agrees to never publicly say, write, or post anything negative about the company doing the modification. Originally in a report from Reuters, Ocwen, Bank of America, and PNC Financial Services Group are adding new terms to their modification contracts to prevent homeowners from publicly disparaging the companies.

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Loan Modification Activity Creeps up in March

HOPE NOW, a group focused on keeping distressed homeowners in their homes, reported they had successfully completed roughly 133,000 modifications in the first quarter of 2014. Of the reported total, approximately 41,000 permanent modifications were from the Home Affordable Modification Program (HAMP).

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Loan Modifications Remain Stable in February

HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, released its February 2014 loan modification data. The group reported that an estimated 42,000 homeowners received permanent modifications in the month, including modifications from proprietary programs and the government's Home Affordable Modification Program (HAMP).

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