HOPE NOW released its latest data on loan modifications, noting that in April approximately 42,000
homeowners completed a modification for their home's mortgage. The group's data revealed that roughly
12,000 modifications utilized the Home Affordable Modification Program in April, while the remaining
30,000 modifications were proprietary. In total, roughly 5-point 6 million homeowners have received
proprietary loan modifications since 2007, and approximately 1-point 3 million homeowners have received
HAMP modifications since 2009.
The organization reported that more than 7 million homeowners have completed home mortgage
modifications since the third quarter of 2007. Hope Now said that foreclosure starts fell in April, down
to roughly 65,000 from 70,000 the previous month. Of the reported 65,000 properties beginning the
foreclosure process, roughly 50,000 were considered prime loans, approximately 76 percent. The
remaining loans were subprime.
The national default rate declined again for the seventh consecutive month, according to data through
May 2014 released by the S&P Dow Jones Indices. The indices found that the national composite default
rate was 1-point 0 4 percent in May, the lowest the rate has been since May 2006. Default rates for first
mortgages declined as well, down from April's percentage of 1-point 0 1 percent to May's rate of point-92
percent. The company noted that the national composite is now only one basis point above its historic low.
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relevant default servicing news.