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).

In March, the group reported roughly 45,000 total completed modifications, increasing slightly from February’s total of 42,000. The total number of loan modifications completed are the highest they have been in five months.

HAMP modifications increased in March as well, up to 13,179 from 12,455 in February.

The group found they had 94,500 proprietary modifications over the quarter. HOPE NOW reported that homes 60 days or more in delinquency totaled 1.9 million in Q4 2014, dropping every quarter since Q2 2013.

For the first quarter of 2014, foreclosure starts totaled roughly 218,000. Foreclosure starts in March stayed relatively flat at 70,280, dropping from February’s total of 70,317.

Prime loans made up 77 percent of total foreclosure starts for the month, with approximately 54,000 new starts. Subprime loans rounded out the remainder with 15,500.

Since the third quarter of 2007, HOPE NOW has completed a total of 6.9 million modifications.