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Servicers Completed 1.24 Million Non-HAMP Loan Mods in 2010

Though servicers seem to be having minimal success with the Home Affordable Modification Program (HAMP), final 2010 data released by ""HOPE NOW"":http://www.hopenow.com/ shows that its members completed about 1.24 million proprietary loan modifications last year.

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That number is more than double the 512,712 HAMP modifications completed by servicers last year.

The data released shows HOPE NOW affiliates completed 75,733 proprietary modifications in December, and there were 30,030 HAMP modifications completed during the same month.

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The alliance of mortgage servicers, investors, non-profit counselors, and mortgage insurers, also said the number of total modifications (HAMP and proprietary) increased from 1.24 million in 2009 to an estimated 1.76 million in 2010.

""2010 was a very challenging year for the housing market, but HOPE NOW's data continues to support the fact that significant strides have been made to avail homeowners of all options before going to foreclosure,"" said Faith Schwartz, executive director. ""Our top priority in 2011 will be to advance execution and implementation of these options, while focusing on improving the customer experience for homeowners who are going through the foreclosure prevention process.""

She continued, ""We hope that the trend continues going forward as servicers and housing counselors remain committed to achieving sustainable mortgage solutions for at-risk homeowners.""

HOPE NOW data revealed there were 2,618,406 foreclosure starts and 1,069,867 foreclosure sales in 2010. Loan modifications with reduced principal and interest payments accounted for approximately 81 percent of all proprietary modifications. 
Fixed-rate modifications accounted for 84 percent of all proprietary modifications.

About Author: Joy Leopold

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