Tag Archives: Loan Modifications

Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable.

According to Treasury's Making Home Affordable Program Performance Report for Q1 2015, approximately 2.3 million homeowners had started HAMP trial modifications in the six-year existence of the program.

Foreclosure activity declined substantially year-over-year in Q1. The number of properties in the process of foreclosure as of the end of the quarter dropped down to 299,424, a decline of 30.8 percent from the same quarter a year earlier. The nearly 300,000 loans in the process of foreclosure during Q1 comprised about 1.3 percent of the loans in the portfolio.

In Q1 2015, Black Knight found that about 15 percent of seriously delinquent mortgage loans participated in a home retention program each month, while nearly 20 percent of serious delinquent borrowers were actively in an active trial mod or repayment plan at the end of April. Home retention actions included permanent proprietary mods and permanent mods through the government's Home Affordable Modification Program (HAMP).

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.

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.

The U.S. Department of Housing and Urban Development (HUD) and Department of Treasury have announced enhancements to the government's Making Home Affordable (MHA) program to assist homeowners who are struggling to make monthly mortgage payments.

While the housing market has made measurable strides toward recovery in the last two years, the coming year could bring the start of another downturn, one expert says. Delivering comments to a group of REO brokers and agents, Ed Delgado, ...

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.

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.