(CORRECTION: This story was corrected to reflect that HOPE NOW was reporting loan-level data. The original version indicated HOPE NOW had released the data. We regret the error.) The servicing industry performed 123,000 loan modifications in January, marking the first time since HOPE NOW began collecting data in July 2007 that the number of loan modifications exceeded 100,000 in two consecutive months, the alliance says.
Formal repayment plans executed in January totaled 125,000, tying the record-high set last October, the coalition adds. Together, January's modification totals and repayment plan totals represented a 4% increase in foreclosure prevention efforts over December 2008's numbers.
Completed foreclosure sales and foreclosure-sale starts both saw increases in January, as completed sales grew from December's total of 56,000 to 68,000, while starts increased by 14,000.
For the first time since its inception in 2007, HOPE NOW has released loan-level data. The loan-level information, collected on a subset of approximately 35 million loans, indicates that almost 55% of all modifications were made to mortgages owned by private-label investors.
Approximately 22% of all modifications were made to mortgages held in bank portfolios. Fannie Mae- and Freddie Mac-owned mortgages accounted for 17% of all modifications, while Ginnie Mae modifications represented about 3%.
SOURCE: HOPE NOW