Mortgage giant Freddie Mac posted a slight increase in completed loan modifications from October to November but that was more than enough to surpass last years totals according to the agency’s recently released Monthly Volume Summary.
Fannie Mae posted a five percent decline in completed loan modifications in November according to the agency’s Monthly Summary report for November 2013 while delinquency rates continued to decline.
More homeowners received HAMP loan modifications in October but a larger decrease in proprietary loan modifications lead to an overall decline according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.
The number of loan modifications completed by Fannie Mae increased by over eleven percent in October according to the agency’s Monthly Summary report for October 2013 while single-family delinquency rates hit a five year low.
The number of loan modifications completed by Freddie Mac was on the rise in October as the percentage of loans refinanced for homeowner relief purposes rolled past forty percent according to the agency’s recently released Monthly Volume Summary.