Completed Loan Modifications by Fannie Mae Falls in July

The number of completed loan modification by Fannie Mae fell by over eight percent from June to July but continued to stay on pace to match last year’s tally according to the agency’s Monthly Summary report for July 2013.

In July, Fannie Mae completed 11,870 loan modifications, down from 12,967 loan modifications in June. So far this year Fannie Mae has completed 95,381 loan modifications for an average of 13,626 completed modifications per month. In 2012, Fannie Mae completed at total of 163,412 loan modifications for an average of 13,618 per month.

The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined to 2.70 percent from 2.77 percent in June. In April, the delinquency rate fell below three percent for the first time since February of 2009.

A year ago, Fannie Mae’s delinquency rate was 3.50 percent and has either declined or remained unchanged from the previous month since July of 2010.

Delinquency rates for multi-family dwellings declined for the fifth consecutive month, falling from 0.28 percent in July to 0.18 percent in July. The delinquency rate for multi-family dwellings in July of 2012 was 0.26 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Fannie Mae’s total mortgage portfolio declined at a compounded annualized rate of 32.4 percent in July as their Gross Mortgage Portfolio decreased from $565.2 billion in June to $547.0 billion in July. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 1.7 percent in July to $3.169 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $667.0 billion and their Book of Business stood at $3.187 trillion.

Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Fannie Mae

Reported by Jeff Alan