Fannie Mae Completes 12k Loan Modifications in April

June 1, 2012 (Jeff Alan)

Fannie Mae completed 12,552 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in April, a decline of 32.9 percent over March according to its Monthly Summary for April 2012.

In March, Fannie Mae completed 18,703 loan modifications. So far in 2012, Fannie Mae has completed 59,223 loan modifications for a monthly average of 14,806. For the entire year of 2011, Fannie Mae averaged 16,070 completed loan modifications per month.

The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined to 3.63 percent from 3.67 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in April of 2009.

A year ago, Fannie Mae’s delinquency rate was 4.19 percent and has declined or remained unchanged from the previous month since April of 2010.

Delinquency rates for multi-family dwellings declined to 0.35 percent in April from 0.37 percent in March, the fifth consecutive month that the delinquency rate has fallen. The delinquency rate for multi-family dwellings in April of 2011 was 0.57 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 13.8 percent in April as their Gross Mortgage Portfolio decreased from $691.7 billion in March to $683.2 billion in April. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 8.0 percent in April to $3.182 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $746.8 billion and their Book of Business stood at $3.214 trillion.

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

Source:
Fannie Mae