May 2, 2012 (Jeff Alan)
Fannie Mae completed 18,703 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in March, an increase of 30.7 percent over February according to its Monthly Summary for March 2012.
In February, Fannie Mae completed 14,308 loan modifications. 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 3.67 percent from 3.82 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in May of 2009.
A year ago, Fannie Mae’s delinquency rate was 4.27 percent and has declined or remained unchanged from the previous month since March of 2010.
Delinquency rates for multi-family dwellings declined to 0.37 percent in March from 0.43 percent in February, the fourth consecutive month that the deliqnuency rate has fallen. The delinquency rate for multi-family dwellings in March of 2011 was 0.64 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 3.7 percent in March as their Gross Mortgage Portfolio decreased from $696.0 billion in February to $691.7 billion in March. Fannie Mae’s Book of Business increased at a compounded annualized rate of 9.3 percent in March to $3.204 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $757.6 billion and their Book of Business stood at $3.226 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications