Fannie Mae Completes 25 Percent Less Loan Modifications in January

March 2, 2012 (Jeff Alan)

Fannie Mae completed 13,660 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in January, a decline of 25.6 percent over December according to its Monthly Summary for January 2012.

In December 2011, Fannie Mae completed 18,355 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 3.90 percent from 3.91 percent the previous month. A year ago, Fannie Mae’s delinquency rate was 4.45 percent and has either improved or remained unchanged from the previous month since February of 2010.

Delinquency rates for multi-family dwellings declined to 0.52 percent in January from 0.59 percent in December. The delinquency rate for multi-family dwellings in January of 2011 was 0.69 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 decreased at a compounded annualized rate of 14.3 percent in January as their Gross Mortgage Portfolio decreased from $708.4 billion in December to $699.3 billion in January. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 1.3 percent in January to $3.181 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $777.1 billion and their Book of Business stood at $3.221 trillion.

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

Source:
Fannie Mae