December 12, 2012 (Jeff Alan)
Fannie Mae’s loan modification efforts remained strong in October as the number of modifications under the federal government’s Home Affordable Modification Program (HAMP) fell only slightly from the previous month according to its Monthly Summary for October 2012.
In October, Fannie Mae completed 14,511, down slightly from 15,074 loan modifications in September. So far in 2012, Fannie Mae has completed 138,211 loan modifications for a monthly average of 13,821. 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 3.55 percent from 3.41 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 4.00 percent and has declined or remained unchanged from the previous month since October of 2010.
Delinquency rates for multi-family dwellings remained unchanged from the previous month at 0.28 percent. The delinquency rate for multi-family dwellings in October of 2011 was 0.58 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 19.3 percent in October as their Gross Mortgage Portfolio decreased from $654.3 billion in September to $642.7 billion in October. Fannie Mae’s Book of Business declined at a compounded annualized rate of 0.03 percent in October to $3.193 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $720.9 billion and their Book of Business stood at $3.180 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications