Fannie Mae Loan Modifications Hold Steady in September

November 12, 2012 (Jeff Alan)

Fannie Mae’s loan modification completions under the federal government’s Home Affordable Modification Program (HAMP) held steady during September, declining slightly from August to 15,074 modifications according to its Monthly Summary for September 2012.

In August, Fannie Mae completed 15,213 loan modifications. So far in 2012, Fannie Mae has completed 123,700 loan modifications for a monthly average of 13,744. 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 3.41 percent from 3.44 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 September of 2010.

Delinquency rates for multi-family dwellings increased for the first time since October 2011, climbing to 0.28 percent in September from 0.25 percent in August. The delinquency rate for multi-family dwellings in September 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 11.3 percent in September as their Gross Mortgage Portfolio decreased from $660.8 billion in August to $654.3 billion in September. Fannie Mae’s Book of Business increased at a compounded annualized rate of 0.4 percent in September to $3.193 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $722.2 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