September 5, 2012 (Jeff Alan)
Fannie Mae completed 11,410 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in July, about two-hundred and fifty more than in June according to its Monthly Summary for July 2012.
In June, Fannie Mae completed 11,169 loan modifications. It was the third consecutive month Fannie Mae has completed just over 11,000 loan modifications. So far in 2012, Fannie Mae has completed 93,413 loan modifications for a monthly average of 13,345. 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 3.50 percent from 3.53 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 4.08 percent and has declined or remained unchanged from the previous month since July of 2010.
Delinquency rates for multi-family dwellings also declined, falling to 0.26 percent in July from 0.29 percent in June, the seventh consecutive month that the delinquency rate has fallen. The delinquency rate for multi-family dwellings in July of 2011 was 0.45 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 9.9 percent in July as their Gross Mortgage Portfolio decreased from $672.8 billion in June to $667.0 billion in July. Fannie Mae’s Book of Business increased at a compounded annualized rate of 1.5 percent in July to $3.187 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $727.9 billion and their Book of Business stood at $3.192 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications