Home/Mortgages/Fannie Mae See’s Big Boost in Loan Modifications in December

February 1, 2012 (Jeff Alan)

Fannie Mae completed 18,355 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in December, a gain of 14.2 percent over November according to its Monthly Summary for December 2011.

For all of 2011, Fannie Mae completed a total of 213,340 loan modifications, an average of 17,778 per month. Fannie Mae completed 16,070 loan modifications in November.

The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined to 3.91 percent after remaining at 4.00 percent for the previous three months. A year ago, Fannie Mae’s delinquency rate was 4.48 percent and has either improved or remained unchanged from the previous month since November of 2010.

Delinquency rates for multi-family dwellings declined to 0.59 percent in December from 0.60 percent in November and follows three months of increases. The delinquency rate for multi-family dwellings in December of 2010 was 0.71 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 8.2 percent in December as their Gross Mortgage Portfolio decreased from $713.5 billion in November to $708.4 billion in December. Fannie Mae’s Book of Business increased at a compounded annualized rate of 2.7 percent in December to $3.185 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $788.8 billion and their Book of Business stood at $3.224 trillion.

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

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