Fannie Mae’s September Loan Modifications Decline After Big August

November 1, 2011 (Jeff Alan)

Fannie Mae completed 18,706 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in September, a decline of 24.4 percent over August according to its Monthly Summary for September 2011.

For the first eight months of the year, Fannie Mae has completed a total of 161,706 loan modifications, an average of 17,967 per month. Fannie Mae completed 23,779 loan modifications in August.

Total loan modifications completed by Fannie Mae in August were 32.3 percent higher than this year’s monthly average.

The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined from 4.03 percent in August to 4.00 percent in September. A year ago, Fannie Mae’s delinquency rate was 4.56 percent and with the exception of August, when the rate remained unchanged from the previous month, the delinquency rate has improved every month since.

Delinquency rates for multi-family dwellings jumped up to 0.57 percent in September from 0.43 percent in August. It was the first time since September of last year that the delinquency rate for multi-family dwellings has increased. The delinquency rate for multi-family dwellings in September of 2010 was 0.65 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 5.3 percent in September as their Gross Mortgage Portfolio decreased from $725.5 billion in August to $722.2 billion in September. Fannie Mae’s Book of Business increased at a compounded annualized rate of 0.2 percent in September to $3.187 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $802.9 billion and their Book of Business stood at $3.208 trillion.

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

Source:
Fannie Mae