October 31, 2012 (Jeff Alan)
The number of loan modifications completed by Freddie Mac fell by almost 20 percent from August to September while single-family delinquency rates saw their first increase in eight months according to the recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,269 loan modifications in September, a decline of 19.8 percent over the 7,817 loan modifications completed in August. Through the first nine months of 2012, Freddie Mac has completed a total of 49,683 loan modifications, an average of 5,520 per month compared to an average of 9,098 loan modifications per month in 2011.
The delinquency rate for single-family homes in Freddie Mac’s loan portfolio increased for the first time in eight months, climbing a modest 0.01 percentage points to 3.37 percent. In September of last year, the delinquency rate for single-family homes was 3.51 percent.
Delinquency rates for multi-family dwellings declined from 0.29 percent in August to 0.27 percent in September. The delinquency rate in September of last year was 0.33 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.
Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 9.4 percent from August to September as their total holdings decreased from $1.989 trillion to $1.973 trillion.
Single-family refinance-loan purchase and guarantee volume was $29.2 billion in September, reflecting 75 percent of total mortgage purchases and issuances. That was unchanged from August.
Total refinance-loan purchase and guarantee volume was $39.0 billion, down from $41.3 billion in August, a decline of 5.7 percent.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications