Fannie Mae and Freddie Mac completed more than 73,300 permanent mortgage loan modifications through January under the Home Affordable Modification Program (HAMP).
The Home Affordable Refinance Program (HARP) also rose, as the percentage of total monthly refinance volume increased to almost 12.7 of all refinancings in January.
The data were released by Ed DeMarco, acting director of the Federal Housing Finance Agency (FHFA), as part of the agency’s monthly Foreclosure Prevention & Refinance Report, which is also submitted to Congress as the Federal Property Manager’s Report. This is in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA).
FHFA announced on March 1 that the HARP would be extended to June 30, 2011. This report summarizes foreclosure prevention data for both GSEs through November 2009, and includes HAMP modification and refinance data through Jan. 31.
Also in the report are foreclosure prevention actions, which include the enterprises having initiated approximately 540,383 HAMP trial modifications, of which 73,376 had converted to permanent modifications as of Jan. 31. The completed loan modifications rose 13% to more than 7,900 in November from 7,000 in December. Additionally, the completed repayment plans decreased to 13,900 in November, from 16,800 in October.
In terms of refinance activity, the monthly HARP volume decreased in January, however the HARP’s share of total monthly refinance volume rose to 12.7 of all refinancings.
When it comes to mortgage performance, loans that are only one month delinquent dipped by nearly 42,000 loans or 6% in November to 747,000. Loans 60-plus-days delinquent rose by 80,000 loans or nearly 5% in November to 1.7 million.
Regarding foreclosures, November foreclosure starts dipped 13% compared with October to 67,900. The completed foreclosure and third-party sales went down 22% to 22,800 in November,
from 29,200 in October.