Tag Archives: Loan Modification

The new year didn’t bring any new trends in Fannie Mae’s Book of Business, which shrank at an annualized rate of 3.5 percent in January. While business was down, delinquency rates, too, kept declining. According to the GSE, the single-family serious delinquency rate dropped 5 basis points to 2.33 percent in January, while the multifamily serious delinquency rate was flat at 0.10 percent.

The U.S. Treasury reported just under 23,000 permanent loan modifications completed under the Home Affordable Modification Program (HAMP) in November, bringing the total count to nearly 922,000. According to Treasury's data, homeowners have reduced their first-lien mortgage payments by a median of approximately $546 each month, or almost 40 percent of their median before-modification payment. Total estimated savings afforded by the program is $24.2 billion to date, Treasury reports.

Fannie Mae's book of business increased for the second month in a row in November, marking the fourth month of increases in 2013, according to the GSE's monthly volume report. Fannie Mae's book of business grew at a compounded annualized rate of 0.1 percent in November, down from 0.8 percent in October. Fannie's total book of business is valued at $3.17 trillion as of November, while its total mortgage portfolio totals $496 billion.

Freddie Mac's total book of business decreased at an annualized rate of 2 percent in November compared to an annualized rate of 6.4 percent in October, according to the GSE's latest monthly volume report.

Freddie Mac's mortgage book of business declined at an annualized rate of 6.4 percent in October, marking the fourth consecutive month of declines.

Fannie Mae has released its September book of business, revealing further declines as new business acquisitions came to their lowest level in more than a year.

September marked the third straight month of declining business for Freddie Mac, with purchases and issuances coming in at their lowest level in almost a year and a half. Freddie Mac's total mortgage portfolio shrank at an annualized rate of 4.3 percent in September, contracting at a slightly lessened pace compared to August's -5.0 percent growth rate. New business fell for the second straight month, with purchases and issuances totaling approximately $28.2 billion--the lowest since April 2012 ($25.9 billion).

Joseph A. Smith, the monitor overseeing fulfillment efforts put forward by each servicer involved in the National Mortgage Settlement, has issued a report on their progress satisfying consumer relief obligations outlined in the agreement. Smith's report covers servicer activities through December 31, 2012, which have been vetted and verified by the Office of Mortgage Settlement Oversight. Each servicer's internal review group provided Smith with information on the servicers' crediting progress in February of this year.

Mortgage-related litigation remained historically high in the first quarter, according to data from Mortgage Daily. The site's First Quarter 2013 Mortgage Litigation Index shows there were 227 mortgage-related cases tracked that saw activity in Q1--little changed from Q4 2012's 223 but up from 216 the year prior. Cases related to mortgage-backed securities, regulation, commercial mortgages, and investor problems all saw increased activity.

According to Fannie Mae's monthly volume summary, the GSE's book of business grew at a compound rate of 0.3 percent in May, just edging out April's 0.2 percent growth.