December 1, 2011 (Jeff Alan)
Fannie Mae completed 17,511 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in October, a decline of 6.3 percent over September according to its Monthly Summary for October 2011.
For the first eight months of the year, Fannie Mae has completed a total of 178,915 loan modifications, an average of 17,892 per month. Fannie Mae completed 18,706 loan modifications in September.
The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio remained unchanged from September at 4.00 percent. A year ago, Fannie Mae’s delinquency rate was 4.52 percent and has either improved or remained unchanged from the previous month since last October.
Delinquency rates for multi-family dwellings increased to 0.58 percent in October from 0.57 percent in September. It was the second consecutive month that the delinquency rate for multi-family dwellings has increased. The delinquency rate for multi-family dwellings in October 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 2.1 percent in October as their Gross Mortgage Portfolio decreased from $722.2 billion in September to $720.9 billion in October. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 2.8 percent in October to $3.180 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $798.3 billion and their Book of Business stood at $3.212 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications