October 3, 2011 (Jeff Alan)
Fannie Mae completed 23,779 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in August, an increase of 35.6 percent over July according to its Monthly Summary for August 2011.
For the first eight months of the year, Fannie Mae has completed a total of 142,698 loan modifications, an average of 17,837 per month. Fannie Mae completed 17,540 loan modifications in July.
The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined from 4.08 percent in July to 4.03 percent in August. A year ago, Fannie Mae’s delinquency rate was 4.70 percent and with the exception of July, when the rate remained unchanged from the previous month, the delinquency rate has improved every month since.
Delinquency rates for multi-family dwellings also continued to improve as the delinquency rate dropped to 0.43 percent in August, down from 0.45 percent in July. The delinquency rate for multi-family dwellings in August of 2010 was 0.66 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 4.0 percent in August as their Gross Mortgage Portfolio decreased from $728.0 billion in July to $725.5 billion in August. Fannie Mae’s Book of Business declined at a compounded annualized rate of 1.9 percent in August to $3.187 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $809.1 billion and their Book of Business stood at $3.202 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications