January 2, 2013 (Jeff Alan)
The number of loan modifications completed by Freddie Mac in November was slightly lower than the previous month, though still higher than average for this year, while strong HARP refinances pushed single-family loan volume to its highest level of the year according to the recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,622 loan modifications in November, a decline of 5.2 percent over the 6,988 loan modifications completed in October. Through the first eleven months of 2012, Freddie Mac has completed a total of 63,293 loan modifications, an average of 5,754 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 fell from 3.31 percent to 3.25 percent. In November of last year, the delinquency rate for single-family homes was 3.54 percent and is at its lowest level since September of 2009.
Delinquency rates for multi-family dwellings in November remained unchanged at 0.24 percent. The delinquency rate in November of last year was 0.28 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 increased at an annualized rate of 3.6 percent from October to November as their total holdings climbed from $1.972 trillion to $1.978 trillion.
Single-family refinance-loan purchase and guarantee volume was $46.6 billion in November, reflecting 74 percent of total mortgage purchases and issuances. That was up from $37.2 billion in October and the highest volume of any month in 2012.
Total refinance-loan purchase and guarantee volume was a hefty $62.5 billion, up from $50.0 billion in October, an increase of 25.0 percent, also the highest volume of any month in 2012.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications