The number of loan modifications completed by Freddie Mac in January bounced back by nearly twenty percent from December according to the agency’s recently released Monthly Volume Summary report while delinquencies fell to a three and a half year low.
Freddie Mac completed a total of 7,416 loan modifications in January, an increase of 19.9 percent from the 6,288 loan modifications completed in December. In 2012, Freddie Mac completed a total of 69,581 loan modifications for an average of 5,798 per month.
The delinquency rate for single-family homes in Freddie Mac’s loan portfolio fell from 3.25 percent in December to 3.20 percent in January. Last year at this time, the delinquency rate for single-family homes was 3.59 percent and is at its lowest level since August of 2009.
Delinquency rates for multi-family dwellings in January fell to 0.18 percent from 0.19 percent in December. The delinquency rate in January of last year was 0.21 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 decreased at an annualized rate of 4.8 percent from December to January as their total holdings fell from $1.956 trillion to $1.948 trillion.
Single-family refinance-loan purchase and guarantee volume was 34.5 billion in January, reflecting 80 percent of total mortgage purchases and issuances. That was up from $22.5 billion in December, an increase of 53.3 percent.
Total refinance-loan purchase and guarantee volume was $43.1 billion, down from a revised $31.3 billion in December, an increase of 37.7 percent.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan