October 3, 2012 (Jeff Alan)

The number of loan modifications completed by Freddie Mac increased by over fifteen percent in August while new loan volume increased by nearly $9 billion from the previous month according to the recently released Monthly Volume Summary.

Freddie Mac completed a total of 7,817 loan modifications in August, an increase of 15.3 percent over the 6,778 loan modifications completed in July. Through the first eight months of 2012, Freddie Mac has completed a total of 43,414 loan modifications, an average of 5,427 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 3.42 percent in July to 3.36 percent in August.

In August of last year, the delinquency rate for single-family homes was 3.49 percent. It was the seventh consecutive month that delinquencies have declined.

Delinquency rates for multi-family dwellings in August remained unchanged from July at 0.29 percent. The delinquency rate in August of last year was 0.51 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 5.5 percent from July to August as their total holdings decreased from $1.998 trillion to $1.989 trillion.

Single-family refinance-loan purchase and guarantee volume was $29.2 billion in August, reflecting 71 percent of total mortgage purchases and issuances. That was up from $23.1 billion in July.

Total refinance-loan purchase and guarantee volume was $41.3 billion, up from $32.5 billion in July, a gain of 27.1 percent.

Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Freddie Mac