October 27, 2011 (Jeff Alan)
The total number of loan modifications completed by Freddie Mac reached a new low for the year in September as completed loan modifications tumbled 25 percent from August according to the recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,465 loan modifications in September, down from 8,639 in August, the previous low for the year. For the eight months ending September 30, 2011, Freddie Mac has completed 90,126 loan modifications, an average of 10,014 loan modifications per month.
The delinquency rate for single-family homes in Freddie Mac’s portfolio increased to 3.51 percent from 3.49 percent in August. A year ago the delinquency rate for single-family homes was 3.80 percent.
Delinquency rates for multi-family dwellings in September declined to 0.33 percent from 0.35 percent in August. The delinquency rate in September of last year was 0.31 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 1.5 percent from August to September as their total holdings decreased from $2.117 trillion to $2.114 trillion.
Single-family refinance-loan purchase and guarantee volume was $19.5 billion in August, reflecting 60 percent of total mortgage purchases and issuances. That was an increase from $16.3 billion in August.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications