The number of completed loan modification by mortgage giant Freddie Mac fell again in January according to the agency’s recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,094 loan modifications in January, down 9.5 percent from the 6,731 loan modifications completed in December. In 2013, Freddie Mac completed a total of 83,188 loan modifications for an average of 6,932 per month.
The delinquency rate for single-family homes in Freddie Mac’s loan portfolio continued to improve in January, falling from 2.39 percent in December to 2.34 percent in January. Last year at this time, the delinquency rate for single-family homes was 3.20 percent and is at its lowest level since March of 2009.
Delinquency rates for multi-family dwellings also moved lower in January, falling from 0.09 percent in December to 0.05 percent in January, the same rate that was reported in November. The delinquency rate in January of last year was 0.18 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 1.9 percent from December to January as their total holdings fell from $1.915 trillion to $1.912 trillion.
Single-family refinance-loan purchase and guarantee volume was $10.5 billion in January, reflecting 55 percent of total mortgage purchases and issuances. That was down from $10.8 billion in December, a decrease of 2.8 percent. Mortgages that were refinanced for the purpose of homeowner relief captured about 34 percent of the total refinance volume, up from 29 percent the previous month.
Total refinance-loan purchase and guarantee volume was $20.3 billion, down 20.1 percent from $25.4 billion in December.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan