HOPE NOW announced plans to reach out to military homeowners facing foreclosure.
Stakeholders representing the mortgage servicing industry, non-profit counselors, investors, regulators, and military members met in Washington, D.C. to strategize on ways to assist those in the military who are at risk of losing their home due to a permanent change in station and other issues.
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An estimated 1.05 million homeowners received permanent loan modifications from mortgage servicers in 2011, according to year-end data released Tuesday by HOPE NOW. That tally includes both proprietary and government-program mods, and represents a 40 percent decline from the 1.76 million modifications granted in 2010. At the same time, HOPE NOW reports loan modifications outpaced foreclosure sales for the fourth consecutive year. In 2011, there were approximately 843,000 foreclosure sales completed, down from 1.07 million in 2010.
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The number of mortgage modifications completed during the month of November rose 5 percent from October, bringing the year-to-date total to about 969,000, according to data released Tuesday by HOPE NOW, a voluntary private sector alliance of mortgage industry participants. While completed modifications rose over the month, 60-plus day delinquencies also increased. After reporting 2.65 million 60-plus day delinquencies in October, HOPE NOW reported 2.77 million in November.
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About 885,000 borrowers have received permanent loan modifications so far this year, according to October data from HOPE NOW. The voluntary alliance of mortgage industry participants announced last month that the industry had completed 5 million modifications since 2007. October saw almost 80,000 proprietary and HAMP modifications. Sixty-plus day delinquencies declined 6 percent between September and October, and foreclosure sales fell 5 percent. Foreclosure starts, however, rose by 7 percent.
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HOPE NOW announced a major milestone Tuesday -- the completion of 5 million loan modifications since the group began tracking such loss mitigation efforts in 2007. More than 80 percent of these modifications were completed through servicers' own proprietary programs, with the rest coming from the government's Home Affordable Modification Program. Officials called the 5 million mark a halfway point, adding that much more work needs to be done to help distressed homeowners.
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Treasury has released a new progress report on its Making Home Affordable initiative, covering all the "H" acronyms. Since the program started in April 2009, 857,000 homeowners have received permanent loan restructurings under HAMP, and 894,000 have refinanced their mortgages through HARP. HAFA transactions tally just under 19,000. Officials say they continue to see a fall in mortgage defaults due in part to foreclosure prevention programs reaching more borrowers upstream in the process, but there's "much more work to do."
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The National Federation of Community Development Credit Unions has completed a new Credit Union Foreclosure Intervention Toolkit to help credit unions combat the foreclosure crisis in their communities. The toolkit was developed with the support of a financial education grant from the National Credit Union Foundation (NCUF). The federation says it has seen the national foreclosure crisis reflected in a dramatic shift in demand between different types of counseling services, from pre-purchase to foreclosure intervention counseling.
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Servicers completed about 56,000 proprietary permanent loan modifications in the month of August - similar to their July efforts. Most of these modifications included reduced principal and interest payments and fixed interest rates for five years or more, according to HOPE NOW data released Wednesday. While proprietary loan modifications remained level, foreclosure starts increased 18 percent, rising from 185,000 in July to 218,000 in August.
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HOPE LoanPort announced Wednesday that Camillo T. Melchiorre will assume the role of president and CEO, effective September 1st. He replaces Larry Gilmore, co-founder of HOPE LoanPort and president and CEO since 2009, who has stepped down to pursue other opportunities. Melchiorre led the HOPE NOW Alliance Technology Committee that resulted in the creation of HOPE LoanPort and has served as a member of the board of directors since its inception.
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Mortgage servicers completed 56,000 permanent loan modifications through their own proprietary assistance programs during the month of July, according to figures released Wednesday by HOPE NOW. July's tally represents an 11 percent increase over the 50,000 proprietary mods reported in June. At the same time, foreclosure sales fell by 11 percent month-to-month and newly initiated foreclosure actions slipped 5 percent. HOPE NOW also found that the redefault rate for proprietary modifications is 20 percent.
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