January 3, 2012 (Jeff Alan)
Fannie Mae completed 16,070 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in November, a decline of 8.2 percent over October according to its Monthly Summary for November 2011.
For the first eleven months of the year, Fannie Mae has completed a total of 194,985 loan modifications, an average of 17,726 per month. Fannie Mae completed 17,511 loan modifications in October.
The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio remained unchanged for the third consecutive month at 4.00 percent. A year ago, Fannie Mae’s delinquency rate was 4.50 percent and has either improved or remained unchanged from the previous month since last November.
Delinquency rates for multi-family dwellings increased to 0.60 percent in November from 0.58 percent in October. It was the third consecutive month that the delinquency rate for multi-family dwellings has increased. The delinquency rate for multi-family dwellings in November of 2010 was 0.72 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.
Fannie Mae’s total mortgage portfolio decreased at a compounded annualized rate of 11.6 percent in November as their Gross Mortgage Portfolio decreased from $720.9 billion in October to $713.5 billion in November. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 0.9 percent in November to $3.177 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $793.0 billion and their Book of Business stood at $3.215 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications