The number of loan modifications completed by Freddie Mac declined in September but still remained on target to surpass last year’s total modifications according to the agency’s recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,685 loan modifications in September, down 12.9 percent from the 7,502 loan modifications completed in August. So far this year, Freddie Mac has completed a total of 60,431 loan modifications for an average of 6,715 per month. In 2012, Freddie Mac completed a total of 69,581 loan modifications for an average of 5,798 per month.
The delinquency rate for single-family homes in Freddie Mac’s loan portfolio continued to improve in September, falling from 2.64 percent in August to 2.58 percent in September. Last year at this time, the delinquency rate for single-family homes was 3.37 percent and is at its lowest level since May of 2009.
Delinquency rates for multi-family dwellings remained unchanged from August at 0.05 percent. The delinquency rate in September of last year was 0.27 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 4.3 percent from August to September as their total holdings fell from $1.934 trillion to $1.927 trillion.
Single-family refinance-loan purchase and guarantee volume was $16.4 billion in September, reflecting 62 percent of total mortgage purchases and issuances. That was down from $20.8 billion in August, a decrease of 21.2 percent. Mortgages that were refinanced for the purpose of homeowner relief captured about 39 percent of the total refinance volume, up from 33 percent the previous month.
Total refinance-loan purchase and guarantee volume was $28.2 billion, down 21.7 percent from $36.0 billion in August.
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan