August 28, 2012 (Jeff Alan)
The number of loan modifications completed by Freddie Mac held steady from June to July while loan volume between the two months dropped off by 26 percent according to the recently released Monthly Volume Summary.
Freddie Mac completed a total of 6,778 loan modifications in July, an increase of 2.7 percent over the 6,597 loan modifications completed in June. Through the first seven months of 2012, Freddie Mac has completed a total of 35,597 loan modifications, an average of 5,085 per month compared to an average of 9,098 loan modifications per month in 2011.
The delinquency rate for single-family homes in Freddie Mac’s loan portfolio fell from 3.45 percent in July to 3.42 percent in July.
In July of last year, the delinquency rate for single-family homes was 3.51 percent. It was the sixth consecutive month that delinquencies have declined.
Delinquency rates for multi-family dwellings in July edged up a notch for the fifth consecutive month, rising from 0.27 percent to 0.29 percent. The delinquency rate in July 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 8.7 percent from June to July as their total holdings decreased from $2.011 trillion to $1.998 trillion.
Single-family refinance-loan purchase and guarantee volume was $23.1 billion in July, reflecting 71 percent of total mortgage purchases and issuances. That was down from $31.0 billion in June.
Total refinance-loan purchase and guarantee volume was $32.5 billion, down from $44.1 billion in June, a decline of 26.3 percent..
Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications