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Fannie Mae and Freddie Mac implement over 450,000 HAMP modifications

Fannie mae and Freddie mac implement over 450,000 HAMP modifications and refinance 4 million loans through November 2009

In its third quarter Foreclosure Prevention & Refinance Report, the Federal Housing Finance Agency (FHFA) said as of November 30, Fannie Mae and Freddie Mac implemented 405,700 trial and permanent loan modifications under the administration’s Home Affordable Modification Program (HAMP) and refinanced 4 million loans.

The report includes data on delinquencies, loan modifications, and refinance activity for both Fannie Mae and Freddie Mac and details the actions the GSEs have taken to prevent foreclosure and keep people in their homes.

In the third quarter, foreclosure starts on the GSEs’ loans declined by 15 percent, and loan modifications completed in the third quarter, excluding HAMP trial modifications, jumped 14 percent. Nearly half of these modifications resulted in borrowers’ payment decreasing by over 20 percent.

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In addition, loans modified in recent quarters performed slightly better six months after modification than did earlier modification, and short sales and deeds in lieu increased by 39 percent to 17,400. The report also said the volume of foreclosure starts in the third quarter decreased 15 percent from the second quarter to nearly 254,200, and completed foreclosure and third-party sales increased 23 percent to nearly 71,000.

HARP program stats

In addition to refinancing 4 million loans, Fannie Mae and Freddie Mac refinanced more than 155,700 loans through the HARP program, from January through November 2009. HARP grew to 9 percent of total refinancing volume in August and September, and in November it increased to 9.8 percent.

After the rate for a 30-year mortgage rose in June and remained above 5 percent throughout the third quarter, total refinance volume dropped during the third quarter. However, in November, total refinance volume rose in response to a sustained decline in rates.

Mortgage delinquencies continue to increase

Mortgage delinquencies continued to increase during the third quarter. The total delinquency rate soared nearly 100 basis points to 7.6 percent, and the serious delinquency rate, loans 90 days or more delinquent or in the process of foreclosure, increased 70 basis points to 6.2 percent. Loans 60 or more days delinquent surged 80 basis points during the third quarter to 1.6 million, and loans 30 or more days delinquent jumped 20 basis points to 734,000.

As new purchases and issuances outpaced loan liquidations, the GSEs’ aggregate mortgage portfolio increased by approximately 218,000 loans or 0.7 percent during the third quarter. The number of first-lien residential mortgages with credit score at origination of 660 or higher jumped 1.2 percent, while mortgages with less than a 660 credit score at origination decreased 2.2 percent during the third quarter.

In addition, the current weighted average loan-to-value (LTV) ratio of Fannie Mae and Freddie Mac’s mortgage portfolio increased to 75 percent as of September 30, 2009, up from 71 percent on December 31, 2008. The FHFA said the increase in the LTV ratio reflects the impact of prolonged and sever declines in home prices.

Volumes of all categories of foreclosure prevention actions increased during the third quarter. According the report, approximately 105,500 foreclosure prevention actions were completed in the third quarter, up 22 percent from the second quarter. Repayment plans initiated increased nearly 30 percent to 182,700, Driven by HAMP trials and Fannie Mae’s HomeSaver forbearance plans initiated, the volume of initiated forbearance plans more than doubled in the third quarter to 291,800.

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

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