Last year, the servicing industry offered roughly 420,000 permanent loan modifications to borrowers in trouble, with 302,000 of them being proprietary modifications. Home Affordable Modification Program (HAMP) solutions accounted for 117,267 of the permanent modifications last year, according to HOPE NOW, Washington, D.C.
The total number of loan modifications completed last year was down roughly 14 percent from 2014, when the total was 489,000. That was a reflection of the improving default landscape where both foreclosure starts and sales have declined. Foreclosure starts dropped from 842.000 in 2014 to 705,000 last year. Foreclosure sales declined from 455,000 in 2014 to 342,000 in 2015--a decrease of 25 percent.
The total number of permanent loan modifications servicers have completed since 2007 reached 7.75 million, according to the voluntary industry alliance of servicers, investors, insurers and counselors. The overwhelming majority of permanent loan modifications reached during that period were proprietary, numbering roughly 6.2 million. HAMP modifications completed since 2007 totaled 1,565,723.
HOPE NOW also reported that serious delinquencies continued to decline in 2015 compared with 2014. In December 2015, roughly 1.6 million loans were 60-plus-days delinquent compared with 1.9 million in December 2014. That was a decline of almost 16 percent.
Even with all the improvement, some numbers showed deterioration in the one-month...