HOPE NOW: Mortgage Industry Assisted 337,000 Homeowners in 3Q

HOPE NOW yesterday reported the mortgage industry completed 337,000 non-foreclosure actions for homeowners during the third quarter.  

HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors of which the Mortgage Bankers Association is a founding member, said permanent loan modifications totaled 98,000 in the third quarter. Of these, 69,000 homeowners received proprietary loan modifications and 28,748 homeowners received loan modifications completed under the Home Affordable Modification Program. Short sales totaled 21,000. The remaining 218,000 actions included repayment plans, deeds in lieu, other retention plans and liquidation plans.  

By comparison, HOPE NOW reported 76,000 completed foreclosure sales from July to September, continuing a trend of non-foreclosure solutions outpacing foreclosure sales.  

“Our third quarter loan solution data continues to show evidence of an improving housing market on a national level,” said HOPE NOW Executive Director Eric Selk. “When we reach the end of the year, I believe that the last quarter of data will also show continuing trends towards a healthy housing market.”  

Highlights of the report on a quarterly basis:

–Foreclosure sales decreased from the previous quarter: 76,000 in the third quarter vs. 89,000 in the second quarter, a decrease of 15 percent.

–Foreclosure starts decrease: 159,000 in Q3 vs. 176,000 in Q2, a decrease of 9 percent. –98,000 loan modifications completed in 3Q, compared to 120,000 during 2Q, a decrease of 18 percent.

–Serious delinquencies of 60 days or more declined from 1.74 million in Q2 to 1.63 million in Q3, a 6 percent decline. This is the same quarter to quarter decline that occurred from the first quarter to the second quarter.

–Total non-foreclosure action totaled 337,000 in Q3, compared to 411,000 in Q2, a decrease of 18 percent.

–Short sales for Q3 totaled 21,000, compared to 24,000 in Q2, a decrease of 13%.  

From a year ago, HOPE NOW reported a significant decrease in both foreclosure sales and starts. The 76,000 foreclosure sales in Q3 2015 represented a 31 percent drop from Q3 2014 (110,000). Likewise, foreclosure starts totaled 159,000 in Q3 2015, a 26 percent decline from a year ago (215,000).  

–Total actions for Q3 2015 totaled 337,000 vs. 469,000 for Q3 2014, a decline of 28 percent.

–Loan mods for Q3 2015 totaled 98,000 vs. 113,000 for Q3 2014, a decline of 13 percent.

–Short sales completed for Q3 2015 totaled 21,000 vs. 31,000 for Q3 2014, a decrease of 32 percent.

–Deeds in lieu for Q3 2015 totaled 4,500, a decrease of 36 percent from Q3 2014 (7,000).

–Delinquencies of 60+ days totaled 1.63 million for Q3 2015, compared to 1.95 million for Q3 2014, a decrease of 16 percent.  

On a month-over month basis, industry efforts in September remained steady, although serious delinquencies saw its first increase since November 2014.   

–Total non-foreclosure solutions reached 108,000 vs. 114,000 for August, a decrease of 5 percent.

–Completed loan modifications totaled 32,000 for September vs. 33,000 for August, a decrease of 3 percent.

–Foreclosure sales totaled 25,000 in September, unchanged from August.

–Foreclosure starts totaled 54,000 in September, unchanged from August.

–Delinquencies of 60+ days totaled 1.66 million for September vs. 1.58 million in August, an increase of 5 percent.  

The full data set for Q3 2015 can be found at www.hopenow.com.