Making Home Affordable Program Update
Report Highlights More Than 600,000 Permanent Modifications Started
•Homeowners in permanent modifications realize real savings, with aggregate reductions in monthly mortgage payments estimated to total nearly $5.0 billion, program to date. Homeowners in active permanent modifications realize median monthly savings of more than $527, or 37% of the median before-modification monthly payment.
•New permanent modifications have averaged nearly 29,000 per month for the last six months. New trial modifications have averaged 27,000 per month over the same period.
•Nearly 1.5 million homeowners have entered trial modifications since program inception.
New This Month: Post-6/1 Conversion Rates
•Most servicers significantly improved conversion rates upon accepting verified income documentation from homeowners.
•Servicers average a 61% conversion rate for all eligible trials started with verified documentation on or after June 1, 2010. As servicers continue to convert their eligible trial modifications, the conversion rates will increase. For trial modifications that started in June 2010, 73% of them have converted through January 2011. For trial modifications begun before June 1, 2011 the conversion rate averages 41%.
Posted: http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports
For a free loan modification consultation go to http://www.jdssaysyes.com/
Monday, March 28, 2011
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