Residential servicers have been modifying fewer mortgages the past few quarters, according to new figures released by the Hope Now alliance.
The group said its servicers completed 182,000 modifications in the second quarter compared to 255,700 in the third quarter of last year. In June, servicers completed 46,400 proprietary modifications and 17,200 HAMP restructurings.
Separately, a Home Affordable Modification Program report shows that 75% of non-GSE borrowers entering the program in June received some form of a principal reduction, according to the Treasury Department.
The GSE regulator does not permit HAMP
In June, foreclosure starts tumbled to 157,900 from 198,950 the prior month. On a quarterly basis, foreclosure starts were relatively unchanged at roughly 532,000 in the first and second quarters.
The Hope Now report also shows that servicers completed 64,200 foreclosure sales in June and 36,500 short sales.
