The total amount of loan modifications completed by Freddie Mac decreased in September, according to the agency’s Monthly Volume Summary.
There were 6,685 loan modifications in September, a 12.9% decrease from the previous month. Despite the decline, Freddie Mac has completed an average of 6,715 loan modifications per month this year, while in 2012, the agency averaged 5,798 completed loan modifications each month.
Single-family refinance-loan purchases and guarantee volumes were $16.4 billion in September, down 21.27% from August’s number of $20.8 billion. September’s number reflects 62 percent of mortgage purchases and issuances.
Refinanced mortgages that were initiated for homeowner relief represented 39% of total refinances, which was up from 33% the previous month. In spite of the increase in homeowner relief refinances, total-refinance loan purchases were down 21.7%, $36.0 billion in August to $28.2 billion two months ago.