Hope Now Mortgage Workouts Soar 92%, as Executive Director Resigns
Completed loan modifications, trial modifications and other workout plans surged in Q110, according to data from Hope Now, the private sector alliance of mortgage servicers, investors, insurers and non-profit counselors. Total workout solutions rose 92% to 1.36m from 710,000 in the year-ago quarter. The mortgage industry completed 476,192 modifications in the quarter -- a 29% increase from same quarter last year, Hope Now said. These modifications include internal modification programs and Home Affordable Modification Program (HAMP) permanent modifications, as reported monthly by the Treasury Department. In Q110, the industry completed 312,329 proprietary loan modifications and 163,863 permanent HAMP modifications, Hope Now said. Meanwhile, foreclosure starts fell 5% to 691,020 from 728,780 in the year-ago quarter. Delinquencies of 60 or more days, however, jumped 40% over last year to 3.99m in Q110. Completed foreclosure sales are also up 45% to 291,380: "It is clear our work is far from over," said Hope Now executive director Faith Schwartz in an e-mailed statement. "Alliance members have demonstrated their commitment to helping homeowners, their ability to find workable solutions and their willingness to implement multiple intervention solutions to stabilize markets and homeowners." The quarterly data arrives as Schwartz is announcing her resignation from the post of Hope Now executive director effective June 1. Schwartz tells HousingWire she will continue as a senior advisor to Hope Now in the coming months. "It has been a terrific role," she says. "I have no plans at the moment other than spending more quality time with my three children over the summer months. Then I will finalize my next steps. No doubt, I will remain active in this space." Eric Selk will continue to manage the outreach events, according to Schwartz. The day to day on-site manager will be Larry Gilmore, who is also CEO of Hope LoanPort. Write to Diana Golobay.