Mortgage servicers are on track to modify far fewer loans in 2011 than the previous year, according to the most recent data provided by the Hope Now alliance formed by these firms and others in the industry.
Through November, servicers modified roughly 969,000 mortgages through both private initiatives and the administration's flagship Home Affordable Modification Program. The 639,000 private workouts nearly double the 330,000 under HAMP.
Servicers completed 84,000 permanent modifications in November, up 6.3% from the month before.
With the December data yet to be released, the 2011 total currently stands just more than half of the 1.76 million modifications completed in 2010.
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