{"id":804,"date":"2017-02-16T00:00:00","date_gmt":"2017-02-16T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/modified-loans-redefaulting-at-faster-rates\/"},"modified":"2017-02-16T00:00:00","modified_gmt":"2017-02-16T00:00:00","slug":"modified-loans-redefaulting-at-faster-rates","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/modified-loans-redefaulting-at-faster-rates\/","title":{"rendered":"Modified Loans Redefaulting at Faster Rates"},"content":{"rendered":"

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Loans<\/a> that have been modified since 2014 are redefaulting at faster rates than those that were modified in prior years, according to a new report.<\/p>\n\n

Seventy-five percent of the loans that redefaulted did so within the first two years after receiving a loan modification, according to analysis of Fannie Mae loan data.<\/p>\n\n

\u201cRelative to prior years, recent trends indicate more modifications made to borrowers that have prior failed loan<\/a> modifications, lower payment reductions, and lower credit scores,\u201d says Samuel So, Fitch Ratings director.<\/p>\n\n

Fitch analyzed about 700,000 loans, with cumulative unpaid principal balances of $135 billion, that had been permanently modified between 2010 and 2015.<\/p>\n\n

Fitch\u2019s study found that loans modified more recently had lower average FICO scores and a higher number of prior modifications, which appeared to be related to higher redefault risk.<\/p>\n\n

In 2009, the average FICO score was 655 and only 1 percent of loans had multiple modifications. By 2015, the average FICO score was 592, and 34 percent of the loans had multiple modifications, the Fitch Ratings study showed.<\/p>\n\n

Source: \u201cRecently Modified Loans Redefault at a Faster Pace,\u201d National Mortgage<\/a> News (Feb. 9, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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[ad_1] Loans that have been modified since 2014 are redefaulting at faster rates than those that … Modified Loans Redefaulting at Faster Rates<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":805,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1329,604,41,818],"class_list":["post-804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-loan","tag-loans","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/n-4dfr0XOUU","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8812,"url":"https:\/\/amazingproperty.com.ng\/blog\/types-of-home-loans-you-have-more-choices\/","url_meta":{"origin":804,"position":0},"title":"Types Of Home Loans You Have More Choices","author":"Amazing Property","date":"July 10, 2018","format":false,"excerpt":"Exploring the Different Types of Home Loans Available. 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