However, In looking at the data in depth, I calculate HUGE drops in Oregon monthly TOTAL loan modification (down 47%) and TRIAL loan modifications (down 96%), as show in the table below:
| Month | Trial | Permanent | TOTAL |
| Feb | 19 | 579 | 598 |
| Jan. | 528 | 594 | 1,122 |
| # Change | -509 | -15 | -524 |
| % Change | -96% | -3% | -47% |
Loan Modification Production Per Workday:
When these monthly totals are equalized to reflect production per workday, trial loan modifications dropped from 26 per workday in January to only 1 per workday in February.
This brought TOTAL loan modifications down from a rate of 56 per workday in January to only 31 per workday in February. (The production rate for permanent modifications stayed the same at 30 per workday).
This data suggests that Treasury and servicers are now focused on making permanent the pipeline of existing trial loan modifications, with very few applications being added as trial modifications. (Oregon has a universe of more than 9,000 trial modifications at the end of February, so a refocus on converting these into permanent loan modifications seems like a logical move).
My updated table with loan modification data for all states from Dec 2009-February 2010 is HERE. (First two pages are legal size, other two pages are letter size).
The complete Treasury February loan modification press release, which includes state tables, is HERE.
Originally created and posted on the Oregon Housing Blog.
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