Citi announced today that it helped 108,000 mortgage holders throughout the country avoid possible foreclosure during the second quarter.
That number was up roughly 30 percent from the first quarter, bringing the total of Citi-serviced homeowners helped to 625,000 since 2007.
The company used a combination of loan modifications, HAMP trial modifications, loan amortization extensions, forbearances, reinstatements and other loss mitigation activities to achieve those numbers.
However, loan modifications, which are arguably the most favorable loan workouts available, slipped five percent from the first quarter, which the company attributed to the implementation of the Home Affordable Modification Program (HAMP).
Foreclosures and delinquencies also trended higher, with 4.7 percent of Citi’s total mortgage servicing portfolio 90+ days past due and foreclosures in process up 10 percent.
Supposed “loss mitigation successes” outnumber completed foreclosures by a ratio of more than 12 to one.
And only two percent of all loans serviced by Citi were in loss mitigation or foreclosure completed status as of the end of the second quarter.
Citi has increased its loss mitigation staff by 1,400 since the beginning of the year, and has solicited over 140,000 delinquent borrowers since April; as of July, over 40,000 borrowers have been offered trial HAMP plans.
The re-default rate for loans serviced by Citi wasn’t stellar, with more than a quarter back in the red after one year.