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Working Paper

Loan Modifications: What Works

Author(s)

We use a unique dataset that combines data on loan, borrower, property, and neighborhood characteristics of modified mortgages on properties in New York City to examine the determinates of successful modifications. From November 2007 through March 2011, over 2.1 million mortgages were modified in the United States, and policymakers have heralded such modifications as a key to addressing the ongoing foreclosure crisis. This dataset includes both HAMP modifications and proprietary modifications. The analysis builds upon a prior paper in which the determinants of loan modifications were examined.

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FHA/VA-backed home purchase loans (% of home purchase loans)

The percentage of all first-lien loan originations, for the purchase of an owner-occupied home, condominium, or cooperative apartment that were insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veteran Affairs (VA), as reported by the Home Mortgage Disclosure Act (HMDA).

Sources: Home Mortgage Disclosure Act, NYU Furman Center

Higher-Cost Home Purchase Loans (% of home purchase loans)

The percentage of all first-lien loan originations, for the purchase of an owner-occupied 1-4 family home, that were reported as “higher cost” under the Home Mortgage Disclosure Act.

Sources: Home Mortgage Disclosure Act, NYU Furman Center

Higher-Cost Refinance Loans (% of home refinance loans)

The percentage of loan originations, for the refinancing of an owner-occupied 1-4 family home, that were reported as “higher cost” under the Home Mortgage Disclosure Act.

Sources: Home Mortgage Disclosure Act, NYU Furman Center