Servicers of residential loans granted borrowers more favorable terms on their mortgages than on their original contracts at a pace that was the strongest in four months.

When the first month of this year concluded, mortgages servicers had completed 29,371 loan modifications. It was the most since September 2016, when there were 30,799.

Volume — including modifications completed through proprietary programs and the Home Affordable Modification Program — totaled 28,550 in the final month of last year.

Source: Mortgage Daily