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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance and FPM Report - Second Quarter 2019

Published: 9/25/2019

Second Quarter 2019 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 31,757 foreclosure prevention actions in the second quarter, bringing the total to 4,354,561 since the start of conservatorships in September 2008.  Of these actions, 3,659,622 have helped troubled homeowners stay in their homes, including 2,356,417 permanent loan modifications.
  • Tweinty-seven percent of modifications in the second quarter were modifications with principal forbearance.  Modifications with extend-term only accounted for 67 percent of all loan modifications during the quarter.  
  • There were 1,546 completed short sales and deeds-in-lieu during the quarter, bringing the total to 694,939 since the conservatorships began in September in 2008.

The Enterprises' Mortgage Performance:

  • The percentage of 60+ days delinquent loans dropped from 1.03 percent at the end of the first quarter to 1.00 percent at the end of the second quarter of 2019.
  • The Enterprises' serious (90 days or more) delinquency rate decreased to 0.67 percent at the end of the second quarter. This compared with 3.43 percent for Federal Housing Administration (FHA) loans, 1.81 percent for Veterans Affairs (VA) loans, and 1.95 percent for all loans (industry average).

The Enterprises' Foreclosures:

  • Foreclosure starts decreased 12 percent to 29,480, and third-party and foreclosure sales also decreased 6 percent to 10,210 in the second quarter.

Second Quarter 2019 Highlights - Refinance Activities

  • Total refinance volume decreased in June 2019, after increasing in previous months, as mortgage rates fell in previous months but remained above levels observed in previous years.  Mortgage rates decreased in June: the average interest rate on a 30-year fixed rate mortgage fell to 3.80 percent from 4.07 percent in May.
In the Second Quarter of 2019:
  • Borrowers completed 111 refinances through HARP, bringing total refinances from the inception of the program to 3,495,406.
  • HARP volume represented less than 1 percent of total refinance volume. 
  • Borrowers who refinanced through HARP has a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.

For an interactive online map that provides state data, click on the following link: Fannie Mae and Freddie Mac State Borrower Assistance Map.

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