Federal Housing Finance Agency Print
Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 3Q2021
Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance, and FPM Report - 3Q2021

Published: 12/21/2021

3Q21 Highlights — Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 180,566 foreclosure prevention actions in the third quarter, bringing the total to 6,210,485 since the start of conservatorships in September 2008. Of these actions, 5,507,330 have helped troubled homeowners stay in their homes, including 2,486,464 permanent loan modifications.
  • Initiated forbearance plans dropped to 75,201 in the third quarter from 81,592 in the second quarter of 2021. The total number of loans in forbearance plans at the end of the quarter was 320,009, representing approximately 1.07% of the total loans serviced, and 44 percent of the total delinquent loans. 
  • Eleven percent of modifications in the third quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the quarter.
  • There were 444 completed short sales and deeds-in-lieu during the quarter, bringing the total to 703,155 since the conservatorships began in September 2008.​

The Enterprises' Mortgage Performance:

  • The 60+ days delinquency rate decreased from 2.14 percent at the end of the second quarter to 1.69 percent at the end of the third quarter.  The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs being offered to borrowers affected by the pandemic. 
  • The Enterprises' serious (90 days or more) delinquency rate decreased to 1.55 percent at the end of the third quarter. This compared with 8.19 percent for Federal Housing Administration (FHA) loans, 4.48 percent for Veterans Affairs (VA) loans, and 3.40 percent for all loans (industry average).​

The Enterprises' Foreclosures:

  • ​Foreclosure starts rose 16 percent to 7,253 while third-party and foreclosure sales increased 11 percent to 2,534 in the third quarter.

​For an interactive online map that provides state data, click on the following link: 

Fannie Mae and Freddie Mac State Borrower Assistance Map

3Q21 Highlights ​— Refinance Activities​​

  • ​​Total refinance volume fell in September 2021, after a sharp rise in August. Mortgage rates rose in September: the average interest rate on a 30-year fixed rate mortgage rose to 2.90 percent from 2.84 percent in August.
  • In the third quarter, four refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 201.
  • The percentage of borrowers refinancing into shorter-term 12-year fixed rate mortgages increased to 27 percent in September as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 71 basis point range in recent months.  In September, the difference between 15- and 30-year fixed rate mortgages increased to 72 basis points.

Related News Release

Attachments:
© 2022 Federal Housing Finance Agency