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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance, and FPM Report - 3Q2022

Published: 12/20/2022

​3Q22 Highlights — Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 69,362 foreclosure prevention actions in the third quarter of 2022, bringing the total to 6,660,364 since the start of conservatorships in September 2008. Of these actions, 5,956,240 have helped troubled homeowners stay in their homes, including 2,608,555 permanent loan modifications.

  • Initiated forbearance plans increased to 41,856 in the third quarter from 41,054 in the second quarter of 2022. The total number of loans in forbearance at the end of the quarter was 78,432, representing approximately 0.25 percent of the total loans serviced, and 16 percent of the total delinquent loans.

  • Eleven percent of modifications in the third quarter were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 56 percent of all loan modifications during the quarter.

  • There were 171 completed short sales and deeds-in-lieu during the quarter, bringing the total to 704,124 since the conservatorships began in September 2008.

The Enterprises' Mortgage Performance:

  • The 60+ days delinquency rate dropped from 0.92 percent at the end of the second quarter to 0.83 percent at the end of the third quarter of 2022. The delinquency rates remained slightly higher than pre-coronavirus rates due to the forbearance programs offered to borrowers affected by the pandemic.

  • The Enterprises' serious (90 days or more) delinquency rate dropped to 0.68 percent at the end of the third quarter. This compared with 4.26 percent for Federal Housing Administration (FHA) loans, 2.51 percent for Veterans Affairs (VA) loans, and 1.90 percent for all loans (industry average).

The Enterprises' Foreclosures:

  • Foreclosure starts declined 11 percent to 17,327 while third-party and foreclosure sales increased 3 percent to 3,566 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

3Q22 Highlights ​— Refinance Activities​​

  • Total refinance volume decreased in September 2022 due to the increase in mortgage rates through August. Mortgage rates continued to increase in September: the average interest rate on a 30-year fixed rate mortgage increased to 6.11 percent from an August level of 5.22 percent.

  • The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages increased to 15 percent in September as the difference between 15- and 30-year fixed rate mortgages decreased to 0.66 percent in August.

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