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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention Refinance and FPM Report April 2022

Published: 7/14/2022

​​​​​​​​April 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • ​The Enterprises completed 37,095 foreclosure prevention actions in April, bringing the total to 6,531,152 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 14,528 permanent loan modifications in April, bringing the total to 2,559,280 since the conservatorships began in September 2008.
  • Seven percent of modifications in April were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 76 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan increased slightly from 15,970 in March to 16,047 in April.
  • ​Initiated forbearance plans decreased 23 percent from 17,101 in March to 13,247 in April. The total number of loans in forbearance decreased from 126,758 at the end of March to 110,535 at the end of April, representing approximately 0.36 percent of the total loans serviced, and 20 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased to 0.74 percent while the serious delinquency rate declined to 0.90 percent at the end of April.

The Enterprises' Foreclosures:​

  • ​Third-party and foreclosure sales increased slightly to 1,136 while foreclosure starts decreased to 6,467 in April.

April 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in April 2022 amid rising mortgage rates through March. Mortgage rates rose in April: the average interest rate on a 30-year fixed rate mortgage increased to 4.98 percent from a March level of 4.17 percent, reaching levels last observed in 2010.
  • ​The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 22 percent in April as the difference between 15- and 30-year fixed rate mortgages remained in the three quarters of a percent range in recent months through March. In April, the difference between 15- and 30-year fixed rate mortgages decreased to 76 basis p​oints.
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