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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance and FPM Report - February 2020

Published: 5/14/2020

​​​​​​​​​February 2020 Highlights -- Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 8,836 foreclosure prevention actions in February, bringing the total to 4,424,910 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.

  • There were 5,376 permanent loan modifications in February, bringing the total to 2,401,285 since the conservatorships began in September 2008.

  • Twenty-two percent of modifications in February were modifications with principal forbearance. Modifications with extend-term only accounted for 65 percent of all loan modifications during the month.

  • There were 364 short sales and deeds-in-lieu of foreclosure completed in February, down 18 percent compared with January 2020.

The Enterprises' Mortgage Performance:

  • The serious delinquency rate decreased slightly from 0.64 percent at the end of January to 0.63 percent at the end of February.

The Enterprises' Foreclosures:

  • Third-party and foreclosure sales decreased 23 percent from 3,225 in January to 2,491 in February.

  • Foreclosure starts decreased from 11,624 in January to 9,061 in February.

February 2020 Highlights -- Refinance Activities

  • Total refinance volume decreased in February 2020 but remained near the highs observed in late 2019 as mortgage ratescontinued to plumb the lows last observed in 2015. Mortgage rates decreased in February: the average interest rate on a 30-year fixed rate mortgage fell to 3.47 percent from 3.62 percent in January.

  • In February 2020, 2 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 17.

  • The percentage of cash-out refinances decreased to 41 percent in February from 42 percent in January. Mortgage rates have fallen from the highs observed a year ago to lows last observed in 2015, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.​

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