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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention Refinance and FPM Report February 2022

Published: 5/12/2022

​​​​​​February 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:
  • The Enterprises completed 40,648 foreclosure prevention actions in February, bringing the total to 6,451,783 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 14,350 permanent loan modifications in February, bringing the total to 2,526,661 since the conservatorships began in September 2008.
  • Six percent of modifications in February were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 73 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 11 percent from 22,275 in January to 19,889 in February.
  • Initiated forbearance plans decreased 14 percent from 22,968 in January to 19,709 in February. The total number of loans in forbearance decreased from 153,075 at the end of January to 140,188 at the end of February, representing approximately 0.46 percent of the total loans serviced, and 22 percent of the total delinquent loans.
The Enterprises' Mortgage Performance: 
  • The 30-59 days delinquency rate increased to 0.92 percent while the serious delinquency rate declined to 1.06 percent at the end of February.
The Enterprises' Foreclosures:
  • Third-party and foreclosure sales decreased 9 percent to 918 while foreclosure starts increased to 7,298 in February.

February 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in February 2022 amid rising mortgage rates through January. Mortgage rates rose in February: the average interest rate on a 30- year fixed rate mortgage increased to 3.76 percent from a January level of 3.45 percent.
  • The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 23 percent in February as the difference between 15- and 30-year fixed rate mortgages remained in the three quarters of a percent range in recent months through January. In February, the difference between 15- and 30-year fixed ​rate mortgages decreased to 76 basis points.
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