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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention Refinance and FPM Report January 2022

Published: 4/14/2022

​January 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:
  • The Enterprises completed 46,857 foreclosure prevention actions in January, bringing the total to 6,411,135 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 8,934 permanent loan modifications in January, bringing the total to 2,512,311 since the conservatorships began in September 2008.
  • Seven percent of modifications in January were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 59 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 14 percent from 25,784 in December 2021 to 22,275 in January 2022.
  • Initiated forbearance plans decreased 13 percent from 29,267 in December to 22,968 in January. The total number of loans in forbearance decreased from 178,019 at the end of December to 153,075 at the end of January, representing approximately 0.50 percent of the total loans serviced, and 25 percent of the total delinquent loans.
The Enterprises' Mortgage Performance: 
  • The 30-59 days delinquency rate remained flat at 0.76 percent, while the serious delinquency rate declined to 1.12 percent at the end of January.
The Enterprises' Foreclosures:
  • Third-party and foreclosure sales decreased 3 percent to 1,006 while foreclosure starts rose to 6,807 in January.

January​ 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in January 2022 amid rising mortgage rates through December. Mortgage rates continued to rise in January: the average interest rate on a 30-year fixed rate mortgage increased to 3.45 percent from a December level of 3.10 percent, reaching levels last observed in March 2020.
  • The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 23 percent in January as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 76 basis point range in recent months through December. In January, the difference between 15- and 30-year fixed rate mortgages increased to 79 basis points.

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