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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - July 2022

Published: 10/13/2022

​July 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 23,874 foreclosure prevention actions in July, bringing the total to 6,614,876 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 8,925 permanent loan modifications in July, bringing the total to 2,591,941 since the conservatorships began in September 2008.
  • Approximately 65 percent of loan modifications in July include reduce rate and extend-term. Modifications with principal forbearance accounted for 11 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 17 percent from 12,816 in June to 10,631 in July.
  • ​Initiated forbearance plans increased from 14,410 in June to 13,453 in July. The total number of loans in forbearance decreased from 90,889 at the end of June to 84,385 at the end of July, representing approximately 0.27 percent of the total loans serviced, and 16 percent of the total delinquent loans.

The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased to 0.84 percent while the serious delinquency rate declined to 0.75 percent at the end of July.

The Enterprises' Foreclosures:​

  • ​Third-party and foreclosure sales decreased to 1,176 while foreclosure starts declined to 5,424 in July.

July 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in July 2022 amid rising mortgage rates through June. Mortgage rates fell in July: the average interest rate on a 30-year fixed rate mortgage decreased to 5.41 percent from a July level of 5.52 percent, representing levels last observed in 2008.
  • The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 17 percent in July, with borrowers finding the greater monthly affordability of 30-year fixed rate mortgages amid rising rates more attractive than the increased interest rate savings of 15-year fixed rate mortgages which inched toward one percent.

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