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Home / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - November 2021
Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance and FPM Report - November 2021

Published: 2/10/2022

November 2021 Highlights - Foreclosure Prevention

 
The Enterprises' Foreclosure Prevention Actions:
  • The Enterprises completed 47,027 foreclosure prevention actions in November, bringing the total to 6,323,247 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 5,266 permanent loan modifications in November, bringing the total to 2,496,916 since the conservatorships began in September 2008.
  • Twelve percent of modifications in November were modifications with principal forbearance. Modifications with extend-term only accounted for 71 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 33 percent from 45,965 in October to 30,951 in November.
  • Initiated forbearance plans decreased 13 percent from 22,890 in October to 19,989 in November. The total number of loans in forbearance decreased from 244,070 at the end of October to 198,117 at the end of November, representing approximately 0.65 percent of the total loans serviced, and 30 percent of the total delinquent loans.
The Enterprises' Mortgage Performance: 
  • The 30-59 days delinquency rate decreased to 0.77 percent, while the serious delinquency rate declined to 1.29 percent at the end of November.
The Enterprises' Foreclosures:
  • Third-party and foreclosure sales decreased 8 percent to 1,042 while foreclosure starts fell 22 percent to 1,804 in November.

November 2021 Highlights - Refinance Activities

  • Total refinance volume in November decreased from October. Mortgage rates were unchanged in November: the average interest rate on a 30-year fixed rate mortgage continued at 3.07 percent from October.
  • In November, no refinances were completed through the High LTV Refinance Option; the total refinances through the High LTV Refinance Option from the inception of the program was 201.
  • The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 25 percent in November as the difference between 15- and 30- year fixed rate mortgages remained in the 69 to 76 basis point range in recent months through October.
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