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Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance & Federal Property Manager's Report - October 2021

Published: 1/20/2022

​​October 2021 Highlights -- Foreclosure Prevention

 
The Enterprises' Foreclosure Prevention Actions:
  • The Enterprises completed 65,735 foreclosure prevention actions in October, bringing the total to 6,276,220 since the start of the conservatorships in September 2008. Approximately 40 percent of these actions have been permanent loan modifications.
  • There were 5,186 permanent loan modifications in October, bringing the total to 2,491,650 since the conservatorships began in September 2008.
  • Twelve percent of modifications in October 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 6 percent from 49,140 in September to 45,965 in October.
  • Initiated forbearance plans decreased 14 percent from 26,648 in September to 22,890 in October. The total number of loans in forbearance plans decreased from 320,009 at the end of September to 244,070 at the end of October, representing approximately 0.81% of the total loans serviced, and 34 percent of the total delinquent loans.
The Enterprises' Mortgage Performance: 
  • The 30-59 days delinquency rate increased to 0.81 percent, while the serious delinquency rate declined to 1.40 percent at the end of October.
The Enterprises' Foreclosures:
  • ​Third-party and foreclosure sales increased 33 percent to 1,138 while foreclosure starts fell slightly to 2,305 in October.

October 2021 Highlights - Refinance Activities

  • Total refinance volume in October 2021 continued at a level similar to September. Mortgage rates rose in October: the average interest rate on a 30-year fixed rate mortgage rose to 3.07 percent from 2.90 percent in September.
  • In October, 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 26 percent in October as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 72 basis point range in recent months through September.​
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