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Foreclosure Prevention, Refinance, and FPM Report

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

Published: 1/24/2023

​​October 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 18,833 foreclosure prevention actions in October, bringing the total to 6,679,197 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 6,500 permanent loan modifications in October, bringing the total to 2,615,055 since the conservatorships began in September 2008.
  • Approximately 57 percent of loan modifications in October involve extend term only. Modifications with principal forbearance accounted for 12 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 10 percent from 9,141 in September to 8,200 in October.
  • ​Initiated forbearance plans increased from 13,739 in September to 18,432 in October. The total number of loans in forbearance also increased from 78,432 at the end of September to 81,556 at the end of October, representing approximately 0.26 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 0.85 percent while the serious delinquency rate declined to 0.67 percent at the end of October.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales decreased to 1,122 while foreclosure starts increased to 6,192 in October.

October​ 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in October 2022 amid record high mortgage rates through September. Mortgage rates rose in October: the average interest rate on a 30-year fixed rate mortgage increased to 6.90 percent from a September level of 6.11 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages decreased to 13 percent in October. Interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2022 compared to previous years due to the rising mortgage rates since December 2021. However, the higher monthly cost of a 15-year mortgage compared to the greater affordability of a 30-year mortgage has reduced ​borrower interest in the 15-year mortgage.
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