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Conservatorship Reports


 

The following reports provide an overview of Fannie Mae and Freddie Mac’s activities to fulfill the goals of the conservatorships to maintain credit availability, reduce risk to the taxpayer, and build a new single-family securitization infrastructure.



 

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 Recent Conservatorship Reports

 

 

Foreclosure Prevention, Refinance and FPM Report - May 2021360698/12/2021 4:00:00 AM<h2>​​​​​​​M​ay&#160;2021&#160;Highlights - Foreclosure Prevention<br></h2><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;&#160;<br></strong></p><ul><li><span style="color&#58;#444444;">​​The Enterprises completed 65,243 foreclosure prevention actions in May, bringing the total to 5,965,347 since the start of the conservatorships in September 2008. Approximately 41 percent of these actions have been permanent loan modifications.</span></li><li>There were 4,689 permanent loan modifications in May, bringing the total to 2,462,360 since the conservatorships began in September 2008. </li><li>Thirteen percent of modifications in May were modifications with principal forbearance. Modifications with extend-term only accounted for 63 percent of all loan modifications during the month.&#160;</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 25 percent from 55,970 in April to 41,832 in May. </li><li>​Initiated forbearance plans decreased 2 percent from 28,623 in April to 28,128 in May. The total number of loans in forbearance also decreased from 592,985 at the end of April to 540,421 at the end of May, representing approximately 1.8% of the total loans serviced, and 59 percent of the total delinquent loans.&#160;</li></ul><p><strong>​The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The 30-59 days delinquency rate increased to 0.78 percent, while the serious delinquency rate decreased to 2.15 percent at the end of May.&#160;</li></ul><p></p><p><strong>The Enterprises' Foreclosures&#58;</strong> <br></p><ul><li>Third-party and foreclosure sales decreased 12 percent to 714 while foreclosure starts increased 9 percent to 2,206 in May.&#160;</li></ul><p></p><h2>​May 2021 Highlights - Refinance Activities </h2><ul><li>Total refinance volume decreased in May 2021, after mortgage rates rose above 3 percent in March and April. Mortgage rates fell in May&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.96 percent from 3.06 perent in April. </li><li>In May, 3 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 193. </li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages increased to 28 percent in May as the difference between 15- and 30- year fixed rate mortgages steadily increased from the lows observed in late 2020 of 46 basis points to 70 basis points in April.​​​<br><br></li></ul>8/12/2021 1:30:21 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - May 2021 Foreclosure 1908https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 4Q2020360558/10/2021 4:00:00 AM<p>​​The Report provides a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets.</p><div><p>From the beginning of the Enterprises’ Single-Family CRT programs in 2013 through the end of 2020, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $4.1 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $137 billion, or 3.3 percent of UPB. Also, $2.1 trillion of UPB has been insured by, and $534 billion of RIF has been transferred to, primary mortgage insurers from 2013 through the end of 2020.​​<br><br></p></div><p>Through the end of 2020, the targeted UPB of 2019 single-family acquisitions covered by CRTs at Fannie Mae and Freddie Mac was 82 percent and 98 percent, respectively.<br></p>8/10/2021 7:00:29 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 4Q2020 Credit Risk Transfer Progress 2578https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report - Second Quarter 2021341258/6/2021 4:00:00 AM<p>​​​​Fannie Mae and Freddie Mac began issuing the Uniform Mortgage-Backed Securities (UMBS) on June 3, 2019.&#160; &#160;<br></p><p>This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis. The report focuses on alignment of prepayment rates, which continues to be important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.&#160; &#160;<br></p><p>​Ex post monitoring of prepayment rates is part of a broader effort to assure investors that cash flows from UMBS will be similar regardless of which Enterprise is the issuer.&#160;This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises’ TBA-eligible MBS,&#160;<a href="#footNote1">[1]</a>&#160;where a cohort consists of those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year and total combined issuance across the Enterprises exceeds $10 billion.&#160;A prepayment on a mortgage loan is the amount of principal paid in advance of the loan's scheduled payments.&#160;Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity.&#160;​<br></p><div><p> <strong>Background on UMBS</strong> <br></p><p>Issuance of UMBS through their jointly developed Common Securitization Platform (CSP), fulfilled important elements of FHFA's <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"><em>2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac</em></a>.&#160;Forward trading of UMBS began in the “To-Be-Announced&quot; (TBA) market&#160;<a href="#footNote2">[2]</a>, on March 12, 2019 with first settlements of the UMBS trades on June 3, 2019.&#160;UMBS is traded without regard to which Enterprise is the issuer and has effectively merged the formerly separate UMBS markets. UMBS has broadened and enhanced liquidity in the secondary market for residential mortgages and reduced costs to taxpayers.&#160;<a href="#footNote3">[3]</a>&#160; &#160;</p><div><p></p><p> <a name="footNote1">[1]</a>&#160;To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas, Giants, and Supers) are excluded, with the exception of fastest quartile analyses and Table 2 (Quartile Report). For those exceptions, Freddie Mac multi-lender second-level securitizations traded as a single security are included and the related first-level securitizations are excluded to avoid double counting.<br></p><p> <a name="footNote2">[2]</a>&#160;The TBA market is a forward market for certain mortgage-backed securities, including those issued by the Enterprises.<br></p><p> <a name="footNote3">[3]</a>&#160;See&#160;<a href="/AboutUs/Reports/ReportDocuments/Single%20Security%20Update%20final.pdf"><em>An Update on the Structure of the Single Security</em></a>, May 2015, p.&#160;​4.<br></p></div></div>8/6/2021 3:00:46 PMHome / About FHFA / Reports / Prepayment Monitoring Report - Second Quarter 2021 Prepayment Monitoring 485https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - April 2021357897/13/2021 4:00:00 AM<p>​​<span style="color&#58;#0072c6;font-family&#58;&quot;segoe ui semilight&quot;, &quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;1.46em;">​April&#160;</span><span style="color&#58;#0072c6;font-family&#58;&quot;segoe ui semilight&quot;, &quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;1.46em;">2021&#160;Highlights - Foreclosure Prevention</span></p><div><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></div><div><div><ul><li>The Enterprises completed 87,205 foreclosure prevention actions in April, bringing the&#160;total to 5,900,104 since the start of the conservatorships in September 2008.</li><li>Approximately 42 percent of these actions have been permanent loan modifications.</li><li>There were 5,271 permanent loan modifications in April, bringing the total to&#160;2,457,671 since the conservatorships began in September 2008.</li><li>Fourteen percent of modifications in April were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 61 percent of all loan&#160;modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan increased slightly from 55,570 in March to 55,970 in April.</li><li>Initiated forbearance plans decreased 15 percent from 33,525 in March to 28,623 in&#160;April. The total number of loans in forbearance plan also decreased from 660,039 at the end of March to 592,985 at the end of April, representing approximately 2.0% of the total loans serviced, and 64 percent of the total delinquent loans.<br></li></ul></div></div><div><strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate remained at 0.67 percent, while the serious&#160;delinquency rate decreased to 2.29 percent at the end of April.​</li></ul></div><div><strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales decreased 5 percent to 808 while foreclosure starts dropped 62 percent to 2,020 in April.<br><br></li></ul></div><h2>April&#160;2021 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume decreased in April, after mortgage rates rose to above 3&#160;percent in March. Mortgage rates fell in April&#58; the average interest rate on a 30-year&#160;fixed rate mortgage fell to 3.06 percent from 3.08 perent in March.</li><li><div>In April, 12 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 190.</div><div></div></li><li><div>​The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages increased to 27 percent in April as the difference between 15-and 30 year fixed rate mortgages steadily increased from the lows observed in late 2020 of 46 basis points to 70 basis points in March.​</div></li></ul></div><p><br></p>7/13/2021 8:48:30 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - April 2021 Foreclosure 1281https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and Federal Property Manager's Report First Quarter 2021355746/22/2021 4:00:00 AM ​<h2 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;22px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">​​​​​​​​1Q21&#160;Highlights —&#160;Foreclosure Prevention<br></h2><p style="padding&#58;0px;border&#58;0px currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;color&#58;#404040 !important;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><p></p><ul><li>The Enterprises completed 224,646 foreclosure prevention actions in the first quarter,&#160;bringing the total to 5,812,899 since the start of conservatorships in September 2008. Of&#160;these actions, 5,110,843 have helped troubled homeowners stay in their homes, including&#160;2,452,400 permanent loan modifications.<br></li></ul><ul><li>Initiated forbearance plans dropped to 121,216 in the first quarter of 2021 from 179,644&#160;in the fourth quarter of 2020. The total number of loans in forbearance plans at the end of&#160;the quarter was 660,039, representing approximately 2.2% of the total loans serviced, and&#160;67 percent of the total delinquent loans.&#160;<br></li></ul><ul><li>Eleven percent of modifications in the first quarter were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 65 percent of all loan&#160;modifications during the quarter. ​</li></ul><ul><li>There were 713 completed short sales and deeds-in-lieu during the quarter, bringing the&#160;total to 702,056 since the conservatorships began in September 2008.​</li></ul><p></p><p style="padding&#58;0px;border&#58;0px currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;color&#58;#404040 !important;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Mortgage Performance&#58;</span></p><p></p><p></p><ul><li>The 60+ days delinquency rate dropped from 3.07 percent at the end of the fourth&#160;quarter to 2.68 percent at the end of the first quarter. The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs being offered to borrowers affected by the pandemic.<br></li></ul><ul><li>The Enterprises' serious (90 days or more) delinquency rate decreased to 2.48 percent at&#160;the end of the first quarter. This compared with 11.00 percent for Federal Housing&#160;Administration (FHA) loans, 5.59 percent for Veterans Affairs (VA) loans, and 4.70 percent&#160;for all loans (industry average).</li></ul> <p></p><p></p><p></p><p></p><p style="padding&#58;0px;border&#58;0px currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;color&#58;#404040 !important;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosures&#58;</span></p><p></p><ul><li>​Foreclosure starts rose 45 percent to 9,125 while third-party and foreclosure sales&#160;increased 9 percent to 2,099 in the first quarter.</li></ul><p></p><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><p style="padding&#58;0px;border&#58;0px currentcolor;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;color&#58;#404040 !important;"> <em style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-variant&#58;inherit;font-weight&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">​For an interactive online map that provides state data, click on the following link&#58;&#160;</em></p><p style="padding&#58;0px;border&#58;0px currentcolor;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;color&#58;#404040 !important;"> <em style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-variant&#58;inherit;font-weight&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"></em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" target="_blank" style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#276598;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;600;vertical-align&#58;baseline;font-stretch&#58;inherit;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote> <span style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;background-color&#58;#ffffff;">​</span> <h2 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;22px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">1Q21&#160;Highlights ​— Refinance Activities​​<br></h2><ul><li>Total refinance volume increased in March 2021, as borrowers sought to take advantage&#160;of historic low mortgage rates that began rising in January. Mortgage rates continued to&#160;rise in March&#58; the average interest rate on a 30-year fixed rate mortgage rose to 3.08&#160;percent from 2.81 percent in February.<br></li></ul><ul><li>In the first quarter, 38 refinances were completed through the High LTV Refinance&#160;Option, bringing total refinances through the High LTV Refinance Option from the inception&#160;of the program to 178.<br></li></ul><ul><li>The percentage of cash-out refinances increased to 29 percent in March, remaining&#160;below the levels observed in the previous few years. Historic low mortgage rates have&#160;created more opportunities for non cash-out borrowers to refinance at lower rates and&#160;lower their monthly payments.</li></ul><p><a href="/Media/PublicAffairs/Pages/FHFA-Releases-1st-Quarter-2021-Foreclosure-Prevention-and-Refinance-Report.aspx" target="_blank" style="font-style&#58;inherit;">Related News Release​</a><span style="font-style&#58;inherit;">&#160;​</span><a href="/AboutUs/Reports/Pages/Forms/EditForm.aspx?ID=951" target="_blank" style="font-style&#58;inherit;font-variant&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#276598;line-height&#58;inherit;font-weight&#58;600;vertical-align&#58;baseline;font-stretch&#58;inherit;">​</a>​<br></p>6/22/2021 3:16:02 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report First Quarter 2021 Of these actions, 5,110,843 have helped troubled 748https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Annual Report to Congress - 2020339956/15/2021 4:00:00 AM<p><span style="font-size&#58;13px;">​​Federal Housing Finance Agency’s (FHFA’s) Report to Congress covers&#160;the activities of FHFA and its regulated entities in 2020.&#160; The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act), as amended by the Housing and Economic Recovery Act of 2008 (HERA), requires the Director to submit an annual report to Congress addressing several topics related to the fulfillment of FHFA’s statutory responsibilities and the financial condition of the regulated entities&#58;&#160; Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks (FHLBanks).&#160; This report meets all such requirements applicable as of December 31, 2020.</span><br></p><p><span style="font-size&#58;13px;"><a href="/Media/PublicAffairs/Pages/FHFA-Issues-2020-Report-to-Congress.aspx">Related News Release</a>​</span></p>6/15/2021 8:32:59 PMHome / About FHFA / Reports / Annual Report to Congress - 2020 Annual Report to Congress 2254https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales Report - December 2020337565/27/2021 4:00:00 AM<p>​​The Enterprise&#160;Non-Performing Loan Sales Report&#160;includes information about NPLs sold through December 31, 2020 and reflects borrower outcomes on NPLs sold through June 30, 2020 and reported through December 31, 2020.&#160; The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios and transfers credit risk to the private sector.&#160; FHFA and the Enterprises impose&#160;<a href="/Media/PublicAffairs/Pages/Non-Performing-and-Reperforming-Loan-Sale-Requirements.aspx">requirements</a>&#160;on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.&#160;</p><p>This report shows that, through December 31, 2020, the Enterprises have sold 130,808 NPLs with a total unpaid principal balance (UPB) of $24.5 billion.&#160;​</p><p> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-Latest-Report-on-Non-performing-Loan-Sales.aspx">Related News Release</a></p>5/27/2021 6:14:41 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - December 2020 Enterprise 1164https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Performance of Fannie Mae's and Freddie Mac’s Single-Family Credit Risk Transfer341885/17/2021 4:00:00 AM<p>Pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992&#160; (Safety and Soundness Act), as amended by the Housing and Economic Recovery Act of 2008&#160; (HERA), the FHFA Director's principal duties include, among others, ensuring that each Enterprise operates in a safe and sound manner, that the operations and activities of each Enterprise foster liquid, efficient, competitive, and resilient national housing finance markets, and that each Enterprise carries out its statutory mission only through activities that are authorized under and consistent with the Safety and Soundness Act and its charter.&#160; Pursuant to their charters, the statutory purposes of the Enterprises are, among others, to provide stability in, and ongoing assistance to, the secondary market for residential mortgages across the economic cycle.&#160; </p><p>Consistent with these statutory duties, and given the growth, size, and complexity of the CRT market, in 2019, FHFA called for a comprehensive review of the Enterprises’ CRT programs.&#160; As an initial step toward a comprehensive review, this report&#58;&#160; </p><p>1.&#160;Provides an overview of the history and purpose of the Enterprises’ CRT programs and the basic features of the most common CRT vehicles;</p><p>2.&#160;Describes CRT activity to date, including estimates of the net costs of the Enterprises’ CRT programs;</p><p>3.&#160;Discusses the performance of CRT structures during and following the initial COVID-19 stress; and</p><p>4.&#160;Identifies areas for research and analysis to assess potential risks to the ability of each Enterprise to operate in a safe and sound manner and perform its statutory mission or to the liquidity, efficiency, competitiveness, or resiliency of the national housing finance markets.</p><p><a href="/Media/PublicAffairs/Pages/FHFA-Publishes-Report-on-the-Performance-of-Fannie-and-Freddie-SF-CR-Transfers.aspx">Related News Release</a></p>5/17/2021 2:02:08 PMHome / About FHFA / Reports / Performance of Fannie Mae's and Freddie Mac’s Single-Family Credit Risk Transfer Pursuant to the Federal Housing Enterprises Financial Safety and 1481https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - February 2021341715/13/2021 4:00:00 AM<h2>February&#160;2021&#160;Highlights - Foreclosure Prevention</h2><div> <strong></strong>&#160;</div><div> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></div><div><ul><li>The Enterprises completed 60,661 foreclosure prevention actions in February, bringing the total to 5,720,846 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications.<br></li><li>There were 3,334 permanent loan modifications in February, bringing the total to 2,447,531 since the conservatorships began in September 2008.<br></li><li>Ten percent of modifications in February were modifications with principal forbearance.&#160; Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased from 38,976 in January to 35,468 in February.<br></li><li>Initiated forbearance plans decreased 17 percent from 47,866 in January to 39,825 in February. The total number of loans in forbearance plan also decreased from 771,369 at the end of January to 738,925 at the end of February, representing approximately 2.5% of the total loans serviced, and 63 percent of the total delinquent loans.</li><li>There were 219 short sales and deeds-in-lieu of foreclosure completed in February, down 6 percent compared with January.</li></ul></div><div> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate increased to 1.06 percent, while the serious delinquency rate decreased from 2.70 percent at the end of January to 2.66 percent at the end of February.</li></ul></div><div> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales increased slightly to 625 while foreclosure starts decreased 16 percent to 1,743 in February.<br></li></ul></div><h2>February&#160;2021 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume fell in February 2021 amid a rise from historic low mortgage rates in January. Mortgage rates increased in February&#58; the average interest rate on a 30-year fixed rate mortgage rose to 2.81 percent from 2.74 percent in January.</li><li>In February, 6 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 156.</li><li>The percentage of cash-out refinances continued at 27 percent in February, remaining below the levels observed in the previous few years. Historic low mortgage rates have created more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br></li></ul></div>5/13/2021 2:00:51 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - February 2021 Foreclosure 1073https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - January 2021332524/16/2021 4:00:00 AM<h2>​January&#160;2021&#160;Highlights - Foreclosure Prevention</h2><div> <strong></strong>&#160;</div><div> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></div><div><ul><li>The Enterprises completed 71,932 foreclosure prevention actions in January, bringing the total to 5,660,185 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications.<br></li><li>There were 3,231 permanent loan modifications in January, bringing the total to&#160;2,444,197 since the conservatorships began in September 2008.<br></li><li>Eleven&#160;percent of modifications in&#160;January were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 67 percent of all loan&#160;modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19&#160;related forbearance plan decreased from 44,575 in&#160;December 2020&#160;to 38,976 in January 2021.<br></li><li>Initiated forbearance plans decreased 23 percent from 61,929 in December to 47,866 in January. The total number of loans in forbearance plan also decreased from 804,559 at the end of December 2020 to 771,369 at the end of January 2021, representing approximately 2.6% of the total loans serviced, and 68 percent of the total delinquent loans.</li><li>There were&#160;232 short sales and deeds-in-lieu of foreclosure completed in January 2021, down 14 percent compared with December 2020.</li></ul></div><div> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate decreased to 0.90 percent, while the serious delinquency rate dropped from 2.78 percent at the end of December to 2.70 percent at the end of January.</li></ul></div><div> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales increased&#160;6 percent to&#160;624 while foreclosure starts&#160;decreased&#160;9 percent to&#160;2,076 in January.<br></li></ul></div><h2>January&#160;2021 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume rose in January 2021 amid historic low mortgage rates through December. Mortgage rates increased in January&#58; the average interest rate on a 30-year fixed rate mortgage rose to 2.74 percent from 2.68 percent in December.</li><li>In January, 10 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 150.</li><li>The percentage of cash-out refinances decreased to 27 percent in January from 29 percent in December, remaining below the levels observed in the previous few years. Mortgage rates have reached historic low levels, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br></li></ul></div>7/8/2021 7:22:49 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - January 2021 Foreclosure 1177https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

​Note: Some of FHFA’s reports have evolved over time. On December 2, 2008, FHFA submitted the first Federal Property Manager’s Report to Congress and until May 2012 these reports included refinance activity.  After May 2012, the Federal Property Manager’s Report contained the same content as the monthly and quarterly Foreclosure Prevention Reports, so the Federal Property Manager’s Report was no longer released separately.

View Federal Property Manager’s Reports from December 2008 – April 2012.

View Refinance Reports.


 

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