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

Foreclosure Prevention, Refinance and FPM Report - April 2021

Published: 7/13/2021

​​​April 2021 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:
  • The Enterprises completed 87,205 foreclosure prevention actions in April, bringing the total to 5,900,104 since the start of the conservatorships in September 2008.
  • Approximately 42 percent of these actions have been permanent loan modifications.
  • There were 5,271 permanent loan modifications in April, bringing the total to 2,457,671 since the conservatorships began in September 2008.
  • Fourteen percent of modifications in April were modifications with principal forbearance. Modifications with extend-term only accounted for 61 percent of all loan modifications during the month.
  • 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.
  • Initiated forbearance plans decreased 15 percent from 33,525 in March to 28,623 in 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.
The Enterprises' Mortgage Performance: 
  • The 30-59 days delinquency rate remained at 0.67 percent, while the serious delinquency rate decreased to 2.29 percent at the end of April.​
The Enterprises' Foreclosures:
  • ​Third-party and foreclosure sales decreased 5 percent to 808 while foreclosure starts dropped 62 percent to 2,020 in April.

April 2021 Highlights - Refinance Activities

  • Total refinance volume decreased in April, after mortgage rates rose to above 3 percent in March. Mortgage rates fell in April: the average interest rate on a 30-year fixed rate mortgage fell to 3.06 percent from 3.08 perent in March.
  • 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.
  • ​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.​


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