FHFA - Federal Housing Finance Agency

04/15/2024 | Press release | Distributed by Public on 04/15/2024 11:25

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - January 2024

Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - January 2024

Published: 4/15/2024
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January 2024 Highlights - Foreclosure Prevention

​The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 17,488 foreclosure prevention actions in January, bringing the total to 6,923,218 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 5,127 permanent loan modifications in January, bringing the total to 2,687,319 since the conservatorships began in September 2008.
  • Approximately 80 percent of loan modifications in January involved extend term only. Modifications with principal forbearance accounted for 19 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a forbearance plan increased 26 percent from 6,821 in December 2023 to 8,628 in January 2024.
  • Initiated forbearance plans increased from 7,096 in December 2023 to 7,490 in January 2024. However, the total number of loans in forbearance decreased from 42,194 at the end of December 2023 to 38,872 at the end of January 2024, representing approximately 0.13 percent of the total loans serviced and 8 percent of the total delinquent loans.

The Enterprises' Mortgage Performance:

  • The 30-59 days delinquency rate decreased to 0.87 percent while the serious delinquency rate decreased to 0.54 percent at the end of January.

The Enterprises' Foreclosures:

  • Third-party and foreclosure sales increased 16 percent to 1,136 while foreclosure starts increased 12 percent to 6,819 in January.

January 2024 Highlights - Refinance Activities

  • Total refinance volume decreased in January 2024 as mortgage rates were elevated in 2023, peaking in October at a monthly average of 7.62 percent. However, mortgage rates fell in January: the average interest rate on a 30-year fixed rate mortgage decreased to 6.64 percent.
  • The percentage of cash-out refinances decreased to 69 percent in January after rising as high as 82 percent over the last two years. Higher mortgage rates have reduced the opportunities for non cashout borrowers to refinance at lower rates and lower their monthly payments.
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Attachments:
/AboutUs/Reports/ReportDocuments/January2024-FPR-Refi-FPM-Report.pdf|3.26 MB;