The Federal Housing Finance Agency recently provided an update on foreclosure prevention and refinance activities for the month of April.
The details:
– The 30-59 days delinquency rate remained at 0.67%, while the serious delinquency rate decreased to 2.29% at the end of April.
– Third-party and foreclosure sales decreased 5% to 808 while foreclosure starts dropped 62% to 2,020 in April.
– Fannie and Freddie completed 87,205 foreclosure prevention actions in April, totaling 5,900,104 since the start of the conservatorships in September 2008.
– There were 5,271 permanent loan modifications in April, totaling 2,457,671 since the conservatorships began in September 2008.
– 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% 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.
– Total refinance volume decreased in April
– The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages increased to 27%
“The total number of loans in a forbearance plan continued to trend downward since its peak in May 2020 as initiated forbearance plans decreased, but remained elevated through April 2021 compared with pre-pandemic levels,” according to the report. “As of April 30,2021, there were 592,985 loans in forbearance plan, representing approximately 2.0% of the enterprises’ single-family conventional book of business, down from 660,039 or 2.2% at the end of March.”
