FORECLOSURE PREVENTION & REFINANCE REPORT - Federal Housing Finance Agency
FORECLOSURE PREVENTION & REFINANCE REPORTFEDERAL PROPERTY MANAGER'S REPORTTHIRD QUARTER 2020
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Table of ContentsHIGHLIGHTS. 3MORTGAGE PERFORMANCE.4FORECLOSURE PREVENTION ACTIONS: All Actions Completed.560 DAYS DELINQUENT LOANS AND FORECLOSURE PREVENTION ACTIONS.6Home Retention Actions.7Enterprises' Loan Modifications. 8Fannie Mae's Loan Modifications. 11Freddie Mac's Loan Modifications.12Home Forfeiture Actions. 13FORECLOSURES. 14REO ACTIVITY & INVENTORY. 15DELINQUENT LOANS BY STATE. 16DEEPLY DELINQUENT LOANS IN SELECTED STATES.17DELINQUENCY STATUS MAP. 18CHANGE IN THE NUMBER OF DELINQUENT LOANS IN KEY STATES. 19Page 1
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Table of Contents (Cont.)APPENDIX: DATA TABLES. 20APPENDIX: STATE LEVEL DATASingle-Family Book Profile by State. 34Completed Foreclosure Prevention Actions by State. 37REFINANCE ACTIVITIES. 40GLOSSARY. 47Page 2
FHFA Foreclosure Prevention and Refinance Report5.225millionThird Quarter 20203Q20 Highlights -- Foreclosure PreventionForeclosure Prevention ActivitiesThe Enterprises' Foreclosure Prevention Actions:(Number of loans)Completed ActionsLoan Modifications *bringing the total to 5,225,341 since the start of conservatorships in September 2008. OfRepayment Plansthese actions, 4,524,821 have helped troubled homeowners stay in their homes, includingtroubledForbearance Planshomeowners helped 2,431,619 permanent loan modifications. Initiated forbearance plans dropped significantly to 230,714 in the third quarter fromCharge-offs-in-lieuduringconservatorships 1,511,787 in the second quarter. The total number of loans in forbearance plans at the end Payment Deferralof the quarter was 1,045,808, representing approximately 3.66% of the total loans serviced,Home Retention Actionsand 79 percent of the total delinquent loans.Short Sales Twenty percent of modifications in the third quarter were modifications with principalDeeds-in-lieuforbearance. Modifications with extend-term only accounted for 64 percent of all loanHome Forfeiture Actionsmodifications during the quarter. There were 924 completed short sales and deeds-in-lieu during the quarter, bringing the TOTALof loantotalto 700,520 since the conservatorships began in September 2008.Inventory (Number of loans at period end)modifications inRepayment Plans3Q20 reducedThe Enterprises' Mortgage Performance:borrowers' monthly The 60 days delinquency rate decreased from 4.08 percent at the end of the secondForbearance Plans The Enterprises completed 539,451 foreclosure prevention actions in the third quarter,41%payments by over20%quarter to 3.58 percent at the end of the third quarter. The delinquency rates remainedmuch higher than pre-coronavirus rates due to the forbearance programs being offered toborrowers affected by the pandemic. The Enterprises' serious (90 days or more) delinquency rate jumped to 3.14 percent atSerious delinquency the end of the third quarter. This compared with 10.76 percent for Federal HousingAdministration (FHA) loans, 5.77 percent for Veterans Affairs (VA) loans, and 5.16 percentrate jumped to3.14%at the end of 3Q20for all loans (industry average).The Enterprises' Foreclosures: Foreclosure starts decreased 10 percent to 6,809 while third-party and foreclosure salesincreased 75 percent to 1,794 in the third quarter.REO inventorydecreased25%For an interactive online map that provides state data, click on the following link:Fannie Mae and Freddie Mac State Borrower Assistance Map3Q20 Highlights -- Refinance Activitiesin the 3Q20 Total refinance volume fell in September 2020 but remained in record level territory asmortgage rates continued to decrease through August. Mortgage rates decreased furtherin September: the average interest rate on a 30-year fixed rate mortgage fell to 2.89percent from 2.94 percent in urce: FHFA (Fannie Mae and Freddie Mac)Mortgage Performance (at period end)(Number of loans)30-59 Days Delinquent60-plus-days DelinquentSeriously Delinquent*Foreclosure StartsThird-party & Foreclosure SalesREO Inventory(Percent of total loans serviced)30-59 Days Delinquent60-plus-days DelinquentSeriously Delinquent** 90 days or more delinquent, or in the process of foreclosure.Source: FHFA (Fannie Mae and Freddie Mac)Refinance ActivitiesRefinance Option, bringing total refinances through the High LTV Refinance Option from theinception of the program to 105.(Number of loans)percent in August, after steadily decreasing in previous months. Mortgage rates havecontinued to fall, creating more opportunities for non cash-out borrowers to refinance atlower rates and lower their monthly payments.3Q20* Includes HAMP permanent modifications In the third quarter of 2020, 35 refinances were completed through the High LTV The percentage of cash-out refinances increased to 25 percent in September from 242Q20Total RefinanceTotal High LTV Refinance Option2Q203Q201,522,472511,758,94035Source: FHFA (Fannie Mae and Freddie Mac)This is the quarterly version of the Foreclosure Prevention and Refinance Report. FHFA produces monthly and quarterly versions of the Foreclosure Prevention and Refinance Report. In addition to the data provided in the monthlyreports, the quarterly reports include the following information: benchmarking of the Enterprises’ delinquency rates, types and depth of loan modifications, performance of modified loans, and state level data.Page 3
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Mortgage PerformanceThe percentage of the Enterprises' loans that are 30-59 days delinquent decreased to 1.06 percent while the 60 days delinquency ratedropped to 3.58 percent at the end of the third quarter. However, the Enterprises' serious delinquency rate jumped to 3.14 percent atthe end of the quarter, the highest level since 2012. This compared with 10.76 percent for Federal Housing Administration (FHA) loans,5.77 percent for Veterans Affairs (VA) loans, and 5.16 percent for all loans (industry average). The spike in the serious delinquency ratewas as a result of the COVID-19 pandemic and the forbearance programs being offered to affected borrowers.Serious Delinquency Rates**Enterprises versus Mortgage IndustryEnterprises' Delinquency Rates12%12%10.76%10%10%8%8%9.67%9.42%5.73%6%6% 8%60 Days Delinquent3.14%Industry2.88%2%2%VA1.47%30-59 Days Delinquent*1.06%0.99%GSE0%0%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q320082009201020112013201420152016Source: FHFA (Fannie Mae and Freddie Mac)2017201820192020Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Source: FHFA (Fannie Mae and Freddie Mac); Mortgage Bankers Association*2008 data not available.**90 days or more delinquent, or in the process of foreclosure.Page 4
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Foreclosure Prevention Activity: All Actions CompletedThe Enterprises completed 818,375 foreclosure prevention actions in the first nine months of 2020, bringing the total to 5,225,341since the start of conservatorships in September 2008. Of these actions, 2,431,619 have been permanent loan modifications, and2,093,202 actions have been other forms of assistance that allowed troubled homeowners to stay in their homes. In addition,700,520 of the actions have been short sales and deeds-in-lieu which resulted in borrowers leaving their homes without goingthrough the foreclosure process.Home Retention ActionsRepayment PlansForbearance PlansCharge-offs-in-lieuHomeSaver Advance (Fannie)Payment DeferralLoan Modifications2TotalNonforeclosure - Home Forfeiture ActionsShort SalesDeeds-in-lieuTotalTotal Foreclosure Prevention o nce the first full quarter in conservatorship (4Q08).Includes HAMP permanent modifications.Source: FHFA (Fannie Mae and Freddie Mac)Page 5
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 202060 Days Delinquent Loans and Foreclosure Prevention ActionsThe number of 60 days delinquent loans decreased in the third quarter but remained much higher than pre-coronavirus level dueto the forbearance programs being offered to borrowers affected by the pandemic. A total of 539,451 foreclosure preventionactions were completed during the quarter, up 114 percent compared with the second quarter. The vast majority of these actionsallowed troubled homeowners to stay in their homes, including 281,099 forbearance plans, 241,445 payment deferrals and 10,7732000permanent er of loans in thousands4001,1551,10460-plus-days Delinquent 93021004002692000Q1 Q2 Q32008Other*1 17 27Short Sales & Deeds-in-lieu 235Payment Deferral000Forbearance Plans**111Repayment Plans**18 16 15Loan Modifications16 15 13Total Actions38 53 6260 DLQ Loans445 529 678Q4 Q1 Q2 Q3200926 21 12 579 13 170000255613 32 25 3924 37 32 3772 104 87 104926 1,1 1,3 1,5Q4 Q1 Q2 Q32010333220 24 31 31000010 18 21 1446 56 46 3458 138 171 147137 239 272 2271,7 1,7 1,6 1,5Q4 Q1 Q2 Q32011100028 28 36 38000011 13 5450 45 36 30120 86 50 63208 172 129 1341,4 1,3 1,1 1,1Q4 Q1 Q2 Q32013000033 30 29 260000644232 32 24 1560 64 60 58130 130 117 1011,1 987 915 852Q4 Q1 Q2 Q32014000020 15 15 130000233315 16 13 1162 55 49 46100 89 80 73807 724 688 666Q4 Q1 Q2 Q32015000011 10 990000332211 12 10 941 41 42 3566 66 64 55645 585 549 532Q4 Q1 Q2 Q320160000877600002221888830 32 32 3148 50 48 46515 462 435 422Q4 Q1 Q2 Q3201700005554000022219 10 8629 32 34 3045 49 49 41421 378 354 368Q4 Q1 Q2 Q3201800003332000025 21 83688833 36 51 4968 68 71 63459 399 341 314Q4 Q1 Q2 Q320190010222100005732886526 22 20 1841 39 32 26302 287 279 269Q4 Q1 Q2 Q3202000001111000 24122 232 281675516 17 14 1126 27 252 539269 257 1,1 1,0*Consists of HomeSaver Advance (Fannie Mae) and Charge-offs-in-lieu. The volumes of these actions are usually small and may appear as zero due to rounding.**Include loans that were 30 days delinquent at initiation of the plan.Source: FHFA (Fannie Mae and Freddie Mac)Page 6
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Foreclosure Prevention Activity: Home Retention ActionsThe Enterprises completed 538,527 home retention actions in the third quarter, compared with 251,092 in the second quarter.These actions, which included 10,773 permanent loan modifications, 5,007 repayment plans, 281,099 forbearance plans, 241,445payment deferrals and 203 charge-offs-in-lieu, helped delinquent borrowers stay in their homes during the quarter.Home Retention Actions(Number of loans in thousands)6005004003002001000Q1 Q2 Q32008Loan Modifications 16 15 13Repayment Plans 18 16 15Forbearance Plans 1 1 1Payment Deferral0 0 0Other*1 17 27Total36 50 57Q4 Q1 Q2 Q3200924 37 32 3713 32 25 392 5 5 60 0 0 026 21 12 565 95 74 86Q4 Q1 Q2 Q3 Q4 Q1201058 138 171 147 120 8646 56 46 34 50 4510 18 21 14 11 130 0 0 0 0 03 3 3 2 1 0117 215 241 196 181 144Q2 Q3201150 6336 305 40 00 093 96Q4 Q1 Q2 Q3201360 64 60 5832 32 24 156 4 4 20 0 0 00 0 0 098 100 88 75Q4 Q1 Q2 Q3201462 55 49 4615 16 13 112 3 3 30 0 0 00 0 0 080 74 65 60Q4 Q1 Q2 Q3201541 41 42 3511 12 10 93 3 2 20 0 0 00 0 0 055 56 54 46Q4 Q1 Q2 Q3201630 32 32 318 8 8 82 2 2 10 0 0 00 0 0 040 42 42 40Q4 Q1 Q2 Q3201729 32 34 309 10 8 62 2 2 10 0 0 00 0 0 040 44 44 38Q4 Q1 Q2 Q3201833 36 51 496 8 8 825 21 8 30 0 0 00 0 0 064 66 68 61Q4 Q1 Q2 Q3201926 22 20 188 8 6 55 7 3 20 0 0 00 0 1 039 37 30 25Q4 Q1 Q2 Q3202016 17 14 116 7 5 52 2 232 2810 0 0 2410 0 0 025 26 251 539*Consists of HomeSaver Advance (Fannie Mae) and Charge-offs-in-lieu. The volumes of these actions are usually small and may appear as zero due to rounding.Source: FHFA (Fannie Mae and Freddie Mac)Page 7
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Enterprises' Loan ModificationsThe Enterprises completed 10,773 loan modifications in the third quarter, a decrease of 23 percent compared with thesecond quarter. Fannie Mae's permanent loan modifications decreased 24 percent to 6,608 and Freddie Mac's decreased21 percent to 4,165 during the quarter.Loan Modifications by Enterprise(Number of loans in thousands)180160140120100806040200Q1 Q2 Q3 Q4 Q1 Q2 Q320082009Freddie Mac 4 5 8 17 25 16 9Fannie Mae 11 11 5 6 12 17 28Total16 15 13 24 37 32 37Q4 Q1 Q2 Q3201016 44 49 4042 94 122 10658 138 171 147Q4 Q1 Q2 Q3201138 35 15 2182 51 35 42120 86 50 63Q4 Q1 Q2 Q3201320 21 19 2140 43 40 3760 64 60 58Q4 Q1 Q2 Q3201423 19 17 1739 36 32 2962 55 49 46Q4 Q1 Q2 Q3201515 15 16 1326 27 26 2241 41 42 35Q4 Q1 Q2 Q3201611 11 11 1019 21 21 2130 32 32 31Q4 Q1 Q2 Q3201711 12 12 1017 20 22 2029 32 34 30Q4 Q1 Q2 Q3201811 14 18 1822 22 34 3133 36 51 49Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32019202010 9 8 7 6 7 5 416 13 13 11 10 10 9 726 22 20 18 16 17 14 11Source: FHFA (Fannie Mae and Freddie Mac)Page 8
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Enterprises' Loan ModificationsThere were 41,537 permanent loan modifications year-to-date 2020. Approximately 90 percent of these loans were 90 days delinquent at the time of modification, 80 percent had mark-to-market LTV 80%, and 38 percent were originatedprior to 2009.Modifications by MTMLTVModifications by Delinquency %2%2%1%2%3%2%1%1%30-59 DLQ9%5%4%3%3%3%3%9%6%4%3%MTMLTV 100%53%61%56%42%29%23%18%11%7%4%3%60-89 DLQ11%6%5%4%4%4%5%8%10%7%5%80% MTMLTV 100%27%21%23%28%27%25%25%21%18%16%16%90 - 179 DLQ31%25%24%27%37%39%39%39%49%50%51%MTMLTV 80%**21%18%21%30%44%52%58%68%76%80%80%180 - 364 DLQ29%32%34%36%28%26%27%24%25%26%28%365 DLQ13%27%31%28%26%26%23%16%9%12%12%Source: FHFA (Fannie Mae and Freddie 020Source: FHFA (Fannie Mae and Freddie Mac)Modifications by VintageModifications by Mod 201120122013201420152016201720182019YTD20202009 & 3%68%60%54%52%48%35%31%26%2004 & Prior20%20%23%24%26%26%23%21%17%16%13%Source: FHFA (Fannie Mae and Freddie Mac)20102011201220132014Three plus Modifications0%0%1%2%Second Modification5%9%14%20%First 6%67%67%72%Source: FHFA (Fannie Mae and Freddie Mac)*Includes loans with missing delinquency status.**Includes loans with missing MTMLTV data.***Data have been revised.The Enterprises required mandatory implementation of Flex Modification on October 1, 2017. Flex Modification allows more borrowers to qualify for ahome retention solution and targets a 20% monthly payment reduction to improve borrower success under the loan modification.Page 9
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Enterprises' Loan ModificationsThe share of the Enterprises’ modifications with extend-term only was 65 percent year-to-date 2020. Increases in houseprices over the past couple of years have generally increased home equity even for delinquent homeowners, influencing thetype of loan modification. Interest rate reductions are generally offered to borrowers with modest or no home equity. Thishas contributed to lower concessions on loan modifications, which is reflected in the size of payment change.Approximately 60 percent of loans modified in the first quarter of 2020 were current and performing, six months aftermodification.Types of Modification100%Size of Payment 0%0%0%0%0%1%0%0%Reduce Rate Only11%31%27%15%8%5%3%2%1%1%0%0%Extend Term Only15%4%10%11%18%36%48%45%43%61%66%65%Extend Term, Reduce Rate andForbear Principal3%11%26%36%33%24%19%20%32%30%27%21%Extend Term and Reduce Rate64%46%36%37%40%35%30%32%24%7%6%14%Source: FHFA (Fannie Mae and Freddie %20%Decrease 20% 30%15%27%16%19%22%19%19%19%20%20%14%18%20%Decrease 20%25%31%22%25%27%27%33%36%39%38%41%42%38%No 9%6%4%4%10%14%10%6%3%4%3%Modified Loans - 60-plus-days Re-Delinquency RatesSix Months afterModification67%63%65%61%57%39%62%One Year after Modification40%60%32%37%59%28%53%54%Six Months aftermodificationOne Year after 0%2008Decrease 30%Source: FHFA (Fannie Mae and Freddie Mac)Modified Loans - Current and 22%17%18%14%13%22%16%16%18%17%14%11%0%0%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q120082009201020112013Source: FHFA (Fannie Mae and Freddie Mac)201420152016201720182019 2020Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q120082009201020112013201420152016201720182019 2020Source: FHFA (Fannie Mae and Freddie Mac)* The reported percentage at the end of each period represents the number of current loans remaining at the end of the period, divided by the total number of loan modifications, including loans that have since paid off. In 2016, the Enterprisesbegan its Reperforming Loan (PRL) sale program. Over time, an increasing number of modified, reperforming loans will be sold through this program which will result in a lower percentage of Current and Performing loans.The Enterprises required mandatory implementation of Flex Modification on October 1, 2017. Flex Modification allows more borrowers to qualify for ahome retention solution and targets a 20% monthly payment reduction to improve borrower success under the loan modification.Page 10
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Fannie Mae's Loan ModificationsTypes of ModificationSize of Payment 1%0%0%0%0%0%0%2%0%0%Reduce Rate Only15%36%26%14%8%5%3%2%1%2%0%0%Decrease 30%5%34%55%52%50%50%35%29%30%26%15%23%25%Extend Term Only9%1%7%14%24%42%52%48%48%64%70%67%Decrease 20% 30%9%23%16%19%22%18%19%19%21%23%15%21%24%Extend Term, Reduce Rate andForbear se 20%24%30%20%24%26%28%34%36%40%44%46%51%48%Extend Term and Reduce Rate64%No 02019Source: FHFA (Fannie Mae and Freddie Mac)Source: FHFA (Fannie Mae and Freddie Mac)Modified Loans - Current and Performing*Modified Loans - 60-plus-days Re-Delinquency Rates100%60%67%60%72%71%69%Six Months after %57%50%40%61%40%56%50%55%37%39%49%One Year after Modification33%One Year after Modification20%19%20%14%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q120082009201020112013Source: FHFA (Fannie Mae and Freddie Mac)201420152016201720182019 17%25%28%27%25%40% 36%20%2012Six Months afterModification0%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q120082009201020112013201420152016201720182019 2020Source: FHFA (Fannie Mae and Freddie Mac)* The reported percentage at the end of each period represents the number of current loans remaining at the end of the period, divided by the total number of loan modifications, including loans that have since paid off. In 2016,Fannie Mae began its Reperforming Loan (PRL) sale program. Over time, an increasing number of modified, reperforming loans will be sold through this program which will result in a lower percentage of Current and Performingloans.Page 11
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Freddie Mac's Loan ModificationsTypes of 7%4%1%0%0%0%0%0%0%0%0%Reduce Rate Only4%19%28%18%9%4%2%2%1%0%0%0%Extend Term Only23%12%15%6%8%26%41%39%35%56%59%62%OtherExtend Term, Reduce Rate andForbear Principal0%0%18%38%36%24%16%21%37%34%33%24%Extend Term and Reduce ease 30%6%18%47%44%41%49%39%33%30%20%14%15%12%Decrease 20% 30%21%32%18%17%21%21%21%19%19%15%13%15%13%Decrease 20%25%32%26%26%30%24%32%36%38%28%34%29%22%No 8%12%8%6%8%11%11%10%6%6%4%Source: FHFA (Fannie Mae and Freddie Mac)Source: FHFA (Fannie Mae and Freddie Mac)Modified Loans - Current and Performing*Modified Loans - 60-plus-days Re-Delinquency Rates60%100%81%76%80%Six Months afterModification78%73%72%75%69%60%70%66% 68%64%72%67%60%64%68%63%64%40%One Year after Modification59%31% 31%36%59%57%42%40%Size of Payment ChangeOne Year after 009201020112013Source: FHFA (Fannie Mae and Freddie Mac)201420152016201720182019 202017%11%Six Months afterModification0%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q120%17%12%10%0%20%20%14%18%20%17%29%23%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q120082009201020112013201420152016201720182019 2020Source: FHFA (Fannie Mae and Freddie Mac)* The reported percentage at the end of each period represents the number of current loans remaining or paid in full at the end of the period, divided by the total number of loan modifications, including loans that have since paid off. In2016, Freddie Mac began its Reperforming Loan (PRL) sale program. Over time, an increasing number of modified, reperforming loans will be sold through this program which will result in a lower percentage of Current and Performingloans.Page 12
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Foreclosure Prevention Activity: Home Forfeiture ActionsThere were 924 completed short sales and deeds-in-lieu in the third quarter, bringing the total to 700,520 since the start ofconservatorships. The number of completed short sales and deeds-in-lieu increased slightly in the third quarter compared withthe second quarter. These foreclosure alternatives help to reduce the severity of losses resulting from a borrower’s default andminimize the impact of foreclosures on borrowers, communities, and neighborhoods.4035Number of loans in thousands302520151050Q1 Q2 Q32008Deeds-In-Lieu 0 0 0Short Sales2 3 5Total2 3 5Q4 Q1 Q2 Q320091 1 1 16 8 12 177 9 13 17Q4 Q1 Q2 Q320101 1 2 219 23 29 2920 24 31 31Q4 Q1 Q2 Q320112 2 4 426 26 32 3428 28 36 38Q4 Q1 Q2 Q320134 4 5 428 26 25 2233 30 29 26Q4 Q1 Q2 Q320145 4 4 415 11 11 920 15 15 13Q4 Q1 Q2 Q320153 3 3 28 7 7 611 10 9 9Q4 Q1 Q2 Q320162 2 2 25 5 5 48 7 7 6Q4 Q1 Q2 Q320172 2 2 14 3 3 35 5 5 4Q4 Q1 Q2 Q320181 1 1 12 2 2 13 3 3 2Q4 Q1 Q2 Q320191 1 0 01 1 1 12 2 2 1Q4 Q1 Q2 Q320200 0 0 01 1 1 11 1 1 1Source: FHFA (Fannie Mae and Freddie Mac)Page 13
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020ForeclosuresThere were 1,794 completed third-party and foreclosure sales in the third quarter, up 75 percent compared with the secondquarter. The number of foreclosure starts dropped 10 percent from 7,551 in the second quarter to 6,809 in the third quarter.350300Number of loans in thousands25020015010050Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Foreclosure Starts109 117 133 150 244 299 254 243 246 275 339 310 260 186 202 135 141 125 117 113 85 86 75 74 70 62 66 65 61 55 51 52 51 45 43 45 46 39 33 36 33 29 30 30 29 8 7Third-party and Foreclosure Sales 31 38 47 35 41 57 70 78 98 112 138 77 88 71 69 63 60 55 56 48 47 43 39 36 35 30 27 25 25 23 21 18 19 18 16 13 14 13 12 12 11 10 10 8 8 1 2Source: FHFA (Fannie Mae and Freddie Mac)Page 14
FHFA Foreclosure Prevention and Refinance ReportThird Quarter 2020Real Estate Owned (REO) Activity & InventoryThe Enterprises' REO inventory declined 25 percent from 15,487 in the second quarter to 11,614 in the third quarter, as propertydispositions continued to outpace REO acquisitions. The total number of property acquisitions increased 85 percent to 1,223,while dispositions decreased 8 percent to 5,046 during the quarter.250242200Number of loans in thousands179151150131111100 9273485034262212Q1 Q2 Q32009Acquisitions39 54 65Dispositions41 48 49Ending Inventory* 92 97 113Q4 Q1 Q2 Q3201072 91 103 12454 60 76 74131 164 191 242Q4 Q1 Q2 Q3201170 78 78 7077 94 101 84235 218 196 182Q4 Q1 Q2 Q3201272 72 53 5775 77 60 50179 173 142 148Q4 Q1 Q2 Q3201449 46 40 3647 51 55 47151 146 132 120Q4 Q1 Q2 Q3201533 31 25 2242 42 39 32111 100 87 77Q4 Q1 Q2 Q3201621 21 18 1626 27 26 2173 66 58 53Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32017201820192020114 14 13 11 9 10 988877651518 18 17 14 13 12 12 9999777548 44 40 37 34 31 28 27 26 25 23 23 22 20 15 12* 2020 data includes MECA REO properties.Source: FHFA (Fannie Mae and Freddie Mac)Page 15
Third Quarter 2020FHFA Foreclosure Prevention and Refinance ReportDelinquent Loans by StateThe total number of the Enterprises' delinquent loans decreased in the third quarter but remained much higher than precoronavirus level. Approximately 66 percent of the Enterprises' troubled borrowers had missed three or more payments atthe end of the quarter. California has the highest number of 90 days delinquent loans, followed by Florida and Texas. As ofSeptember 30, 2020, approximately 70 percent of the troubled borrowers in California had missed three or more monthlypayments, compared with 72 percent in Florida and 66 percent in Texas.Delinquent Loans by State - As of September 30, 2020(Number of loans in thousands)20030-59 Days DLQ*60-89 Days DLQ390-179 Days DLQ150180-364 Days DLQ51365 Days DLQ7310036298612854350213167111 3475326 25 2 7422151117227 24631572 2411922 10710 1362 3 42 3 6 7 89124 8 6210 36 6 2292128 39412151 8 131 565417 111211103 42 41 2 11131316259137 244253 811037 5 1 VWY012 184* Includes**other loans that cannot be categorized due to missing attributes.Consists of Guam, Puerto Rico, Virgin Islands and other loans for which data are not available.Source: FHFA (Fannie Mae and Freddie Mac)Page 16
Third Quarter 2020FHFA Foreclosure Prevention and Refinance ReportDeeply Delinquent Loans in Selected StatesDeeply delinquent loans (365 days) are highly concentrated in states that require a judicial review of foreclosure activitythat results in longer foreclosure timelines. As of September 30, 2020, approximately 40 percent of the Enterprises’ deeplydelinquent loans were in five judicial states: New York, Florida, Illinois, New Jersey and Pennsylvania. In New York,approximately 24 percent of these loans have been delinquent for over six years.Deeply (365 Days) Delinquent Loans - Top 5 States(Number of loans)10,00072 Months DLQ48-71 Months DLQ8,
Refinance Activities (Number of loans) 2Q20 3Q20 Total Refinance 1,522,472 1,758,940 Total High LTV Refinance Option 51 35 5.225 million troubled homeowners helped during conservatorships 41% of loan modifications in 3Q20 reduced borrowers' monthly payments by over 20% Serious delinquency rate jumped to 3.14%
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4931—70. Note that the foreclosure statute received a significant overhaul in 2012. Vermont has three methods of foreclosure: Strict foreclosure under 12 V.S.A. § 4941; Judicial sale foreclosure under 12 V.S.A. §§ 4945-4954; and Nonjudicial foreclosure under 12 V.S.A. §§ 4961-70.
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The program, which was designed to push sales of Goodyear Aquatred tires, was targeted at sales associates and managers at 900 company-owned stores and service centers, which were divided into two equal groups of nearly identical performance. For every 12 tires they sold, one group received cash rewards and the other received
Fannie Mae and Freddie Mac suspended the High LTV Refinance option in 2021. The total refinance volume from the inception to the end of the program reached 201 loans. The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 24 percent in December as the difference between 15-and 30-year fixed rate
Ten states accounted for over 60 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2016. Overview and Eligibility of the Home Affordable Refinance Program (HARP) FHFA Refinance Report Third Quarter 2016 Borrowers completed 15,597 refinances through HARP,
When recording archaeological finds using illustration, it is vital that you look very closely at the features visible on the objects. It is also important to look at colours, textures and materials. The ‘potato game’ is designed to get children looking at everyday objects that are usually taken for granted and spotting small features that make them unique. The game will also develop .
