FHFA: Delinquencies Drop in Q2 – NMP Skip to main content

FHFA: Delinquencies Drop in Q2

NationalMortgageProfessional.com
Sep 24, 2014

The Federal Housing Finance Agency (FHFA) has released a report showing that Fannie Mae and Freddie Mac completed approximately 80,000 foreclosure prevention actions in the second quarter of 2014, bringing the total to nearly 3.3 million since the start of the conservatorships in September 2008. These measures have helped about 2.7 million borrowers stay in their homes, including nearly 1.7 million who received permanent loan modifications.     Further detail can be found in FHFA’s quarterly Foreclosure Prevention Report, which also includes data on Fannie Mae and Freddie Mac home retention actions, delinquency data and real-estate owned (REO) inventory. Also noted in the quarterly report: ►The number of 60-plus days delinquent loans declined five percent to the lowest level since the start of conservatorships. ►The serious delinquency rate fell to 2.1 percent at the end of the second quarter compared with 6.2 percent for Federal Housing Administration loans, 3.4 percent for Veterans Affairs loans and 4.8 percent for all loans. ►As of June 30, 2014, about 13 percent of loans modified in the second quarter of 2013 had missed two or more payments, one year after modification. ►Approximately 37 percent of all permanent loan modifications helped to reduce homeowners' monthly payments by more than 30 percent in the second quarter. ►Approximately 25 percent of borrowers who received permanent loan modifications in the second quarter had portions of their mortgage balance forborne. ►Approximately 14,500 short sales and deeds-in-lieu were completed in the second quarter, bringing the total to more than 581,400 since the start of the conservatorships. ►Third-party sales and foreclosure sales fell 10 percent to 42,800 while foreclosure starts increased slightly in the second quarter. ►The REO inventory of Fannie Mae and Freddie Mac declined 10 percent during the quarter to approximately 131,500, as property dispositions outpaced property acquisitions.
Published
Sep 24, 2014
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022