FHFA Releases 1st Quarter 2023 Foreclosure Prevention and Refinance Report
Industry Update
June 23, 2023
Source: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) released its first quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 58,268 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,771,101 since the start of conservatorships in September 2008.
The report also shows that 35 percent of loan modifications completed in the first quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances decreased amid rising mortgage rates from 111,251 in the fourth quarter of 2022 to 78,445 in the first quarter of 2023.
The Enterprises’ serious delinquency rate declined slightly from 0.65 percent to 0.60 percent at the end of the first quarter. This compares with 4.01 percent for Federal Housing Administration (FHA) loans, 2.26 percent for Veterans Affairs (VA) loans, and 1.73 percent for all loans (industry average).
For full report, please click the source link above.