Foreclosure Prevention, Refinance, and FPM Report – 1Q2025
Industry Update
June 26, 2025
Source: Federal Housing Finance Agency
1Q25 Highlights — Foreclosure Prevention
The Enterprises’ Foreclosure Prevention Actions:
The Enterprises completed 60,592 foreclosure prevention actions in the first quarter of 2025, bringing the total to 7,159,054 since the start of conservatorships in September 2008. Of these actions, 6,453,280 have helped troubled homeowners stay in their homes, including 2,764,830 permanent loan modifications.
Initiated forbearance plans dropped to 31,010 in the first quarter of 2025 from 46,902 in the fourth quarter of 2024. The total number of loans in forbearance at the end of the quarter was 40,939, representing approximately 0.13 percent of the total loans serviced and 8.0 percent of the total delinquent loans.
Thirty three percent of modifications in the first quarter of 2025 were modifications with principal forbearance. Modifications that include extend-term only, accounted for 66 percent of all loan modifications during the quarter.
There were 194 completed short sales and deeds-in-lieu during the quarter, bringing the total to 705,774 since the conservatorships began in September 2008.
The Enterprises’ Mortgage Performance:
The 60+ days delinquency rate decreased from 0.83 percent at the end of the fourth quarter of 2024 to 0.77 percent at the end of the first quarter of 2025.
The Enterprises’ serious (90 days or more) delinquency rate remained at 0.57 percent at the end of the first quarter of 2025. This compared with 3.98 percent for Federal Housing Administration (FHA) loans, 2.51 percent for Veterans Affairs (VA) loans, and 1.63 percent for all loans (industry average).
The Enterprises’ Foreclosures:
Foreclosure starts increased 4.9 percent to 21,972 while third-party and foreclosure sales increased 6.3 percent to 3,081 in the first quarter of 2025.
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