Safeguard Properties

Mortgage Foreclosure, Forbearance Data Now Available in FHFA’s New Dashboard

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Industry Update
September 30, 2024

Source: Mortgage Professional America (MPA)

The Federal Housing Finance Agency (FHFA) has released updated data from its National Mortgage Database (NMDB®) on residential mortgage performance through the second quarter of 2024, along with a new interactive tool that makes it easier for the public to access and analyze this information.

The NMDB Aggregate Statistics offer a snapshot of the loan performance of residential mortgages across the United States, providing insight into national, state, and metropolitan-level trends. FHFA’s new data visualization dashboard allows users to easily monitor mortgage performance, offering detailed views of foreclosure rates, forbearance data, and delinquency figures.

“The new dashboard makes it easier for the public to quickly access and review mortgage performance statistics at the national and state levels and for the 100 largest metropolitan areas,” said Anju Vajja, deputy director for FHFA’s research and statistics division. “The NMDB quarterly data releases allow the public to monitor and more closely examine the data to identify emerging mortgage market trends as they develop.”

According to FHFA’s latest data, 0.1% of all outstanding mortgages were in foreclosure, bankruptcy, or deed-in-lieu at the end of the second quarter of 2024. This rate has remained steady in recent quarters and is significantly lower than the peak of 3.5% reached during the financial crisis in 2010 and 2011.

The data also showed that 0.6% of all outstanding mortgages were 90 days or more past due but not yet in foreclosure. States with the highest share of delinquent loans include Louisiana at 1.3%, Mississippi at 1.1%, and Washington, DC, also at 1.1%.

Forbearance rates were another key focus of the report. At the end of Q2 2024, 0.6% of all loans were in forbearance. The metropolitan areas with the highest forbearance rates were Dallas-Plano-Irving, TX, with a rate of 5.3%, Louisville-Jefferson County, KY-IN, at 4.7%, and Houston-The Woodlands-Sugar Land, TX, at 3.7%.

 

For full report, please click the source link above.

 

Fannie and Freddie: Single Family Serious Delinquency Rate Ticked Up in August

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Industry Update
September 27, 2024

Source: Calculated Risk

Single-family serious delinquencies increased slightly in August, and multi-family serious delinquencies decreased slightly.

Freddie Mac reported that the Single-Family serious delinquency rate in August was 0.52%, up from 0.51% June. Freddie’s rate is down year-over-year from 0.55% in August 2023.  This is below the pre-pandemic lows.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family serious delinquency rate in August was 0.50%, up from 0.49% in July. The serious delinquency rate is down year-over-year from 0.53% in August 2023.  This is also below the pre-pandemic lows.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

 

For full report, please click the source link above.

 

FEMA Emergency Management Declaration – Virginia Post-tropical Cyclone Helene

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FEMA Alert
September 29, 2024  

***Last Update: 10/4/24***

FEMA has issued an Emergency Management Declaration for areas of Virginia to supplement state, tribal and local response efforts due to emergency conditions resulting from Post-tropical Cyclone Helene beginning September 25, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Bedford
  • Bland
  • Bristol
  • Buchanan
  • Carroll
  • Covington
  • Craig
  • Danville
  • Dickenson
  • Galax
  • Giles
  • Grayson
  • Montgomery
  • Norton
  • Pittsylvania
  • Pulaski
  • Radford
  • Russell
  • Scott
  • Smyth
  • Tazewell
  • Washington
  • Wise
  • Wythe

 

Virginia Post-tropical Cyclone Helene (EM-3621-VA)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Virginia

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – South Carolina Hurricane Helene

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FEMA Alert
September 29, 2024  

***Last Update: 12/5/24***

FEMA has issued a Major Disaster Declaration for the state of South Carolina to supplement state, tribal, and local recovery efforts in areas affected by Hurricane Helene beginning September 25, 2024 and continuing.  The following counties have been approved for assistance:

Individual Assistance:

  • Abbeville
  • Aiken
  • Allendale
  • Anderson
  • Bamberg
  • Barnwell
  • Beaufort
  • Catawba Indian Reservation
  • Cherokee
  • Chester
  • Edgefield
  • Fairfield
  • Greenville
  • Greenwood
  • Hampton
  • Jasper
  • Kershaw
  • Laurens
  • Lexington
  • McCormick
  • Newberry
  • Oconee
  • Orangeburg
  • Pickens
  • Richland
  • Saluda
  • Spartanburg
  • Union
  • York

Public Assistance:

  • Abbeville
  • Aiken
  • Allendale
  • Anderson
  • Bamberg
  • Barnwell
  • Beaufort
  • Berkeley
  • Calhoun
  • Catawba Indian Reservation
  • Cherokee
  • Chester
  • Colleton
  • Edgefield
  • Fairfield
  • Greenville
  • Greenwood
  • Hampton
  • Jasper
  • Kershaw
  • Lancaster
  • Laurens
  • Lexington
  • McCormick
  • Newberry
  • Oconee
  • Orangeburg
  • Pickens
  • Richland
  • Saluda
  • Spartanburg
  • Union
  • Williamsburg
  • York

 

South Carolina Hurricane Helene (DR-4829-SC)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for South Carolina

Map of Affected Area

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – North Carolina Tropical Storm Helene

Posted on by Safeguard

FEMA Alert
September 28, 2024  

***Last Update: 10/16/24***

FEMA has issued a Major Disaster Declaration for the state of North Carolina to supplement state, tribal, and local recovery efforts in areas affected by Tropical Storm Helene beginning September 25, 2024 and continuing.  The following counties have been approved for assistance:

Individual Assistance:

  • Alexander
  • Alleghany
  • Ashe
  • Avery
  • Buncombe
  • Burke
  • Cabarrus
  • Caldwell
  • Catawba
  • Cherokee
  • Clay
  • Cleveland
  • Eastern Band of Cherokee Indians of North Carolina
  • Forsyth
  • Gaston
  • Graham
  • Haywood
  • Henderson
  • Iredell
  • Jackson
  • Lee
  • Lincoln
  • Macon
  • Madison
  • McDowell
  • Mecklenburg
  • Mitchell
  • Nash
  • Polk
  • Rowan
  • Rutherford
  • Stanly
  • Surry
  • Swain
  • Transylvania
  • Union
  • Watauga
  • Wilkes
  • Yadkin
  • Yancey

Public Assistance:

  • Alexander
  • Alleghany
  • Ashe
  • Avery
  • Buncombe
  • Burke
  • Cabarrus
  • Caldwell
  • Catawba
  • Cherokee
  • Clay
  • Cleveland
  • Eastern Band of Cherokee Indians of North Carolina
  • Forsyth
  • Gaston
  • Graham
  • Haywood
  • Henderson
  • Iredell
  • Jackson
  • Lee
  • Lincoln
  • Macon
  • Madison
  • McDowell
  • Mecklenburg
  • Mitchell
  • Nash
  • Polk
  • Rowan
  • Rutherford
  • Stanly
  • Surry
  • Swain
  • Transylvania
  • Union
  • Watauga
  • Wilkes
  • Yadkin
  • Yancey

 

North Carolina Tropical Storm Helene (DR-4827-NC)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for North Carolina

Map of Affected Area

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Florida Hurricane Helene

Posted on by Safeguard

FEMA Alert
September 28, 2024  

***Last Update: 11/26/24***

FEMA has issued a Major Disaster Declaration for the state of Florida to supplement state, tribal, and local recovery efforts in areas affected by Hurricane Helene beginning September 23, 2024 and continuing.  The following counties have been approved for assistance:

Individual Assistance:

  • Alachua
  • Baker
  • Bradford
  • Charlotte
  • Citrus
  • Collier
  • Columbia
  • DeSoto
  • Dixie
  • Duval
  • Franklin
  • Gilchrist
  • Gulf
  • Hamilton
  • Hernando
  • Hillsborough
  • Jefferson
  • Lafayette
  • Lee
  • Leon
  • Levy
  • Madison
  • Manatee
  • Pasco
  • Pinellas
  • Putnam
  • Sarasota
  • Suwannee
  • Taylor
  • Union
  • Wakulla

Public Assistance:

  • Alachua
  • Baker
  • Bay
  • Bradford
  • Calhoun
  • Charlotte
  • Citrus
  • Clay
  • Collier
  • Columbia
  • Dixie
  • Duval
  • Escambia
  • Franklin
  • Gadsden
  • Gilchrist
  • Gulf
  • Hamilton
  • Hernando
  • Hillsborough
  • Holmes
  • Jackson
  • Jefferson
  • Lafayette
  • Lee
  • Leon
  • Levy
  • Liberty
  • Madison
  • Manatee
  • Marion
  • Monroe
  • Nassau
  • Okaloosa
  • Pasco
  • Pinellas
  • Putnam
  • Santa Rosa
  • Sarasota
  • Sumter
  • Suwannee
  • Taylor
  • Union
  • Wakulla
  • Walton
  • Washington

 

Florida Hurricane Helene (DR-4828-FL)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Florida

Map of Affected Area

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Emergency Management Declaration – Tennessee Tropical Storm Helene

Posted on by Safeguard

FEMA Alert
September 27, 2024  

FEMA has issued an Emergency Management Declaration for areas of Tennessee to supplement state, tribal and local response efforts due to emergency conditions resulting from Tropical Storm Helene beginning September 26, 2024 and continuing.  The following counties have been approved for assistance:

Public Assistance:

  • Carter
  • Cocke
  • Greene
  • Hamblen
  • Hawkins
  • Johnson
  • Unicoi
  • Washington

 

Tennessee Tropical Storm Helene (EM-3620-EM)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Tennessee

Map of Affected Areas

List of Affected Zip Codes

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FHFA Releases 2nd Quarter 2024 Foreclosure Prevention and Refinance Report

Posted on by Safeguard

Industry Update
September 24, 2024

Source: Federal Housing Finance Agency

The Federal Housing Finance Agency (FHFA) released its second quarter 2024 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 46,378 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 7,004,262 since the start of conservatorships in September 2008.

The report also shows that 32 percent of loan modifications completed in the second quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances increased from 69,877 in the first quarter of 2024 to 89,571 in the second quarter of 2024.

The Enterprises’ serious delinquency rate declined slightly from 0.51 percent at the end of the first quarter to 0.49 percent at the end of the second quarter. This compares with 3.17 percent for Federal Housing Administration (FHA) loans, 2.07 percent for Veterans Affairs (VA) loans, and 1.43 percent for all loans (industry average).

Other highlights from the report include:

Forbearance: At the end of the quarter, there were 31,827 loans in forbearance, representing approximately 0.10 percent of the Enterprises’ single-family conventional book of business, down from 34,348 or 0.11 percent at the end of the first quarter of 2024. Approximately 1 percent of these loans have been on a forbearance plan for more than 12 months.

Mortgage Performance: The 60+ day delinquency rate remained unchanged at 0.70 percent at the end of the second quarter of 2024 compared to the end of the first quarter of 2024.

Foreclosures: The number of foreclosure starts fell 7.0 percent to 17,339 while third-party and foreclosure sales declined 7.4 percent to 2,944 in the second quarter.

Real Estate Owned (REO) Activity & Inventory: The Enterprises’ REO inventory decreased 9.2 percent from 10,404 in the first quarter of 2024 to 9,450 in the second quarter of 2024, as property dispositions outpaced acquisitions. The total number of property acquisitions decreased 14.2 percent to 1,200, while dispositions rose to 2,105 during the quarter.

FHFA’s quarterly foreclosure prevention and refinance reports include data on the Enterprises’ mortgage performance, delinquencies, and active forbearance plans, as well as forfeiture actions and refinances by state. The data included in these reports are also available on FHFA’s website as an interactive Borrower Assistance Map.

 

For full report, please click the source link above.

 

First Look at August 2024 Mortgage Data

Posted on by Safeguard

Industry Update
September 25, 2024

Source: ICE Mortgage Technology

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at August 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

The national delinquency rate fell 3 basis points (bps) to 3.34% in August, dropping 0.9% for the month but up 5.1% from last year.

The number of borrowers a single payment past due dropped by -26K, while 60-day delinquencies rose marginally by 1K.

Serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 14K (+3.3%) to a six-month high, but remain historically low.

Foreclosure starts fell by 9% from the month prior and remain 32% below their 2019 levels.

Active foreclosure inventory also improved in the month, with the share of mortgages in foreclosure hitting the second-lowest level on record outside of the COVID-19 moratorium.

5.6K foreclosure sales were completed nationally in August – a +2.6% month-over-month increase, yet down -18.1% from last year and 58% below 2019 levels.

Prepayment activity (SMM) rose to 0.62% – a level not seen in two years (August 2022) – on easing rates, rising by 4.7% from July and 18.0% from last year.

 

For full report, please click the source link above.

 

Share of Mortgage Loans in Forbearance Increases to .31% in August

Posted on by Safeguard

Industry Update
September 23, 2024

Source: Mortgage Bankers Association

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance increased to 0.31% as of August 31, 2024. According to MBA’s estimate, 155,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.2 million borrowers since March 2020.

The share of Fannie Mae and Freddie Mac loans in forbearance increased 1 basis point to 0.13% in August 2024. Ginnie Mae loans in forbearance increased by 10 basis points to 0.66%, and the forbearance share for portfolio loans and private-label securities (PLS) increased 2 basis points to 0.35%.

“For the third consecutive month, the percentage of loans in forbearance increased across all loan types,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “By investor type, Ginnie Mae loans in forbearance have increased the most – up 27 basis points since May 2024.”

Added Walsh, “Forbearance levels are much lower than they were during the first two years of the pandemic. However, a weakening in the performance of servicing portfolios and an increase in forbearance requests are both likely given the softening observed in the labor market.”

 

For full report, please click the source link above.