May 2019 Highlights — Foreclosure Prevention

The Enterprises’ Foreclosure Prevention Actions:

  • The Enterprises completed 11,419 foreclosure prevention actions in May, bringing the total to 4,345,969 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
  • There were 6,921 permanent loan modifications in May, bringing the total to 2,350,625 since the conservatorships began in September 2008.
  • Twenty-seven percent of modifications in May were modifications with principal forbearance. Modifications with extend-term only accounted for 68 percent of all loan modifications during the month.
  • There were 555 short sales and deeds-in-lieu of foreclosure completed in May, up 5 percent compared with April.

The Enterprises’ Mortgage Performance:

  • The serious delinquency rate decreased slightly from 0.69 percent at the end of April to 0.67 percent at the end of May.

The Enterprises’ Foreclosures:

  • Third-party and foreclosure sales increased from 3,398 in April to 3,515 in May.
  • Foreclosure starts decreased from 10,320 in April to 9,995 in May.

May 2019 Highlights — Refinance Activities

  • Total refinance volume increased in May 2019 as mortgage rates fell in previous months. Mortgage rates decreased in May: the average interest rate on a 30-year fixed rate mortgage fell to 4.07 percent from 4.14 percent in April.

In May 2019:

  • Borrowers completed 29 refinances through HARP, bringing total refinances from the inception of the program to 3,495,388.
  • HARP volume represented less than 1 percent of total refinance volume.
  • Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.

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