The Federal Housing Finance Agency (FHFA) recently released its Foreclosure Prevention, Refinance and FPM Report, showing highlights for the month of May.
The enterprises completed 65,243 foreclosure prevention actions in May, bringing the total to 5,965,347 since the start of the conservatorships in Sept. 2008.
The details:
– An estimated 41% of these actions were permanent loan modifications.
– There were 4,689 permanent loan modifications in May, totaling 2,462,360 since the conservatorships began in Sept. 2008.
– 13% of modifications in May were modifications with principal forbearance.
– Modifications with extend-term only accounted for 63% of all loan modifications during May.
– The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 25% from 55,970 in April to 41,832 in May.
- Initiated forbearance plans decreased 2% from 28,623 in April to 28,128 in May.
– The total number of loans in forbearance decreased from 592,985 at the end of April to 540,421 at the end of May—about 1.8% of the total loans serviced and 59% of the total delinquent loans.
To view the full report, click here.
