FHFA: Fannie, Freddie Foreclosure Preventions Top 4M in Q4

first_imgHome / Daily Dose / FHFA: Fannie, Freddie Foreclosure Preventions Top 4M in Q4 The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, Journal, News FHFA: Fannie, Freddie Foreclosure Preventions Top 4M in Q4 Share Save Servicers Navigate the Post-Pandemic World 2 days ago Borrowers Fannie Mae FHA Loans FHFA Forebearance Modification Foreclosure Foreclosure Prevention Freddie Mac hurricanes Loan Modifcation REO va loans 2018-03-23 Alison Rich March 23, 2018 3,146 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: 10 Cities With the Best and Worst Credit Scores Next: The Week Ahead: Measuring Home Affordability About Author: Alison Rich The Best Markets For Residential Property Investors 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Federal Housing Finance Agency (FHFA) rolled out its fourth-quarter Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac zipped up 67,569 foreclosure prevention actions in the fourth quarter of 2017. Across the board, that brings the number of homeowners helped to 4,040,258 since the start of the conservatorships in September 2008, the report says. Of those actions, 3,357,722 helped struggling borrowers remain in their homes, including 2,150,946 permanent loan modifications. Nineteen percent of Q4 loan mods shaved borrowers’ monthly payments by more than 30 percent.Forbearance plans vaulted to 24,935 during Q4—they totaled 1,212 in the previous quarter. FHFA attributes the notable leap to disaster-related forbearance available to homeowners affected by Hurricanes, Harvey, Irma, and Maria in Texas, Florida, and Puerto Rico. Various mortgage relief options are offered to homeowners affected by natural disasters, and numerous homeowners tapped into them after these three devastating storms.The percentage of 60-plus-days delinquent loans rose from 1.32 percent to 1.65 percent at the end of Q4, the FHFA reports. The increase largely stems from the impact of those aforementioned hurricanes. Fannie and Freddie’s fourth-quarter 2017 REO inventory slid by 9 percent, the report said.Some of the other foreclosure prevention metrics mentioned in the fourth-quarter report are as follows:Forty-two percent of the Q4 mods were principal forbearance modifications. Those with extend-term only also made up 42 percent of all loan modifications during the fourth quarter. In the short sales and deeds-in-lieu category, Fannie and Freddie completed 3,119 of them during Q4, bringing that total to 682,536 since the conservatorships started.The enterprises’ serious delinquency rate rose to 1.18 percent at the close of Q4. For comparison’s sake, Federal Housing Administration (FHA) loans totaled 4.8 percent and Veterans Affairs (VA) loans amounted to 2.4 percent. The total for all loans (i.e., industry average) was 2.9 percent.Foreclosure starts broadened 6 percent to 45,203, while third-party and foreclosure sales fell 14 percent to 13,448 in Q4. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Borrowers Fannie Mae FHA Loans FHFA Forebearance Modification Foreclosure Foreclosure Prevention Freddie Mac hurricanes Loan Modifcation REO va loans Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. Sign up for DS News Daily last_img

Leave a Reply

Your email address will not be published. Required fields are marked *