Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Enterprises: 2nd quarter foreclosure prevention report
The FHFA has released its Second Quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 252,014 foreclosure prevention actions in the second quarter of 2020, bringing to 4.68 million the number of troubled homeowners who have been helped during conservatorships. Of these actions, 3.98 million of the foreclosure prevention actions have helped troubled homeowners stay in their homes.
- Forbearance: newly initiated forbearance increased significantly to 1.5 million in the second quarter from 170,533 in the first quarter of 2020. The total number of loans in forbearance plans at the end of the quarter was 1.39 million, representing approximately 4.95 percent of the total loans serviced. A majority of the forbearance actions occurred as a result of the Enterprises' response to COVID-19 impacts.
- Loan Modifications: of the 13,991 loan modifications completed, 41 percent reduced borrowers' monthly payments by more than 20 percent; 66 percent were extend-term only; and 19 percent were modifications with principal forbearance.
- Foreclose starts and sales: 1,028 third-party and foreclosure sales were completed, down 87 percent compared with the first quarter. Foreclosure starts decreased 74 percent from 28,978 in the first quarter to 7,551 in the second quarter of 2020.
- Refinances: increased to 1.5 million in the second quarter, from 747,463 in the first quarter of 2020.