Additionally, forbearance plans initiated decreased to 34,479 in Q1 from 47,068 in Q4 2022. The total number of loans in forbearance at the end of Q1 was 65,757, representing 0.21% of total loans paid off and 15% of loans outstanding.
Thank you for reading this post, don't forget to subscribe!Sixteen percent of home modifications in Q1 were modifications with original tolerances, the report said. The report’s findings noted that 35% of loan modifications completed in Q1 “reduced borrowers’ monthly payments by more than 20%.” “The number of refinances decreased from 111,251 in the fourth quarter of 2022 to 78,445 in the first quarter of 2023 amid rising mortgage rates.”
The serious crime rate also decreased to 0.6% at the end of Q1, compared to 4.01% federal housing administration (FHA) loans, for 2.26% veterans affairs (VA) loans, and 1.73% (industry average) for all loans, the report said.
Nevertheless, refinance transactions saw a modest increase in Q1, despite an overall decline during the quarter.
,[T]Total refinance volume increased in March 2023 as mortgage rates continued to decline from October’s peak of 6.90% through February,” the report said. “Mortgage rates rose in March: The average interest rate on a 30-year fixed-rate mortgage rose to 6.54% from February’s level of 6.26%.”
The percentage of borrowers refinancing into a short-term 15-year mortgage also increased to 14% in March, while “the average interest rate savings for a 15-year mortgage versus a 30-year mortgage has been higher in 2022 and 2023 than in the past.” Year.”
Real-estate owned (REO) inventory also increased by 2% during Q1 to reach 11,190 units.
“REO acquisitions have outpaced asset disposals,” the report said of the turnaround. “The total number of asset acquisitions decreased slightly to 1,692, while disposals increased by 56% to 1,529 during the quarter.”
The number of foreclosure initiations increased 6% to 19,809 during the first quarter, while third-party and foreclosure sales increased 12% to 3,700.
