The Federal Housing Finance Agency (FHFA) updated the National Mortgage Database (NMDB) Aggregate Statistics series to include fresh quarterly data on the loan performance of residential mortgages until Q2 of 2024. Additionally, the Agency made available to customers a new interactive dashboard tool for data visualization that makes it easier to view loan performance information.
“The new dashboard makes it easier for the public to quickly access and review mortgage performance statistics at the national and state levels and for the 100 largest metropolitan areas,” said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. “The NMDB quarterly data releases allow the public to monitor and more closely examine the data to identify emerging mortgage market trends as they develop.”
Through the conclusion of the second quarter of 2024, the quarterly loan performance of outstanding residential mortgages is displayed in the NMDB Residential Mortgage Performance Statistics.
Highlights from the study include:
- By the conclusion of 2024’s second quarter, 0.1% of all mortgages that were outstanding were either in the foreclosure, bankruptcy, or deed-in-lieu stages. This figure is far lower than the peak of 3.5 percent recorded in the fourth and first quarters of 2010 and 2011, and it has remained constant from previous quarters.
- A further 0.6% of all mortgages that were in existence were past due by 90 days or more, but they were not subject to a deed-in-lieu, foreclosure, or bankruptcy procedure. The largest percentage of loans that are 90 days or more past due is found in Louisiana (1.3%), Mississippi (1.1%), and the District of Columbia (1.1%).
- By the conclusion of 2024’s second quarter, 0.6% of all outstanding loans were in forbearance. The three metro regions with the greatest rates of forbearance are Houston-The Woodlands-Sugar Land, Texas (3.7%), Louisville-Jefferson County, KY-IN (4.7%), and Dallas-Plano-Irving, Texas (5.3%).
The NMDB program enables FHFA to meet the statutory requirements of section 1324(c) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008, to conduct a monthly mortgage market survey. Specifically, FHFA must, through a survey of the mortgage market, collect data on the characteristics of individual mortgages, including those eligible for purchase by Fannie Mae and Freddie Mac and those that are not, and including subprime and nontraditional mortgages. In addition, FHFA must collect information on the creditworthiness of borrowers, including a determination of whether subprime and nontraditional borrowers would have qualified for prime lending.
For CFPB, the NMDB program supports policymaking and research efforts and helps identify and understand emerging mortgage and housing market trends. CFPB uses the NMDB, among other purposes, in support of the market monitoring called for by the Dodd-Frank Wall Street Reform and Consumer Protection Act, including understanding how mortgage debt affects consumers and for retrospective rule review required by the statute.
To read the full report, click here.
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