Unlocking Mortgage Insights: FHFA's New Data Dashboard Empowers Transparency

In a groundbreaking move, the Federal Housing Finance Agency (FHFA) has unveiled a revamped National Mortgage Database (NMDB®) Aggregate Statistics series, offering the public unprecedented access to the latest trends in residential mortgage performance. This dynamic new data visualization dashboard promises to revolutionize the way we understand and monitor the evolving landscape of the U.S. mortgage market.

Empowering Transparency in the Mortgage Sector

Comprehensive Mortgage Performance Insights

The NMDB® Residential Mortgage Performance Statistics provide a comprehensive overview of the current state of the mortgage industry, offering a wealth of data-driven insights. The quarterly reports delve into the performance of outstanding residential mortgages, shedding light on key metrics such as foreclosure, bankruptcy, and delinquency rates.One of the standout findings is the remarkably low foreclosure, bankruptcy, and deed-in-lieu rate, which stands at just 0.1% as of the second quarter of 2024. This figure represents a significant improvement from the high of 3.5% reached during the height of the financial crisis in 2010-2011, underscoring the remarkable resilience of the mortgage market.However, the data also reveals pockets of concern, with certain regions experiencing higher rates of mortgage delinquency. Louisiana, Mississippi, and the District of Columbia lead the pack, with 90-day or more past-due loans accounting for 1.3%, 1.1%, and 1.1% of their respective outstanding mortgages.

Forbearance Trends: A Closer Look

The NMDB® data also sheds light on the evolving landscape of mortgage forbearance, a critical tool that has helped homeowners navigate the challenges of the past few years. The data shows that 0.6% of all outstanding loans were in forbearance at the end of the second quarter of 2024.Interestingly, the metropolitan areas with the highest forbearance rates are Dallas-Plano-Irving, TX (5.3%), Louisville-Jefferson County, KY-IN (4.7%), and Houston-The Woodlands-Sugar Land, TX (3.7%). This granular data can help policymakers and industry stakeholders identify and address the unique challenges faced by these regional housing markets.

Empowering Informed Decision-Making

The new NMDB® data dashboard represents a significant step forward in the quest for transparency and data-driven decision-making in the mortgage industry. By providing the public with easy access to this wealth of information, the FHFA is empowering homeowners, lenders, policymakers, and researchers to better understand the evolving trends and make more informed choices."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."

Fulfilling Statutory Obligations

The publication of the NMDB Aggregate Statistics is not just a voluntary initiative; it is a statutory requirement under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. This legislation mandates that the FHFA conduct a monthly mortgage market survey and make the data available to the public, while protecting the privacy of borrowers.By fulfilling this obligation, the FHFA is not only enhancing transparency but also ensuring that policymakers, industry stakeholders, and the general public have access to the critical information needed to make informed decisions and shape the future of the mortgage market.