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73 73 INVESTMENT GOVERNMENT PROPERTY PRESERVATION INDUSTRY UPDATES Journal Follow Us At: @DSNewsDaily CHECKING FORECLOSURE- PREVENTION NUMBERS e government-sponsored enterprises (GSEs) completed 166,942 foreclosure prevention actions in August, according to new data from the Federal Housing Finance Agency (FHFA). Fannie Mae and Freddie Mac performed 3,599 permanent loan modifications in August, with 23% of these transactions being modifications with principal forbearance. Modifications with extended-term accounted for 61% of all loan modifications during the month. e FHFA also reported that the number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan dropped from 108,492 in July to 60,364 in August. Initiated forbearance plans slid from 88,989 in July to 77,546 in August, a 13% decline, while the total number of loans in forbearance plans decreased from 1,263,980 at the end of July to 1,147,033 at the end of August, representing approximately 4% of the total loans serviced and 82.1% of the total delinquent loans. ere were 308 short sales and deeds-in-lieu of foreclosure completed in August, a 4% decline from July. e GSE's 30-59 days delinquency rate dropped to 1.11%, although the serious delinquency rate rose from 3.19% in July to 3.26% in August. e FHFA attributed this spike to the COVID-19 pandemic and the forbearance programs on offer to affected borrowers. Furthermore, the FHFA reported that third-party and foreclosure sales took a 14% decline in August 542 and were down 4% during the month to 1,935. On the refinance side, the GSEs' total refinance volume increased in August to record levels as mortgage rates fell in previous months due to historically low mortgage rates. During August, the GSEs completed 15 refinances through the High LTV Refinance Option, bringing total refinances since the program's inception to 98. e percentage of cash-out refinances dipped from 25% in July to 24% in August. e FHFA announced the GSEs would extend several loan origination flexibilities slated to end on November 30 until December 31. e agency cited the need to "ensure continued support for borrowers during the COVID-19 national emergency."