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Annual Performance Plan 508

Annual Performance Plan 508

Strategic Goal Metric

Strategic Goal Metric Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers Percentage of housing counseling clients with whom a counselor developed a sustainable household budget • Description: Revised 9902 released October 2014 • Data source: 9902 • Unit of measurement: Households counseled that develop a sustainable household budget • Dimension: Percent • Calculation method: Total number of clients that develop a sustainable household budget, divided by clients counseled. • Frequency: Quarterly • Direction: Increased • Data quality (limitations/advantages of the data): Housing Counseling Agencies submit the data to HUD’s Housing Counseling System (HCS). • Measurement Validation, verification, and improvement of measure: This is a new measure to be collected beginning in FY 2015. No data limitations are known to affect this indicator. The Housing Counseling Agencies enter the data, and the Office of Housing Counseling monitors the data entry. Sequence: 8 152 Section Three: Additional Information

Strategic Goal Strategic Objective Metric Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers Asset disposition recovery rate Restore the Federal Housing Administration’s financial health, while supporting the housing market recovery and access to mortgage financing. • Description: This is the net recovery rate that FHA realizes on the sale of distressed assets as a percentage of unpaid loan balance. • Data source: FHA Single Family Data Warehouse • Unit of measurement: Net recovery rate as a percentage of unpaid loan balance of loans that go to claim. • Dimension: Percentage of defaulted unpaid principal balance (UPB) • Calculation method: Standard calculations from our monthly Loan Performance Trends Report. Overall Asset Disposition includes Real Estate Owned (REO), Third Party (TPS), Note Sales (DASP) and Pre- Foreclosure Sales (PFS). Fiscal year to date (FYTD) number of permanent Loss Mitigation Actions divided by 90+ day delinquencies FYTD running average. • Real Estate Owned (REO). The traditional remedy available to FHA was to use the legal foreclosure process to obtain title to the property as satisfaction for the debt, and then to manage and sell that property via the “real-estate owned” (REO) process. REO sales, however, are typically the most expensive disposition method for FHA. • Distressed Asset Stabilization Program (DASP). Through DASP, FHA sells non-performing mortgages to investors prior to the completion of a foreclosure, potentially providing alternatives to foreclosure for borrowers and enabling FHA to avoid costs associated with managing and marketing the underlying collateral as REO properties. • Third-Party Sales (TPS). A program to encourage sales of foreclosed properties to third-parties at foreclosure auctions. Such sales allow FHA to avoid the costs associated with taking possession of properties and selling them as REO. • Pre-foreclosure Sales (PFS). The Pre-foreclosure Sale (PFS) Program allows the defaulted Borrower to sell his/her home and use the Net Sale Proceeds to satisfy the mortgage debt even though the Proceeds are less than the amount owed • Frequency: Quarterly • Direction: reduced overall loss rates (increased recovery rates) • Data quality (limitations/advantages of the data): There are timing lags and reporting lags that make this difficult to accurately assess in real time. • Measurement Validation, verification, and improvement of measure: We are constantly reviewing how we calculate net loss and recovery on asset disposition. Sequence: 9 Section Three: Additional Information 153

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