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Annual Performance Plan 508

Annual Performance Plan 508

MEASURING OUR PROGRESS

MEASURING OUR PROGRESS To help achieve this objective, HUD has established the following performance indicators. Asset disposition recovery rate This is the net recovery rate that FHA realizes via REO sales and REO Alternate Strategies as a percentage of unpaid principal balance. REO Alternate Strategies include Note Sales (DASP and Claims without Conveyance of Title [CWCOT]), Third Party Sales (TPS), and Pre-Foreclosure Sales (PFS). This broader metric better reflects the change in asset disposition recovery strategy and specifically success in the REO Alternate Strategies. In FY 2014 the change in asset disposition recovery strategy resulted in success such that volume increased in the three REO Alternate Strategies and subsequently REO volume has decreased. HUD will no longer target REO asset disposition discreetly but will begin to set targets for the entire asset disposition recovery strategy. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target REO 38% 43% 40% 45% 45% 9 Tracking Only REO Alternate Strategies 53% 48% 53% NA Tracking Only Tracking Only Overall 38% 43% 48% NA 46% 48% Percent of modifications resulting in re-defaults within six months of closing This indicator measures the percentage of borrowers that become 90 days or more delinquent on their loans within 6 months of receiving a loan modification/FHA Home Affordable Modification Program (HAMP) modification. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target 13.50% 8.38% 7.63% 6.40%

In November 2012, FHA introduced its revised Loss Mitigation Waterfall to better ensure that each owner-occupant borrower received a loss mitigation retention product with a high probability of a sustainable mortgage payment, while minimizing losses to the Mortgage Mutual Insurance (MMI) fund. The revised Loss Mitigation Waterfall established specific criteria for formal forbearance/repayment plans, loan modifications, and FHA’s Home Affordable Modification Program (FHA-HAMP) that targeted a 20 percent mortgage payment reduction for eligible borrowers. Recipients were assisted in FY 2013 and FY 2014 and it is anticipated that this metric will trend toward the minimum target of 20 percent as the loss mitigation waterfall allows for one modification in a 24 month period and delinquency rates are declining. The revised waterfall helped lower re-default rates on loan modifications to 8.38 percent and 7.63 percent in FY 2013 and FY 2014, respectively. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target 15.9% 19.3% 51.7% 20% ≥20% ≥20% Number of FHA-insured mortgages benefitting from housing counseling This is the number of FHA borrowers that receive pre- or post-purchase counseling. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target No Data No Data No Data NA Establish Baseline Target TBD Capital Reserve Ratio The capital ratio compares the “economic net worth” of the MMIF to the dollar balance of active, insured loans, at a point in time. Economic net worth is defined as a net asset position, where the present value of expected future revenues and net claim expenses is added to current balance sheet positions. The capital ratio computation is part of an annual valuation of the outstanding portfolio of insured loans at the end of each fiscal year. FY12 Actual FY13 Actual FY14 Actual FY14 Target FY15 Target FY16 Target -1.44% -0.11% 0.41% 1.2% 2.0% 11 2.0% 12 11 The 2 percent target for FY 2015 and FY 2016 represents the statutory requirement for the fund; however, while the fund is on a positive trajectory towards meeting this target, it is uncertain whether the target will actually be achieved by FY 2015 or FY 2016. 12 ibid. Strategic Goal: Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers 41

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