10 Nov MBA: Forbearance Hits Lowest Level Yet
November 9, 2021
Source: Banker & Tradesman
The share of Fannie Mae and Freddie Mac loans in forbearance has reached the lowest level since the start of the pandemic, according to the Mortgage Bankers Association, but an increase in the number of borrowers exiting forbearance into loan modifications points to ongoing struggles in the recovery from the pandemic.
In the final weekly version of its Forbearance and Call Volume Survey, the MBA found that the total number of loans in forbearance decreased by 9 basis points from 2.15 percent of servicers’ portfolio volume in the prior week to 2.06 percent as of Oct. 31. The MBA estimates that 1 million homeowners remain in forbearance plans
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