According to the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey, the total number of loans now in forbearance has decreased by 40 basis points from 6.32% of servicers’ portfolio volume in the prior week, to 5.92% in the week ending October 11th, 2020. According to the MBA’s estimates, 3 million homeowners are in the forbearance plan. The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 19th week in a row to 3.77% – a 26-basis-point improvement. Ginnie Mae loans in forbearance decreased 13 basis points to 8.14%, while the forbearance share for portfolio loans and private-label securities (PLS) decreased by 120 basis points to 8.86%. The percentage of loans in forbearance for depository servicers decreased 60 basis points to 5.93%, and the percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 32 basis points to 6.33%.
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Share of Mortgage Loans in Forbearance Declines to 5.92%