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MBA Survey: “Share of Mortgage Loans in Forbearance Decreases to 1.05% in March”

Note: This is as of March 31st.

From the MBA: Share of Mortgage Loans in Forbearance Decreases to 1.05% in March
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 13 basis points from 1.18% of servicers’ portfolio volume in the prior month to 1.05% as of March 31, 2022. According to MBA’s estimate, 525,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 7 basis points to 0.49%. Ginnie Mae loans in forbearance decreased 12 basis points to 1.38%, and the forbearance share for portfolio loans and private-label securities (PLS) declined 28 basis points to 2.44%.

“March was another month of lower forbearance rates, and a higher share of overall loans and forbearance-related workout loans that are current,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “The share of loans in forbearance continues to dwindle and is just 5 basis points shy of hitting 1 percent – or 500,000 homeowners – after peaking at 4.3 million borrowers in June 2020. It has been a remarkable recovery for many homeowners in less than two years.”
emphasis added

Click on graph for larger image.

This graph shows the percent of portfolio in forbearance by investor type over time.

The share of forbearance plans is decreasing, and, at the end of March, there were about 525,000 homeowners in forbearance plans.

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