Loans in forbearance fell for the 23rd week, according to the latest Mortgage Bankers Association weekly survey… (MBA)
- Total loans in forbearance fell 7 basis points from the prior week to 3.40% for the week ending August 1st.
- MBA estimates that homeowners in forbearance plans have fallen to 1.7 million.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said that situation is even better than numbers show…
- “1.7 million homeowners remain in forbearance, 13% of whom were current on their payments as of August 1st. Of those who exited forbearance last week, more than 10.5% were current. Forbearance has surely provided both insurance and assurance for many of these homeowners who worried about ongoing hardships, and it is positive to see so many continue to be able to make their payments while in forbearance.”
NOTE: 9.7% of total loans in forbearance are in the initial forbearance plan stage, while 82.9% are in a forbearance extension. The remaining 7.4% are forbearance re-entries.
