Loans in forbearance fell for the week, according to the Mortgage Bankers Association’s latest weekly survey…(MBA)
- Total number of loans now in forbearance decreased by 2 basis points to 3.23% as of August 29, 2021.
- 1.6 million homeowners are in forbearance plans, according to MBA’s estimate.
NOTE: By stage, 10.6% of total loans in forbearance are in the initial forbearance plan stage, while 81.2% are in a forbearance extension. The remaining 8.2% are forbearance re-entries.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said we are moving in the right direction but we are moving slowly…
- “The share of loans in forbearance decreased by two basis points last week, with both new requests and exits remaining at a slow pace as we reached the end of August,”
NOTE: Unfortunately, last week’s numbers were flat so I can’t say this was the 27th week loans in forbearance fell but I can say it was the 27th week total loans in forbearance didn’t rise.