Total loans in forbearance continued their decline, according to the latest Mortgage Bankers Association weekly survey…(MBA)
- Total number of loans now in forbearance decreased by 8 basis points to 3.0% as of September 12th. MBA estimates that 1.5 million homeowners are now in forbearance plans.
- A year ago, the total number of loans in forbearance was at 6.93% with an estimated 3.5 million homeowners in forbearance plans.
NOTE: By stage, 11.3% of total loans in forbearance are in the initial forbearance plan stage, while 80.2% are in a forbearance extension. The remaining 8.5% are forbearance re-entries.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. said in a statement that exits are accelerating…
- “At this point, borrowers in forbearance extensions are exiting at a faster rate as they near – or reach – the expiration of their maximum forbearance term.”
NOTE: Loans in forbearance have now fallen in 28 out of the last 29 weeks.