Another week, another decline of loans in forbearance, according to the Mortgage Banker Association…(MBA)
- Total number of loans in forbearance decreased 6 basis points. to 2.15% as of October 24, 2021.
- 1.1 million homeowners are in forbearance plans, according to MBA estimates.
NOTE: Loans in forbearance have decreased for 34 of the last 35 weeks.
By stage, loans in forbearance extension continue to lead the way at 74.2%.
- Loans in the initial stage are 15.6% and the remaining 10.2% are forbearance re-entries, including re-entries with extensions.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said this slow pace of exits is not expected to last…
- “Forbearance exits slowed at the end of October to the slowest pace since late August. With so many borrowers having reached the end of their 18-month forbearance term, we expect a steady pace of exits in November.”