Forbearance Requests and Re-entries Increase as Exits Hits Record Low
Industry Update
February 23, 2022
Source: Mortgage Professional America
More homeowners have requested an extension or to re-enter their forbearance plans in January, the Mortgage Bankers Association reported Tuesday.
Data from the report showed that the total number of loans in forbearance fell by 11 basis points to 1.30% of servicers’ portfolio volume – bringing the estimated number of homeowners still in forbearance to 650,000 as of Jan. 31.
By stage, 26.8% of total mortgages in forbearance are in the initial forbearance plan stage, while 59.5% are in a forbearance extension. The remaining 13.7% are forbearance re-entries, including re-entries with extensions.
For full report, please click the source link above.