Loans in Forbearance Increase for First Time in 29 Months
Industry Update
November 22, 2022
Source: MPAmag.com
Loans in forbearance have increased by one basis point to 0.70% of lenders’ portfolio volume in what is the first monthly increase in 29 months, new numbers reveal. By the Mortgage Bankers Association’s estimate, this means roughly 350,000 homeowners are now in forbearance plans.
The Mortgage Bankers Association (MBA) has released its monthly loan monitoring survey, which surveys servicers on all loans in forbearance regardless of the borrower’s stated reason. The share has increased from 0.69% in September to 0.70% as of October 31.
Fannie Mae and Freddie Mac loans in forbearance also increased by one basis point to 0.31%, while Ginnie Mae loans in forbearance jumped eight basis points to 1.41%.
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