Share of Mortgage Loans in Forbearance Remains at .22% in April
Industry Update
May 20, 2024
Source: Mortgage Bankers Association
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance remained unchanged at 0.22% as of April 30, 2024. According to MBA’s estimate, 110,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.1 million borrowers since March 2020.
In April 2024, the share of Fannie Mae and Freddie Mac loans in forbearance declined 1 basis point to 0.11%. Ginnie Mae loans in forbearance dropped 1 basis point to 0.39%, and the forbearance share for portfolio loans and private-label securities (PLS) stayed the same at 0.31%.
“The number of loans in forbearance has remained stagnant for the first four months of 2024,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “While forbearance is still a viable option for homeowners needing temporary mortgage payment relief, its usage has diminished without a major natural disaster or labor market downturn. Moreover, the performance of servicing portfolios and post-forbearance workouts remains strong, despite some fluctuations from month-to-month.”
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