Share of Mortgage Loans in Forbearance Remains at .22% in March
Industry Update
April 22, 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 March 31, 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 March 2024, the share of Fannie Mae and Freddie Mac loans in forbearance remained at 0.12%. Ginnie Mae loans in forbearance stayed at 0.40%, and the forbearance share for portfolio loans and private-label securities (PLS) increased 2 basis points to 0.31%.
“For the past three months, the number of loans in forbearance has held steady,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “The current labor market is showing resilience, minimizing the need for mortgage forbearance. However, life events and temporary hardships still happen, regardless of employment conditions, which may explain why we have reached a floor in the forbearance rate.”
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