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MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 2.06%"

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November 8, 2021
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by Calculated Risk on 11/08/2021 04:00:00 PM

Note: This is as of October 31st.

From the MBA: Share of Mortgage Loans in Forbearance Decreases to 2.06%

The Mortgage Bankers Association’s (MBA) latest
Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance
decreased by 9 basis points from 2.15% of servicers’ portfolio volume in the prior week to 2.06% as of
October 31, 2021. According to MBA’s estimate, 1 million homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance decreased 5 basis points to 0.92%.
Ginnie Mae loans in forbearance decreased 13 basis points to 2.52%, and the forbearance share for
portfolio loans and private-label securities (PLS) declined 13 basis points to 5.00%. The percentage of
loans in forbearance for independent mortgage bank (IMB) servicers decreased 15 basis points relative
to the prior week to 2.28%, and the percentage of loans in forbearance for depository servicers
decreased 5 basis points to 2.02%.

“One million homeowners remained in forbearance as we reached the end of October, but the
forbearance share continued to decline, with larger declines for portfolio and PLS loans,” said Mike
Fratantoni, MBA’s Senior Vice President and Chief Economist. “More borrowers who exited forbearance
the last week of October went into modifications, a sign that they have not yet regained their pre-pandemic level of income.”

Added Fratantoni, “The strong job market report from October, with another drop in the unemployment
rate and a pickup in wage growth, is a positive sign for homeowners still struggling to get back on their
feet.”
emphasis added

Click on graph for larger image.

This graph shows the percent of portfolio in forbearance by investor type over time. The number of forbearance plans is decreasing rapidly recently since many homeowners have reached the end of the 18-month term.

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