The number of US mortgage borrowers whose loans are in forbearance remains stubbornly stuck at 2.7 million, according to a new report released by the Mortgage Bankers Association.
The survey found:
- Total loans in forbearance decreased from 5.38 percent to 5.35 percent.
- The share of Ginnie Mae loans in forbearance decreased from 7.51 percent to 7.46 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.10 percent to 3.07 percent.
“While new forbearance requests increased slightly at the end of January, the rate of exits picked up somewhat but remained much lower than in recent months. We are anticipating a sharp increase in exits in March and April as borrowers hit the 12-month expiration of their forbearance plans,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.