About 3 million homeowners in the United States remain in forbearance plans as the Covid-19 pandemic stretches into its eighth month, according to a new report released Monday by the Mortgage Bankers Association.
MBA’s weekly forbearance survey found as of October 18:
- The share of loans in forbearance decreased from 5.92 percent to 5.90 percent (and down from 6.32 percent two weeks earlier).
- Ginnie Mae loans in forbearance increased from 8.14 percent to 8.17 percent.
- Fannie Mae and Freddie Mac loans in forbearance decreased from 3.77 percent to 3.72 percent.
- Independent mortgage bank mortgages in forbearance climbed from 6.33 percent to 6.35 percent.
- Bank-managed mortgages dropped from 5.93 percent to 5.86 percent.
“The share of loans in forbearance declined only slightly in the prior week, after two weeks of a flurry of borrowers exiting as they reached the six-month mark,” MBA Senior Vice President and Chief Economist Mike Fratantoni said.