Forbearance levels continue to decrease in the United States, the Mortgage Bankers Association said in its latest weekly report released Monday.
The MBA survey found:
- Total loans in forbearance decreased from 4.36 percent to 4.22 percent.
- The share of Ginnie Mae loans in forbearance decreased from 5.82 percent to 5.61 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.32 percent to 2.24 percent.
“The opening of the economy, as the successful vaccination effort continues, should lead to further reductions in the forbearance share,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “However, many homeowners continue to struggle. Borrowers who are reaching the end of their forbearance term should reach out to their servicer to review their options.”