The number of mortgages in forbearance remained at 2.6 million for the week ending February 21, according to a new report from the Mortgage Bankers Association.
The report found:
- The total share of mortgages in forbearance in the United States increased from 5.22 percent to 5.23 percent.
- Ginnie Mae loans in forbearance increased from 7.32 percent to 7.35 percent.
- Fannie Mae and Freddie Mac loans in forbearance held steady at 2.97 percent.
“A small increase in new forbearance requests, coupled with exits decreasing to match a survey low, led to the overall share of loans in forbearance increasing for the first time in five weeks,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The largest rise in the forbearance share was for portfolio and PLS loans, due to increases for both Ginnie Mae buyouts and other portfolio/PLS loans.”