The number of mortgages in forbearance in the United States held steady at about 2.7 million, according to the latest weekly survey released Monday by the Mortgage Bankers Association.
The survey found:
- The total share of loans in forbearance increased from 5.37 percent to 5.38 percent.
- The share of Ginnie Mae loans in forbearance decreased from 7.67 percent to 7.61 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased 3.13 percent to 3.11 percent.
- The share of independent mortgage bank-managed mortgages in forbearance held steady at 5.79 percent.
- Bank-managed mortgages climbed from 5.33 percent to 5.36 percent.
“The small increase in the share of loans in forbearance was led by a gain in the portfolio/PLS loan segment. The good news is that the forbearance numbers for GSE loans continues to decline more consistently, as these borrowers typically have stronger credit and more stable employment,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The rate of exits from forbearance slowed in the prior week, while the rate of new forbearance requests remained steady at a low level.”