Fannie, Freddie Offer Mortgage Disaster Relief

Fannie Mae and Freddie Mac announced Wednesday that temporary assistance is available to homeowners impacted by a natural disaster, including the wildfires on the West Coast and the Hurricane Sally in the Gulf region. Fannie and Freddie urged homeowners impacted by the disasters to contact their mortgage servicers after the disaster to determine what assistance they may be entitled to. Assistance includes suspending or reducing payments for up to 90 days, suspending foreclosures, and forbearance on mortgage payments for up to a year. “The priority is for homeowners to get themselves and their loved ones safely out of harm’s way,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Once out of harm’s way, homeowners whose homes…

Share Of Mortgages In Forbearance Creeps Down

The number of US mortgages in forbearance fell to 3.5 million, dropping slightly from the previous week, according to a report released Monday by the Mortgage Bankers Association. As of September 6, 7.01 percent of US homeowners still had paused making mortgage payments amid the coronavirus pandemic. That’s down from 7.16 percent at the end of August, according to MBA. The MBA survey found: The share of Ginnie Mae loans in forbearance decreased from 9.62 percent to 9.12 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 4.80 percent to 4.65 percent.Independent mortgage bank loans in forbearance dropped from 7.41 percent to 7.33 percent.Bank-managed mortgages in forbearance dropped from 7.40 percent to 7.21 percent. “The beginning…

3.6 Million US Mortgages Remain In Forbearance

The share of mortgages in forbearance in the United States dipped slightly last week, though 3.6 million homeowners continue to have their payments paused, according to the latest survey released by the Mortgage Bankers Association. MBA reports that 7.16 percent of mortgages were in forbearance as of August 30, down from 7.20 percent the week before. The survey also found: The share of Ginnie Mae loans in forbearance increased from 9.58 percent to 9.62 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 4.88 percent to 4.80 percent.The share of independent mortgage bank loans in forbearance held steady at 7.41 percent.Bank loans in forbearance dropped from 7.49 percent to 7.40 percent. “The labor market continued to…

Forbearance Levels In US Remain Unchanged

The share of mortgages in forbearance hasn’t budged in recent weeks, with 3.6 million homeowners in the United States still having their loan payments paused during the coronavirus pandemic, the Mortgage Bankers Association announced Monday. MBA’s weekly report found that 7.20 percent of loans were in forbearance as of August 23 – the exact same percentage as the week before and just 0.01 percent lower than two weeks before. The survey also found: The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 12th week in a row to 4.88 percent – down from 4.93 percent the week before.Ginnie Mae loans in forbearance increased to 9.58 percent from 9.54 percent.7.41 percent of independent mortgage bank loans were…

US Mortgages In Forbearance Hold Steady

The share of US households whose mortgages are in forbearance barely dropped this week, with 3.6 million loans still on hold amid the coronavirus pandemic, the Mortgage Bankers Association announced Monday. MBA’s weekly survey found that 7.20 percent of mortgages were in forbearance as of Aug. 16 – just a touch below the 7.21 percent the week before. The survey found: The share of Fannie Mae and Freddie Mac loans in forbearance also dropped by only 1 basis point to 4.93 percent.Ginnie Mae loans in forbearance were flat at 9.54 percent.The percentage of loans in forbearance for banks dropped from 7.49 percent to 7.48 percent.The share of loans in forbearance for independent mortgage banks increased from 7.42 percent to 7.43…

US Forbearance Count Drops Again

The number of US mortgages in forbearance dropped for the ninth straight week – with 3.6 million homeowners still pausing their loan payments during the coronavirus pandemic, the Mortgage Bankers Association announced Monday. The MBA’s weekly survey found that 7.21 percent of mortgages were in forebearance as of August 9, down from 7.44 percent a week earlier. The survey found: The share of Ginnie Mae loans in forbearance decreased from 10.06 percent to 9.54 percent.The share of Fannie Mae and Freddie Mac loans in forbearance dropped from 5.19 percent to 4.94 percent.7.42 percent of loans managed by independent mortgage banks were in forbearance, down from 7.71 percent the week before.7.49 percent of bank-managed mortgages were in forbearance, down from 7.63…

3.7M US Mortgages Remain In Forbearance

The number of mortgages in forbearance in the United States continues to inch down each week, though 3.7 million Americans still have payments paused, the Mortgage Bankers Association announced Monday. The share of mortgages decreased from 7.67 percent to 7.44 percent as of August 2, according to MBA. “The share of loans in forbearance declined at a more rapid pace last week, with many borrowers who had been making payments while in forbearance deciding to exit. New forbearance requests increased, but are still well below the level of exits,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. The MBA report found: The share of Ginnie Mae loans in forbearance decreased from 10.28 percent to 10.06 percent.The share of…

US Forbearance Levels Drop Again

The share of US mortgages in forbearance dropped for the seventh straight week, with 3.8 million homeowners still pausing their mortgage payments during the coronavirus pandemic, the Mortgage Bankers Association announced Monday. The share of loans in forbearance dropped from 7.74 percent to 7.67 percent as of July 26. “The share of loans in forbearance declined, but we are now seeing a notable pattern developing over the past two weeks. The forbearance share is decreasing for GSE loans but has slightly increased for Ginnie Mae loans,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing…

FHFA Extends Policy Protecting New Borrowers

The Federal Housing Finance Agency announced it is extending a policy that allows Fannie Mae and Freddie Mac to purchase some single-family mortgages in forbearance in an attempt to support the liquidity of mortgage lenders during the coronavirus pandemic. Originally enacted in April, the policy is designed to protect borrowers seeking mortgage forbearance shortly after closing on loans – and before the lender could deliver the loan to Fannie or Freddie. Prior to the change, loans in forbearance were ineligible to be sold under Fannie and Freddie requirements, placing the borrower and the lender in jeopardy. “Extending the Enterprises’ ability to purchase these previously ineligible loans will help provide liquidity to mortgage markets. That said, to make homeownership sustainable, lenders…

Mortgages In Forbearance Hold Largely Steady

The share of mortgage loans in forbearance dipped slightly to 7.74 percent in the latest Mortgage Bankers Association forbearance survey released Monday. That works out to an estimated 3.9 million mortgages. It was the sixth straight week that the number of mortgages in forbearance has decreased. “The share of loans in forbearance declined by a smaller amount than in previous weeks, as the pace of borrowers exiting forbearance slowed,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Although the GSE portfolio of loans in forbearance should continue to improve, Ginnie Mae’s portfolio saw an uptick of both loans in forbearance and borrowers requesting forbearance. The high level of unemployment claims in recent weeks may be playing a role,…