Forbearance Climbs Slightly; Delinquencies Down

The share of mortgages in forbearance in the United States increased ever so slightly in mid-November, while a second report released Monday found that mortgage delinquencies overall were down in October. The Mortgage Bankers Association weekly report found: Total loans in forbearance from 5.47 percent to 5.48 percent as of November 15, which works out to about 2.7 million mortgages in the United States.The share of Ginnie Mae loans in forbearance increased from 7.70 percent to 7.73 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.36 percent to 3.35 percent.Independent mortgage bank-managed loans in forbearance held steady at 5.94 percent, while bank-manage mortgages climbed from 5.43 percent to 5.44 percent. “A marked slowdown in forbearance…

2.7 Million Mortgages Remain In Forbearance

The number of US mortgages in forbearance dropped for the 11th week in a row, with 2.7 million homeowners still pausing their mortgage payments during the Covid-19 pandemic, the Mortgage Bankers Association announced Monday. The survey found: The total share of mortgages in forbearance dropped from 5.67 percent to 5.47 percent as of November 8.The share of Ginnie Mae loans in forbearance decreased from 7.95 percent to 7.70 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.49 percent to 3.36 percent.Independent mortgage bank-managed mortgages in forbearance dropped from 6.19 percent to 5.94 percent.Bank-managed mortgages in forbearance dropped from 5.60 percent to 5.43 percent. “While the rate of new forbearance requests has declined and exits are increasing,…

FHFA Extends GSE Loan Purchase Flexibility

The Federal Housing Finance Agency announced Thursday yet another extension of Fannie Mae and Freddie Mac’s ability to purchase some single-family mortgages in forbearance to continue to support the liquidity of mortgage lenders during the pandemic. FHFA originally put the policy in place in April in response to borrowers seeking mortgage forbearance shortly after closing on loans – and before the lender could deliver the loan to Fannie Mae or Freddie Mac. 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. “Eligible loans will continue to be priced to mitigate the heightened risk of loss to the Enterprises from said loans,” FHFA said in…

Mortgage Forbearance Levels Drop To 5.67%

The share of mortgages in the United States under forbearance plans dropped again, with 2.8 million homeowners still having their payments paused, according to the latest report released Monday by the Mortgage Bankers Association. The survey found that as of November 1: Total loans in forbearance decreased from 5.83 percent to 5.67 percent.The share of Ginnie Mae loans in forbearance decreased from 8.13 percent to 7.95 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.66 percent to 3.49 percent.Independent mortgage bank-managed loans in forbearance dropped from 6.27 percent to 6.19 percent.Bank-managed mortgages dropped from 5.86 percent to 5.60 percent. “A recovering job market, coupled with a strong housing market, is providing the support needed for…

2.9 Million Mortgages Remain In Forbearance

More than seven months after the start of the Covid-19 pandemic, 5.8 percent of mortgages in the United States remain in forbearance, according to the latest report released by the Mortgage Bankers Association. MBA’s weekly forbearance survey found that 2.9 million homeowners are in forbearance plans, including: 5.83 percent of all mortgages were in forbearance as of October 25, down from 5.90 percent the week before.Ginnie Mae loans in forbearance decreased from 8.17 percent to 8.13 percent.Fannie Mae and Freddie Mac loans in forbearance decreased from 3.72 percent to 3.66 percent.Independent mortgage bank loans in forbearance dropped from 6.35 percent to 6.27 percent.Bank-managed mortgages held steady at 5.86 percent. “With more borrowers exiting forbearance in the prior week, the share…

Forbearance Cases Level Off At 3 Million

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…

FHFA Extends GSEs Ability To Buy Loans In Forbearance

The Federal Housing Finance Agency announced Wednesday that it will extend Fannie and Freddie’s ability to purchase some single-family mortgages in forbearance to continue to support the liquidity of mortgage lenders during the pandemic. FHFA originally put the policy in place in April in response to borrowers seeking mortgage forbearance shortly after closing on loans – and before the lender could deliver the loan to Fannie Mae or Freddie Mac. 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. The latest extension covers loans originated through November 30. “Eligible loans will continue to be priced to mitigate the heightened risk of loss to the…

Q3: $58B In Missed Housing, Student Loan Payments

More than 6 million households in the United States missed rent or mortgage payments and 26 million missed student loan payments in September as the economic effects of the Covid-19 pandemic stretched into their seventh month. The Mortgage Bankers Association’s Research Institute for Housing America report released Friday found that 8.5 percent of renters – or 2.82 million households – missed, delayed or made a reduced payment. Another 7.1 percent of homeowners – or 3.37 million – missed mortgage payments. Overall, the missed payments accounted for than $58 billion in revenue during the third quarter, the report found. “Rent and mortgage payment collections improved over the summer as more people went back to work, but high unemployment continues to place…

3.2 Million US Mortgages In Forbearance, A Decrease

There was a pretty big drop in the percentage of US mortgages in forbearance this week, with 3.2 million homeowners still in plans to pause their loans, according to the weekly report released Monday by the Mortgage Bankers Association. MBA’s survey found that 6.32 percent of mortgages were in forbearance as of October 4, down from 6.81 percent the week before. “With the forbearance program for federally backed loans under the CARES Act reaching the six-month mark, many borrowers saw their forbearance plans expire because they did not contact their servicer. Another reason for expirations was that borrower information needed to determine an appropriate loss mitigation option was not yet in place,” said Mike Fratantoni, MBA’s Senior Vice President and…

6.81% Of US Mortgages In Forbearance

The number of mortgages in forbearance inched down once again this week – with 3.4 million homeowners in the United States still pausing their mortgage payments amid the coronavirus pandemic, the Mortgage Bankers Association announced Monday. The weekly survey found: Total loans in forbearance decreased by from 6.87 percent to 6.81 percent for the week ending September 27.The share of Ginnie Mae loans in forbearance increased from 9.15 percent to 9.16 percent.The share of Fannie Mae and Freddie Mac loans decreased from 4.46 percent to 4.39 percent.The share of independent mortgage bank-managed loans dropped from 7.23 percent to 7.19 percent.Bank-managed mortgages dropped from 7.11 percent to 7.03 percent. “As of the end of September, there continues to be a slow…