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,…

Number Of US Mortgages In Forbearance Drops Again

The share of US homeowners whose mortgages are in forbearance dropped for the fifth straight week, now sitting at 7.8 percent of all mortgages in the country, according to estimates released Monday by the Mortgage Bankers Association. The MBA said that as of July 12 about 3.9 million homeowners were still in forbearance plans that allow them to pause their mortgage payments during the coronavirus pandemic. The percentage dropped from 8.18 percent the week before. “The share of loans in forbearance dropped to its lowest level in over two months, driven by an increase in the pace of exits as more homeowners have been able to get back to work,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.…

Loans In Forbearance Drop For 4th Straight Week

The share of mortgage loans in forbearance in the United States dropped for the fourth straight week, falling to 8.18 percent of all loans for the week ending July, according to a report released Monday by the Mortgage Bankers Association. There are an estimated 4.1 million homeowners in forbearance plans, which allow borrowers to pause making mortgage payments due to economic hardship caused by the coronavirus pandemic. A week earlier, there had been 4.2 million loans in forbearance – or 8.39 percent. “The share of loans in forbearance continues to decrease, as more workers are brought back from temporary layoffs,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. Fratantoni said the survey showed a “a notable shift in…

Forbearance Numbers Drop For 3rd Straight Week

The share of mortgages in forbearance dropped slightly for the third straight week, with 4.2 million homeowners in the United States now pausing making payments on their home loans. The Mortgage Bankers Association’s weekly survey released Tuesday found that the share of loans in forbearance the week ending June 28 dropped to 8.39 percent from 8.49 percent. “We learned last week that the job market improved more than expected in June. With that as background, it is not surprising that the forbearance numbers continue to improve as more people go back to their jobs,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The improvement in the forbearance data was broad-based, with declines for both GSE and Ginnie Mae…

Mixed Reports On Forbearance Increases, Decreases

By Jim Perskie The number of mortgage loans in forbearance decreased slightly in the latest Mortgage Bankers Association weekly report – though there are other indications that the number may begin to climb again. The MBA report released Monday found that 8.47 percent of mortgages in the United States were in forbearance as of June 21, down from 8.48 percent the week before. That works out to about 4.2 million homeowners in forbearance – the third weekly drop in a row. “The overall share of loans in forbearance declined for the second week in a row, led by the third straight drop in GSE loans,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Many borrowers initially received a three-month…