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…

Forbearance Levels Drop In US

Nearly seven months into the pandemic, 3.4 million homeowners in the United States remain in forbearance plans as they cope with the economic impacts of the shutdowns across the country. The share of mortgages in forbearance dropped again, with 6.87 percent remaining paused. The MBA survey found for the week ending September 20: Total loans in forbearance decreased from 6.93 percent to 6.87 percent.The share of Ginnie Mae loans in forbearance remained flat at 9.15 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 4.55 percent to 4.46 percent.Independent mortgage bank-managed loans in forbearance dropped from 7.26 percent to 7.23 percent.Bank-managed mortgages dropped from 7.18 percent to 7.11 percent. “The share of loans in forbearance continues…

Loans In Forbearance At Lowest Level In 5 Months

The share of US mortgage borrowers whose loans are in forbearance dropped below 7 percent for the first time since mid-April, the Mortgage Bankers Association announced Monday in its weekly forbearance report. There are 3.5 million American homeowners in forbearance plans as of September 13 – which works out to 6.93 percent of all mortgages, down from 7.01 percent the week before. The MBA survey found: The share of Ginnie Mae loans in forbearance increased from 9.12 percent to 9.15 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 4.65 percent to 4.55 percent.7.26 percent of independent mortgage bank loans were in forbearance, down from 7.33 percent.71.8 percent of bank-managed mortgages were in forbearance, down from…

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…