Number Of Mortgage Loans In Forbearance Holds At 3.25%

The  number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25%, according to the latest numbers from the Mortgage Bankers Association. The report, released yesterday, estimates that 1.6 million homeowners are in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same relative to the prior week at 1.66%. Ginnie Mae loans in forbearance also remained the same at 3.92%, while the forbearance share for portfolio loans and private-label securities (PLS) increased 3 basis points to 7.18%.  The percentage of loans in forbearance for independent mortgage bank (IMB) servicers increased 2 basis points to 3.50%, and the percentage of loans in forbearance for depository servicers was unchanged at 3.35%. But…

Supreme Court Ends Biden’s Eviction Moratorium

In an unsigned opinion released Thursday, the Supreme Court lifted the Biden administration’s latest moratorium on evictions, declaring that it is almost certain the Centers for Disease Control exceeded their authority by imposting it. The conservative majority sided with the Alabama Association of Realtors who argued that imposing such a moratorium requires congressional action, which is the position Justice Brett Kavanaugh took in his June, 2021 ruling on the issue. At least 11 million renters are considered seriously delinquent on payments, and an estimated 3.6 million households could face evictions in the coming months. “It would be one thing if Congress had specifically authorized the action that the CDC has taken,” the Court’s 8-page opinion states. “But that has not…

2.1 Million US Mortgages In Forbearance

Forbearance levels in the United States continued their decline in the latest report released Monday by the Mortgage Bankers Association. The weekly MBA survey found: Total loans in forbearance decreased from 4.22 percent to 4.19 percent (or about 2.1 million mortgages).The share of Ginnie Mae loans in forbearance decreased from 5.61 percent to 5.59 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.24 percent to 2.21 percent. “The share of loans in forbearance declined for the 12th straight week, dropping by 3 basis points. The decline was smaller than the prior week due to a slower pace of forbearance exits,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Although the overall share is…

Forbearance Levels Down To 4.22%

Forbearance levels continue to decrease in the United States, the Mortgage Bankers Association said in its latest weekly report released Monday. The MBA survey found: Total loans in forbearance decreased from 4.36 percent to 4.22 percent.The share of Ginnie Mae loans in forbearance decreased from 5.82 percent to 5.61 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.32 percent to 2.24 percent. “The opening of the economy, as the successful vaccination effort continues, should lead to further reductions in the forbearance share,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “However, many homeowners continue to struggle. Borrowers who are reaching the end of their forbearance term should reach out to their servicer to…

Share Of US Mortgages In Forbearance Falls Again

The share of mortgages in the United States still in forbearance plans dropped again in the latest weekly report released Monday by the Mortgage Bankers Association. The survey found: Total loans in forbearance decreased from 4.47 percent to 4.36 percent.The share of Ginnie Mae loans in forbearance decreased from 6.02 percent to 5.82 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.42 percent to 2.32 percent. “The pace in the declining share of loans in forbearance quickened in the last week of April. This 10th week of decreases reflected a faster rate of exits and a steady, low level of new requests,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homeowners who have…

2.23 Million Mortgages In Forbearance

The number of US mortgages in forbearance sits at 2.23 million borrowers, according to the Mortgage Bankers Association’s weekly survey. The survey found: Total loans in forbearance dropped from 4.49 percent to 4.47 percent.The share of Ginnie Mae loans in forbearance decreased rfrom 6.09 percent to 6.02 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.44 percent to 2.42 percent. “The rate of exits has slowed the past two weeks, with this week’s exit rate reaching the lowest since February,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The increase in the forbearance share for portfolio and PLS loans highlights both the ongoing buyouts of delinquent loans from Ginnie Mae pools as well…

2.25M US Mortgages Still In Forbearance

The share of US mortgages in forbearance edged down ever so slightly last week, with 2.25 million American homeowners still in forbearance plans, according to the Mortgage Bankers Association’s latest report. The weekly report found: Total loans in forbearance decreased from 4.50 percent to 4.49 percent.The share of Ginnie Mae loans in forbearance decreased from 6.16 percent to 6.09 percent.The share of Fannie Mae and Freddie Mac loans in forbearance remained the same at 2.44 percent. “After two weeks of large declines, the share of loans in forbearance decreased for the eighth straight week, but by only 1 basis point. New forbearance requests increased, and the rate of exits declined,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.…

2.3 Million Mortgages Remain In Forbearance

An estimated 2.3 million homeowners remain in forbearance plans in the United States, according to the latest Mortgage Bankers Association report released Monday. MBA’s weekly survey found: Total loans in forbearance decreased from 4.66 percent to 4.50 percent as of April 11.The share of Ginnie Mae loans in forbearance decreased from 6.33 percent to 6.16 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.52 percent to 2.44 percent. “The share of loans in forbearance decreased for the seventh straight week and has now dropped 40 basis points in the last two weeks,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.…

US Forbearance Levels Drop For 6th Straight Week

The number of mortgages in forbearance in the United States dropped to 2.3 million in the latest weekly survey released Monday by the Mortgage Bankers Association. The survey found: Total loans in forbearance decreased from 4.90 percent to 4.66 percent as of April 4.The share of Ginnie Mae loans in forbearance decreased from 6.78 percent to 6.33 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.72 percent to 2.52 percent. It is the sixth straight week that the share of loans in forbearance has decreased, according to MBA. “The accelerating economic recovery in March helped more homeowners recover and become current on their mortgages, in addition to helping other homeowners with more stable financial situations…

CFPB Seeks To Avoid Foreclosure Glut

With 2.5 million Americans still in mortgage forbearance plans, the Consumer Financial Protection Bureau is proposing rule changes designed to prevent people from losing their homes when the foreclosure bans expire. The CFPB issued a proposal Monday that would: Prohibit lenders from starting foreclosure proceedings until after December 31 to give borrowers time to get caught up.Provide options to lenders to offer streamlined loan modification options to borrowers with Covid-19-related issues.Require lenders to communicate with borrowers in a timely way to ensure they are aware of their options. “The nation has endured more than a year of a deadly pandemic and a punishing economic crisis.  We must not lose sight of the dangers so many consumers still face,” CFPB Acting…