by Calculated Risk on 8/30/2021 04:00:00 PM
Note: This is as of August 22nd.
and Call Volume Survey revealed that the total number of loans now in forbearance remained
unchanged relative to the prior week at 3.25% as of August 22, 2021. According to MBA’s estimate, 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%.
“The share of loans in forbearance changed little once again this week, as both new requests and exits
remained at a slow pace,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “We
expect a sharp increase in forbearance exits over the next month as many borrowers reach the 18-
month mark and see their forbearance plans end. For those borrowers who have exited in August, the
majority either enter deferral plans or obtain modifications.”
This graph shows the percent of portfolio in forbearance by investor type over time. Most of the increase was in late March and early April 2020, and has trended down since then.
The MBA notes: “Total weekly forbearance requests as a percent of servicing portfolio volume (#) remained unchanged relative to the prior week at 0.05%.”