Quote: Nov. 21, 2023

“For the first time since MBA began tracking the reasons for forbearance in October 2022, temporary hardships such as job loss, death and divorce represent a larger share of loans in forbearance by reason than a COVID-19 hardship. This upward trend will continue, as Fannie Mae and Freddie Mac sunset the use of COVID-19 as a reason for delinquency starting in November 2023, and FHA’s COVID-19 forbearance period ends at the end of November 2023.”
–Marina Walsh, CMB, MBA’s Vice President of Industry Analysis