MBA: Share of Mortgage Loans in Forbearance Flat

The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans in forbearance decreased by just 1 basis point, from 7.20% of servicers’ portfolio volume as of Aug. 16 from the prior week. MBA estimates 3.6 million homeowners are in forbearance plans.

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“The extremely high rate of initial claims for unemployment insurance and high level of unemployment remain a concern, and are indications of the challenges many households are facing. While new forbearance requests remain low, particularly for Fannie Mae and Freddie Mac loans, the pace of exits from forbearance has declined for two straight weeks.” --MBA Chief Economist Mike Fratantoni.

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