MBA: Share of Loans in Forbearance Falls 4th Straight Week

The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance decreased by 21 basis points to 8.18% of servicers’ portfolio volume for the week of July 5, from 8.39% the week before. MBA now estimates 4.1 million homeowners are in forbearance plans, down from 4.2 million the previous week.

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“The share of loans in forbearance continues to decrease, as more workers are brought back from temporary layoffs. However, our survey reveals a notable shift in the location of many FHA and VA loans, which have been bought out of Ginnie Mae pools – predominantly by bank servicers – and moved onto bank balance sheets. As a result, there was a sharp drop in the share of Ginnie Mae loans in forbearance.” --Mike Fratantoni, MBA Senior Vice President and Chief Economist.

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