The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance decreased – for the first time since the survey’s inception in March – from 8.55% of servicers’ portfolio volume in the prior week to 8.48% as of June 14.

Last week, Federal Reserve Chairman Jerome Powell appeared before both the Senate Banking and House Financial Services Committees to give his semi-annual monetary report to Congress. Last Thursday, California Assembly Bill 2501, which would have enacted sweeping new forbearance standards beyond federal CARES Act mandates for residential and multifamily mortgages, was not approved ahead of a critical procedural deadline – a big win for the industry.