MBA: Share of Mortgage Loans in Forbearance Decreases to 5.67%

The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 16 basis points to 5.67% of servicers’ portfolio volume as of Nov. 1, from 5.83% the prior week. MBA now estimates 2.8 million homeowners are in forbearance plans.

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“With declines in the share of loans in forbearance across the board, the data this week align well with the positive news from October’s jobs report, which showed a gain of more than 900,000 private sector jobs and a 1 percentage point decrease in the unemployment rate. A recovering job market, coupled with a strong housing market, is providing the support needed for many homeowners to get back on their feet.” --MBA Senior Vice President and Chief Economist Mike Fratantoni.

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