MBA: Share of Mortgage Loans in Forbearance Remains at 0.22% in April

The total number of loans now in forbearance remained unchanged at 0.22% as of April 30, 2024, the Mortgage Bankers Association’s monthly Loan Monitoring Survey reported.

According to MBA’s estimate, 110,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 8.1 million borrowers since March 2020.

In April 2024, the share of Fannie Mae and Freddie Mac loans in forbearance declined 1 basis point to  0.11%.  Ginnie Mae loans in forbearance dropped 1 basis point to 0.39%, and the forbearance share for portfolio loans and private-label securities (PLS) stayed the same at 0.31%.

“The number of loans in forbearance has remained stagnant for the first four months of 2024,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “While forbearance is still a viable option for homeowners needing temporary mortgage payment relief, its usage has diminished without a major natural disaster or labor market downturn. Moreover, the performance of servicing portfolios and post-forbearance workouts remains strong, despite some fluctuations from month-to-month.”

Key Findings of MBA’s Loan Monitoring Survey – April 1 to April 30, 2024:

Total loans in forbearance remained unchanged in April 2024 relative to March 2024 at 0.22%.

By investor type, the share of Ginnie Mae loans in forbearance declined relative to the prior month from 0.40% to 0.39%.

The share of Fannie Mae and Freddie Mac loans in forbearance declined relative to the prior month from 0.12% to 0.11%.

The share of other loans (e.g., portfolio and PLS loans) in forbearance remained the same relative to the prior month at 0.31%.

Loans in forbearance as a share of servicing portfolio volume (#) as of April 30, 2024:

Total: 0.22% (previous month: 0.22%)

Independent Mortgage Banks (IMBs): 0.23% (previous month: 0.25%)

Depositories: 0.25% (previous month: 0.23%)

By reason, 71.1% of borrowers are in forbearance for reasons such as a temporary hardship caused by job loss, death, divorce, or disability; while 11.5% of borrowers are still in forbearance because of COVID-19.  Another 11.4% are in forbearance because of a natural disaster.

By stage, 57.3% of total loans in forbearance are in the initial forbearance plan stage, while 22.7% are in a forbearance extension. The remaining 20.0% are forbearance re-entries, including re-entries with extensions.

Total loans serviced that were current (not delinquent or in foreclosure) as a percent of servicing portfolio volume (#) increased to 96.09% (on a non-seasonally adjusted basis) in April 2024, up 17 basis points from 95.92% in March 2024.

The five states with the highest share of loans that were current as a percent of servicing portfolio: Washington, Colorado, Oregon, California, and Montana.

The five states with the lowest share of loans that were current as a percent of servicing portfolio: Louisiana, Mississippi, Alabama, Indiana, and New York.

Total completed loan workouts from 2020 and onward (repayment plans, loan deferrals/partial claims, loan modifications) that were current as a percent of total completed workouts were 75.86% in April 2024, up 38 basis points from 75.48% the prior month.

MBA’s monthly Loan Monitoring Survey covers the period from April 1 through April 30, 2024, and represents 63% of the first-mortgage servicing market (31.6 million loans). To subscribe to the full report, go to

NOTES: For more detailed information on performance metrics, including seasonally adjusted delinquency rates by stage (30 days, 60 days, 90+ days), please refer to MBA’s Quarterly National Delinquency Survey at First-quarter 2024 results were released on Thursday, May 16, 2024.

The next publication of the Monthly Loan Monitoring Survey (LMS) will be released on Monday, June 24, 2024, at 4:00 p.m. ET.