Mortgage Loans in Forbearance Increase Slightly
The latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance increased by 1 basis point to 5.23% as of February 21, 2021. (MBA)
– INITIAL STAGE: 15.6% of total loans in forbearance are in the initial forbearance plan stage.
– LATE STAGE: 81.9% are in a forbearance extension.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said in a statement, “A small increase in new forbearance requests, coupled with exits decreasing to match a survey low, led to the overall share of loans in forbearance increasing for the first time in five weeks.”