While the number of homeowners in forbearance continued to decline last month, the forbearance rate for Ginnie Mae loans increased for the first time since 2020, according to the Mortgage Bankers Association.
The number of homeowners in forbearance continued to decline last month, and most of the forbearance exits came from portfolio loans and private-label securities, according to the Mortgage Bankers Association.
While the number of homeowners in forbearance has dropped slightly, mortgage performance could be showing signs of borrower stress, according to the Mortgage Bankers Association.
The number of borrowers in forbearance has dropped in less than two year by nearly 4 million in what the Mortgage Bankers Association called a “remarkable recovery.”
The share of borrowers who are current on their mortgage payments and not in delinquency or foreclosure has increased by more than three percentage points over the past year, according to the Mortgage Bankers Association.
The pace of mortgages coming out of forbearance remained slow in January, while new forbearance requests and re-entries increased, according to the Mortgage Bankers Association.
While the pace of mortgages coming out of forbearance slowed in November, fewer than 1 million homeowners remain in forbearance plans, according to the Mortgage Bankers Association.
The share of Fannie Mae and Freddie Mac loans in forbearance has reached the lowest level since the start of the pandemic, according to the Mortgage Bankers Association, but an increase in the number of borrowers exiting forbearance into loan modifications points to ongoing struggles in the recovery from the pandemic.
Forbearance exits have reached the fastest pace in six months, a pace that the Mortgage Bankers Association expects to continue in the coming weeks.
While mortgage forbearances have continued to decline, the number of borrowers exiting forbearance recently reached its slowest pace in more than a year, according to the Mortgage Bankers Association.
Some of the largest mortgage servicers in the U.S. had varying responses to borrowers’ inquiries during the pandemic, with some servicers struggling to help homeowners, according to a report from the Consumer Financial Protection Bureau.
Consumers submitted more mortgage complaints to the Consumer Financial Protection Bureau in March 2021 than in any month since April 2018, the CFPB said in a statement yesterday.
Only 217,000 residential mortgage-holders became past-due in March, according to a new report from Black Knight, the lowest on record.
The federal agency that oversees two of the biggest guarantors of mortgages in the U.S. market announced that it is extending its moratorium on foreclosures.
Borrowers with mortgages backed by Fannie Mae or Freddie Mac could be eligible for another three months of forbearance, the Federal Housing Finance Agency announced this week.
Gov. Ned Lamont on Monday unveiled a $33 million plan, which includes both state and federal resources, to provide emergency help for renters, homeowners, and residential landlords affected by the coronavirus pandemic.
