Posted To: MND NewsWire
The first monthly report on the status of the COVID-19 related forbearance programs was released by the Mortgage Bankers Association (MBA) on Monday. MBA ceased weekly reporting on program participants effective October 31 at which time there were an estimated 1 million homeowners remaining in the program. During the month of November, the forborne share of the 36.5 million mortgages in servicer portfolios declined by 39 basis points to 1.67 percent. This would leave approximately 835,000 loans in forbearance as of November 30. Of those loans, 18.3 percent are in their initial forbearance plan stage, while 68.4 percent are in an extension . The remaining 13.3 percent are re-entries to the program, including re-entries with extensions. Fannie Mae and Freddie Mac forborne loans declined 16 basis…(read more)
