The
According to MBA's estimate, 1.6 million homeowners are in forbearance plans.
The share of
'The largest decrease in a month in the share of loans in forbearance came from a jump in forbearance exits, as many homeowners are nearing the end of their forbearance terms. The forbearance share declined for all investor and servicer categories,' said
Key findings of
Total loans in forbearance decreased by 14 basis points relative to the prior week: from 3.40% to 3.26%.
By investor type, the share of
The share of
The share of other loans (e.g., portfolio and PLS loans) in forbearance decreased relative to the prior week: from 7.37% to 7.05%.
By stage, 9.7% of total loans in forbearance are in the initial forbearance plan stage, while 82.8% are in a forbearance extension. The remaining 7.5% are forbearance re-entries.
Total weekly forbearance requests as a percent of servicing portfolio volume (#) increased relative to the prior week: from 0.04% to 0.06%.
Of the cumulative forbearance exits for the period from
28.2% resulted in a loan deferral/partial claim.
22.7% represented borrowers who continued to make their monthly payments during their forbearance period.
16.1% represented borrowers who did not make all of their monthly payments and exited forbearance without a loss mitigation plan in place yet.
13.2% resulted in reinstatements, in which past-due amounts are paid back when exiting forbearance.
11.0% resulted in a loan modification or trial loan modification.
7.4% resulted in loans paid off through either a refinance or by selling the home.
The remaining 1.4% resulted in repayment plans, short sales, deed-in-lieus or other reasons.
Weekly servicer call center volume:
As a percent of servicing portfolio volume (#), calls increased relative to the prior week: from 6.8% to 7.5%.
Average speed to answer increased from 0.9 minutes to 1.5 minutes.
Abandonment rates increased from 3.6% to 5.0%.
Average call length decreased from 7.9 minutes to 7.5 minutes.
Loans in forbearance as a share of servicing portfolio volume (#) as of
Total: 3.26% (previous week: 3.40%)
IMBs: 3.46% (previous week: 3.63%)
Depositories: 3.36% (previous week: 3.49%)
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