Tag Archives: Forbearance

The FHFA’s latest Foreclosure Prevention and Refinance Report for the second quarter found that, to date, more than 6.8 million struggling homeowners have been assisted by Fannie Mae and Freddie Mac during conservatorship.

The MBA reports the share of mortgage loans in forbearance has fallen to 0.33% nationwide in August, just eight basis points shy of where the rate was in March 2020 at the outset of the pandemic.

The share of mortgage loans in forbearance fell to 0.39% of servicers’ portfolio volume in July, as the MBA reported that nearly two-thirds of borrowers still in forbearance were due to the effects of COVID-19.

With an estimated 2,200+ structures reported destroyed or damaged in Hawaii, 86% of them residential homes, the GSEs are offering guidance for homeowners impacted in the region.

The MBA reports that the share of mortgage loans in forbearance fell to 0.44% nationwide in June, with nearly 80% of that total citing pandemic-related reasons for their forbearance.

The FHFA reports that since the start of Fannie Mae and Freddie Mac conservatorship in September 2008, the GSEs have recorded 6.7 million-plus foreclosure prevention actions to date nationwide.

MortgagePoint speaks with mortgage servicing execs from BOK Financial, Carrington, the NMSA, PHH Mortgage Corporation, and Servbank about the unusual times and unusual opportunities the industry faces midway through 2023.

Overall mortgage performance was on the upswing in the first quarter of 2023, as the OCC reported banks serviced approximately 12 million first-lien residential mortgage loans with $2.7 trillion in unpaid principal balances—representing 22% of all residential mortgage debt outstanding nationwide.

The MBA reports nationwide forbearance volume has reached levels not seen since March 2020, attributed to a strong jobs market and the array of loss mitigation options introduced since that time.

The MBA reports that approximately 255,000 homeowners remained in forbearance plans through April, as mortgage servicers have provided forbearance options to nearly 7.8 million Americans since April 2020.