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Share of mortgages in forbearance increased in October

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Financial Stability, Nonbank Financial
Friday, December 2, 2022

The share of mortgages in forbearance increased slightly to 0.7 percent in October, according to the Mortgage Bankers Association (MBA) monthly loan monitoring survey. According to MBA’s estimates, approximately 350,000 homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance increased 1 basis point to 0.31 percent. Ginnie Mae loans in forbearance increased 8 basis points to 1.41 percent, and the forbearance share for portfolio loans and private-label securities (PLS) declined 11 basis points to 1.03 percent.

“The overall share of loans in forbearance increased slightly in October, but it was a mixed bag by investor type. The forbearance rate for Ginnie Mae, Fannie Mae, and Freddie Mac loans increased, and there was a decline in portfolio and PLS loans in forbearance,” MBA’s Vice President of Industry Analysis Marina Walsh said. “Several factors were behind the first monthly increase in forbearances in 29 months, including the effects of Hurricane Ian in the Southeast, the diminishing number of loans bought out of Ginnie Mae pools and placed in portfolio, and the fact that new forbearance requests have closely matched forbearance exits for the past three months.

“The overall share of loans that were current last month decreased 15 basis points to 95.70 percent, with 44 states reporting declines (not delinquent or in foreclosure),” Walsh added. “Florida, which was hit the hardest by Hurricane Ian, experienced a 49-basis-point drop in the share of loans that were current – the biggest decline of all states.” 

The five states with the highest share of loans that were current as a percent of servicing portfolio: Washington, Idaho, Colorado, Utah, and Oregon.

The five states with the lowest share of loans that were current as a percent of servicing portfolio: Mississippi, Louisiana, New York, West Virginia, and Indiana.

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