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Year ends with decrease of loans in forbearance

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Financial Stability, Inside the Beltway
Friday, January 21, 2022
The Mortgage Bankers Association’s (MBA) Loan Monitoring Survey (LMS) showed the volume of loans in forbearance decreased in December.

The organization estimated 705,000 homeowners are currently in forbearance. The total number of loans in forbearance dropped by 26 basis points, from 1.67 percent of servicers’ portfolio volume in November to 1.41 percent as of Dec. 31, 2021.

“The share of loans in forbearance continued to decline in December 2021,” MBA Vice President of Industry Analysis Marina Walsh said in a release. “This was especially the case for government and private-label and portfolio loans, as those loans have higher levels of forbearance than loans backed by Fannie Mae and Freddie Mac.

“With the number of borrowers in forbearance continuing to decrease below 750,000, the pace of monthly forbearance exits reached its lowest level since MBA started tracking exits in June 2020.”

Forbearance rates decreased for each investor type. Ginnie Mae loans decreased from 2.10 percent to 1.63 percent month-over-month, Fannie Mae and Freddie Mac decreased 0.76 percent to 0.68 percent, and other loans decreased from 3-94 percent to 3.43 percent.

Independent mortgage banks reported December’s forbearance rates at 1.66 percent, compared with November 2021’s rate of 1.94 percent. Depositories also saw a decrease from 1.52 percent to 1.24 percent

The LMS also reported on what stages of forbearance loans were in. Those in initial forbearance made up 23.2 percent of the total, 63.1 percent are in a forbearance extension, and 13.7 percent are forbearance re-entries and re-entries with extensions.

“It is likely that the remaining borrowers in forbearance have experienced either a permanent hardship that may require more complex loan workout solutions, or they have encountered a recent hardship for which they are now seeking relief,” Walsh said.
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