After falling or staying static for
Home loans in forbearance plans represent 5.48% — approximately 2.7 million homeowners — of all outstanding mortgages, up from 5.47%
"A marked slowdown in forbearance exits, as well as a slight rise in the share of Ginnie Mae, portfolio, and PLS loans in forbearance, led to an overall increase for the first time since early June," Mike Fratantoni, the MBA's senior vice president and chief economist, said in a press release. "The decline in exits in the prior week follows a flurry of them last month, when many borrowers reached the six-month point in their forbearance terms."
Conforming mortgages — those purchased by Fannie Mae and Freddie Mac — continued leading all loan types and decreased for the 24th straight week to 3.35% from 3.36%.
Forbearance in Ginnie Mae loans —
"Renewed weakness in the
A 21.32% share of all forborne mortgages sit in the initial forbearance stage while 76.76% shifted to extended plans and the remaining 1.92% re-entered forbearance after exiting previously.
Forbearance requests as a percentage of servicing portfolio volume rose to 0.09% from 0.08% the week previous. Call center volume as a percentage of portfolio volume held week-to-week at 8.3%.
The MBA's sample for this week's survey includes a total of 49 servicers with 26 independent mortgage bankers and 21 depositories. The sample also included two subservicers. By unit count, the respondents represented about 74%, or 37.2 million, of outstanding first-lien mortgages.