pmuolo@imfpubs.com
The number of residential loans in some type of COVID-related forbearance fell to 5.29% of outstandings as of Feb. 7, a six basis point improvement from the week prior, according to figures released Tuesday afternoon by the Mortgage Bankers Association.
By the trade group’s count, the reading is the lowest since April of last year when the pandemic’s first wave began to ravish both the health of the nation and the economy.
MBA cited improvements in Fannie Mae/Freddie Mac and Ginnie Mae loans as the driver behind the better readings. For the week, the Ginnie Mae relief tally decreased 12 basis points to 7.34% of outstandings. The measurement on private-label/portfolio loans stayed flat at 9.14%. Sometimes when the Ginnie reading drops, the PLS reading increases, a reflection of servicers playing the Ginnie early buy-out game.
MBA’s SVP and Chief Economist Mike Fratantoni said in a statement, “Similar to the trend in recent months, the first week of February showed a faster pace of exits from forbearance compared to recent weeks, while new forbearance requests were unchanged.”
Group Subscriptions Make It Easy to Share the News from IMF
Share Inside Mortgage Finance’s news and data with a group of readers at your organization. Group subscriptions offer reduced pricing and ease of management while assuring that each reader on your team gets just the IMF newsletters they need. And your group is tailored to your needs: You pick the publications and the number of subscriptions for each one. To learn more about group subscriptions, contact our customer service staff.
EmoticonEmoticon