What’s happening with forbearance and delinquencies?
The MBA’s latest Forbearance and Call Volume Survey shows that the total number of loans now in forbearance decreased by only one basis point to 3.25% as of August 15, 2021.
According to MBA’s estimate, 1.6 million homeowners are in forbearance plans, down by 400,000 people since early June and showing more than 20 consecutive weeks of decline.
However, the MBA’s vice president of industry research, Marina Walsh (pictured), said the rate of decrease appeared to have now flattened out.
The number of homeowners in forbearance plans reached a peak during the week ending June 07, 2020, when there were 4.7 million, and the rate stood at 8.55%. Since then, the number has been dropping steadily to a third of what it was just over a year ago.
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