Forbearance predictably declined across the board last week as exits accelerated, but more borrowers are going into plan modifications because they are still struggling to recover their pre-pandemic income.
The total number of loans in forbearance decreased by nine basis points to 2.06% as of Oct. 31, according to the latest report from the Mortgage Bankers Association (MBA). In the previous week, the rate dropped six basis points to 2.15%.
Just over one million homeowners are still in forbearance plans. The survey included data on 36.6 million loans serviced as of Oct. 31, details ⇒
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