With just more than a week away from the one-year anniversary of the CARES Act, new forbearance requests dropped to their lowest level since March of 2020, pushing the total number of loans in forbearance down nine basis points to 5.05% of servicers’ portfolio volume, the Mortgage Bankers Association said on Monday.
Alongside a dampening of requests, exits maintained a standard pace with over 100,000 homeowners having exited forbearance within the past month. The MBA now estimates 2.5 million homeowners are in some form of forbearance.
Exits also shrunk the share of loans in forbearance across all investor details ⇒
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