Fewer homeowners paused or reduced their mortgage payments in May, continuing the decline from April when the total number of loans in forbearance fell to a level below 1% of servicers’ portfolio volume.

The share of loans in forbearance dropped by 9 basis points to 0.85% in May from April’s 0.94%, according to the Mortgage Bankers Association (MBA).

The largest decline came from the portfolio loans and private-label securities (PLS) category, declining 29 basis points to 1.86%. Ginnie Mae loans in forbearance fell 4 basis points to 1.25% of the servicers’ total portfolio volume. Fannie Mae and Freddie details ⇒