Servicers’ forbearance portfolio volume dropped in February for the 21st-consecutive month, with more borrowers current on their mortgage payments due to improvements in the economy and viable loss mitigation options.
The total number of loans in forbearance decreased by 12 basis points, from 1.30% in January to 1.18% in February, according to the Mortgage Bankers Association (MBA). In total, about 590,000 homeowners were in forbearance plans as of February 28.
The most notable decline was in the portfolio loans and private-label securities (PLS) category, dropping by 30 basis points to 2.72%. Ginnie Mae-insured details ⇒
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