General World News

Forbearance rate dips to 1.67% in November

The share of mortgage loans in forbearance decreased by 39 basis points to 1.67% as of Nov. 30, according to the Mortgage Bankers Association (MBA), the latest sign that the sun is setting on loan forbearance agreements hammered out under the CARES Act.

Under COVID-19 legislation signed by President Donald Trump in April 2020, many homeowners could strike deals with their lenders on a year-long or up to 18-month forbearance plan. With many such plans expiring, forbearance fell across the board.

Just 835,000 homeowners are still in forbearance plans, according to the MBA, after a COVID-era peak of over 4 million details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com