The forbearance rate increased marginally in October after more than two years of declines, the Mortgage Bankers Association (MBA) reported Monday. The trade group previously noted that it expected pressures due to worsening economic conditions.
The total number of loans in forbearance in October increased to 0.70% of the servicers’ total portfolio volume, up one basis point from the month prior. As of October 31, there were 350,000 U.S. homeowners in forbearance plans, up from 345,000 at the end of September.
The most significant increase came from Ginnie Mae loans in forbearance, which increased to 1.41% in October, up eight basis points compared to details ⇒
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