The forbearance rate held steady in November, but there are signs of deterioration in the portfolios of servicers.
The Mortgage Bankers Association (MBA) reported Monday that the total number of loans in forbearance remained at 0.70% of the servicers’ total portfolio volume in November. There were 350,000 U.S. homeowners in forbearance plans as of November 30, up from 345,000 at the end of September.
With the COVID-19 federal health emergency still in effect, borrowers can continue to seek initial COVID-19 hardship forbearance. Homeowners can also get a forbearance plan due to natural disasters or other causes.
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