Servicers’ forbearance rate declined in August, excepting for Ginnie Mae loans, the Mortgage Bankers Association (MBA) reported Monday. The trade group expects pressure in the coming months if the unemployment rate increases.
The total number of loans in forbearance decreased two basis points from the previous month to 0.72% of the servicers’ total portfolio volume in August, positive news after the economic impacts of the pandemic hit borrowers hard.
As of Aug. 31, 360,000 homeowners were in forbearance plans, down from 370,000 at the end of July.
The most significant decline in August came from portfolio loans and private-label securities (PLS), details ⇒
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