As the COVID-19 national emergency draws to a close, the forbearance rate has decreased month over month, according to a report from the Mortgage Bankers Association (MBA) on Monday. While the MBA still expects a recession this year, credit quality is generally good, and borrowers facing financial hardship can access enhanced loss mitigation options, the trade group noted. 

The total number of loans in forbearance in March decreased five basis points from February, dropping to 0.55% from 0.60% of servicers’ portfolio volume. About 275,000 homeowners were in forbearance plans as of March 31.

The most significant improvement came details ⇒

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