Servicers’ forbearance portfolio volume descended in July since mortgage forbearance rate dropped below 1% in April.
The total number of loans decreased one basis point to 0.34%, according to Mortgage Bankers Association (MBA). The mortgage forbearance rate on a declining trend is positive news after the economic impacts of the pandemic hit borrowers hard.
The largest decline in July came from portfolio loans and private-label securities (PLS), which dropped 34 bps to 1.34% of the servicers’ total portfolio volume.
Fannie Mae and Freddie Mac loans in forbearance fell by one bps to 0.34%. Ginnie Mae details ⇒
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