WRE News June 9, 2023
Seller
The share of home loans in forbearance declined by 4 basis points from March to April, reaching a level of 0.51% of servicers’ portfolio volume, according to new data from the Mortgage Bankers Association (MBA).
The share of Fannie Mae and Freddie Mac loans in forbearance in April decreased by 2 basis points to 0.24% while Ginnie Mae loans in forbearance decreased by 7 basis points to 1.11%. The forbearance share for portfolio loans and private-label securities was down by 7 basis points to 0.61%.
The trade group’s latest Loan Monitoring Survey estimated 255,000 homeowners are currently in forbearance plans. The states with the highest share of loans that were current as a percent of servicing portfolio were Washington, Colorado, Idaho, Oregon and California, while those with the lowest share were Louisiana, Mississippi, New York, Indiana and Alabama.
Mortgage servicers have provided forbearance to 7.8 million borrowers since April 2020.
“While the number of loans in forbearance continues to dwindle, there was some deterioration in the performance of post-forbearance workouts,” said Marina Walsh, MBA vice president of industry analysis. “Three out of four borrowers are remaining current on their post-forbearance workouts, but this is down from the average of four out of five borrowers that was relatively consistent in 2022 and into 2023.”
Walsh added the situation may become more complicated in the coming months because MBA was forecasting “an economic slowdown and an increase in unemployment later this year and into 2024, which will impact loan performance.”
Stay up to date on the latest real estate trends.
September 7, 2024
This week, our Tech Trends round-up features new tools designed to improve the flow of information within the real estate environment.
September 7, 2024
The number of homes actively for sale grew by 35.8% year-over-year in August, according to data from Realtor.com
September 6, 2024
Mortgage rates remained flat in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
September 6, 2024
Luxury living is about more than just stunning views and cutting-edge smart home technology—it's about elevating your lifestyle.
September 5, 2024
Get there first.
September 5, 2024
Mortgage application activity ended August on the rise, according to data from the Mortgage Bankers Association (MBA) covering the week ending Aug. 30.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today