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Number of FHA Loans in Forbearance Doubles in One Week
Tuesday, April 21, 2020
There are now two entities tracking forbearance
statistics on a regular basis, the Mortgage Bankers Association (MBA) and Black
Knight. The information they are providing is critical, and we did summarize
both reports last week, but covering both is probably overkill. Until one
report proves to be measurably more informative than the other or we find a way
to combine the information, we will probably switch back and forth between the
two. This is the MBA report from its Forbearance and Call Volume Survey
conducted for the April 6 to April 12 period. The number of loans in forbearance increased from an
average of 3.74 percent of servicer portfolios during the March 30 to April 5
period to 5.95 percent. In contrast, only 0.25 percent of all loans were in
forbearance at the beginning of March.
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