The share of Fannie Mae and Freddie Mac loans in forbearance dropped two basis points to 1.81%. Meanwhile, Ginnie Mae loans in forbearance decreased one basis point to 4.35%, while the forbearance share for portfolio loans and private-label securities (PLS) increased five basis points to 7.38%.
Additionally, the percentage of loans in forbearance for independent mortgage bank (IMB) servicers remained the same relative to the prior week at 3.68%, and the percentage of loans in forbearance for depository servicers decreased one basis point to 3.61%.
“As is typical for mid-month reporting, forbearance exits slowed, and there was a slight increase in new requests,” said Mike Fratantoni, senior vice president and chief economist of MBA. “The net result was a small drop in the share of loans in forbearance – the 21st consecutive week of declines. The forbearance share decreased for GSE [government-sponsored enterprise] and Ginnie Mae loans, but increased for portfolio and PLS loans, as new forbearance requests increased for this category.”