“The share of loans in forbearance declined for the 14th straight week, with small drops across most investor types and all servicer types,” said Mike Fratantoni, senior vice president and chief economist of MBA.
Read more: Major forbearance program gets extension
Fratantoni noted that forbearance exits declined to their lowest level (0.06%) since mid-February, and new forbearance requests (0.04%) matched the recent weekly low from early May.
“Although the headline employment growth number for May was lower than many had anticipated, other data show evidence of a strengthening job market. That is good news for homeowners who have been struggling and are looking for work, as more families can regain their incomes and start making their mortgage payments again.” Fratantoni said.
Other findings of MBA’s latest Forbearance and Call Volume Survey