“July continued the ongoing trend in recent months of most of the forbearance exits coming from borrowers with portfolio loans and private label security loans,” Walsh said.
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Meanwhile, the share of Fannie Mae and Freddie Mac loans in forbearance inched down one basis point to 0.34%. Ginnie Mae loans in forbearance held steady at 1.26%
“There has been very little change in the forbearance rate for Fannie Mae, Freddie Mac, and Ginnie Mae loans during the past three months, perhaps indicating that we have reached a floor, with loans entering forbearance about equal to loans exiting forbearance for these loan types,” said Walsh.
As for delinquencies, CoreLogic reported that the overall mortgage delinquency rate declined for the 14th consecutive month on an annual basis to 2.7% in May – the lowest level recorded since January 1999.