Our Finance Guide
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
Our Finance Guide
No Result
View All Result
Home Loans

Remaining Forborne Loans May Require Additional Relief

admin by admin
January 20, 2022
in Loans
0
Remaining Forborne Loans May Require Additional Relief

The share of Fannie Mae and Freddie Mac (GSE) loans in forbearance decreased 8 basis points to 0.68 percent during the month and Ginnie Mae (FHA and VA) loans fell 47 basis points to 1.63 percent. The share of forborne loans among those serviced for bank portfolios and private-label securities (PLS) declined 51 basis points to 3.43 percent.

“The share of loans in forbearance continued to decline in December 2021. This was especially the case for government and private-label and portfolio loans, as those loans have higher levels of forbearance than loans backed by Fannie Mae and Freddie Mac,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “With the number of borrowers in forbearance continuing to decrease below 750,000, the pace of monthly forbearance exits reached its lowest level since MBA started tracking exits in June 2020.”

Related articles

U.S. ready to help Mexico finance solar plans, Lopez Obrador says

These Are the Best Ways to Finance a Car Purchase in 2023

Added Walsh, “It is likely that the remaining borrowers in forbearance have experienced either a permanent hardship that may require more complex loan workout solutions, or they have encountered a recent hardship for which they are now seeking relief.”

The share of forborne loans serviced by Independent Mortgage Banks (IMBs) dropped from 1.94 percent to 1.66 percent. Among portfolios serviced by depository banks the share fell 28 basis points to 1.24 percent

MBA recapped the performance of the forbearance program according to the status of borrowers/loans at the time they exited the program starting in June 2020.

  • 29.1 percent exited with a loan deferral or partial claim.
  • 19.5 percent were borrowers who had continued to make their monthly payments during their forbearance period.
  • 16.9 percent were borrowers who did not make all of their monthly payments and exited forbearance without a loss mitigation plan yet in place.
  • 14.6 percent received a loan modification or trial loan modification.
  • 11.7 percent were reinstatements, in which past-due amounts are paid back when exiting forbearance.
  • 6.9 percent paid off loans via a refinance or by selling the home.
  • The remaining 1.3 percent resulted in repayment plans, short sales, deeds-in-lieu or other outcomes

MBA says that 94.85 percent of mortgage loans in servicer portfolios were current as of December 31, up from 94.58 percent at the end of November. The five states with the highest share of loans that were current were Idaho, Washington, Colorado, Utah, and Oregon.  Those with the lowest share of non-delinquent loans were Louisiana, Mississippi, New York, Illinois, and Indiana.  The numbers are not seasonally adjusted.

Read more…

admin

admin

Related Posts

U.S. ready to help Mexico finance solar plans, Lopez Obrador says

MEXICO CITY, Dec 20 (Reuters) - The United States is offering to help Mexico with loans to finance planned solar power stations in the northern state...

These Are the Best Ways to Finance a Car Purchase in 2023

Car financing is an important part of buying a vehicle and can be the difference between getting your ideal car and settling for something less. A...

As funds run dry, Idaho Housing and Finance will soon pause emergency rental assistance program

The Idaho Housing and Finance Association plans to pause applications for emergency rental assistance funds on Dec. 29 because federal funds are quickly running dry for...

Score Payday loans Relief into the Denver, Texas within the super easy

You can find forms of cash advance save one to Texas citizens can use to save money. Cash advance will appear to be what you want...

The Future of Insurance USA Returns in June 2023

Headwinds of change are ripping through insurance –inflation is causing a profitability crunch, customers are demanding digital perfection, and a scarcity of talent leaves the industry...

Next Post
IRS Tax Refund 2022: When will the IRS start releasing Tax Refunds?

IRS Tax Refund 2022: When will the IRS start releasing Tax Refunds?

Can you get a secured credit card with no bank account?

Can you get a secured credit card with no bank account?

Cramer advises investors to sell stocks in companies that don’t make money

Cramer advises investors to sell stocks in companies that don’t make money

No Result
View All Result

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

RECOMMENDED

How to use the Chase trifecta to earn more travel rewards with your credit card
Credit Cards

How to use the Chase trifecta to earn more travel rewards with your credit card

Best credit cards for streaming services in 2021
Credit Cards

Best credit cards for streaming services in 2021

CATEGORIES

  • Credit Cards
  • Investing
  • Loans
  • Tax
  • Uncategorized

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

© 2022 Our Finance Guide, All Rights Reserved.

  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing

© 2022 Our Finance Guide, All Rights Reserved.