The share of
“The share of loans in forbearance slightly declined, dropping by only 1 basis point, due to a slower pace of forbearance exits. This was the 13th straight week of declines,” said
Added Fratantoni, “Housing market data continue to paint a picture of strong demand and constrained supply. The resulting rapid growth in home equity will benefit homeowners, whether they choose to retain or sell their properties.”
Key findings of
* Total loans in forbearance decreased by 1 basis point relative to the prior week: from 4.19% to 4.18%.
* By investor type, the share of
* The share of
* The share of other loans (e.g., portfolio and PLS loans) in forbearance increased relative to the prior week: from 8.26% to 8.37%.
* By stage, 11.6% of total loans in forbearance are in the initial forbearance plan stage, while 82.8% are in a forbearance extension. The remaining 5.6% are forbearance re-entries.
* Total weekly forbearance requests as a percent of servicing portfolio volume (#) remained the same relative to the prior week at 0.05%.
* Of the cumulative forbearance exits for the period from
* 27.3% resulted in a loan deferral/partial claim.
* 24.7% represented borrowers who continued to make their monthly payments during their forbearance period.
* 15.0% represented borrowers who did not make all of their monthly payments and exited forbearance without a loss mitigation plan in place yet.
* 14.1% resulted in reinstatements, in which past-due amounts are paid back when exiting forbearance.
* 9.9% resulted in a loan modification or trial loan modification.
* 7.5% resulted in loans paid off through either a refinance or by selling the home.
* The remaining 1.5% resulted in repayment plans, short sales, deed-in-lieus or other reasons.
* Weekly servicer call center volume:
* As a percent of servicing portfolio volume (#), calls decreased from the previous week from 8.4% to 6.5%.
* Average speed to answer decreased from 1.7 minutes to 1.3 minutes.
* Abandonment rates decreased from 5.2% to 4.1%.
* Average call length remained the same at 7.7 minutes.
* Loans in forbearance as a share of servicing portfolio volume (#) as of
* Total: 4.18% (previous week: 4.19%)
* IMBs: 4.36% (previous week: 4.38%)
* Depositories: 4.34% (previous week: 4.35%)